House of the Day: Park Living at a Discount
What’s up with this place? Doesn’t $1.6 million for a 4-story brownstone on the Fort Greene Park seem suspiciously cheap. We can only assume that it’s right off Myrtle Avenue. Still, compared to yesterday’s $1.69 million listing on South 1st Street in Williamsburg, this looks mighty good. But then again, maybe we’re being blinded by…
What’s up with this place? Doesn’t $1.6 million for a 4-story brownstone on the Fort Greene Park seem suspiciously cheap. We can only assume that it’s right off Myrtle Avenue. Still, compared to yesterday’s $1.69 million listing on South 1st Street in Williamsburg, this looks mighty good. But then again, maybe we’re being blinded by our glaring Fort Greene/Clinton Hill bias. Somebody give us a reality check!
Townhouse on Fort Greene Park [Aguayo & Huebener]
Browngirl, have you checked the city planning page on nyc.gov? There are several projects, studies & proposals for Downtown Brooklyn. The housing projects were at some point in time part of those discussions.
Even though every other city in the US is tearing down big housing projects, NYC is bucking the trend. Actually the ones that are in good areas (like east village, chelsea, fort greene, etc) will probably be the last to go if they ever go down that path. The first should be far rockaway, IMO… that is an awful place to live if you’re poor.
thanks roz.
i agree that the amenities have not kept pace with rises in home prices. the schools are getting better, but it takes time to turn a school around.
That vinegar hill 3-story brick is sitting as close as you get to a huge power plant with out being electrocuted. Vinegar Hill has charm but is desolate. The last building to sell was a beautiful wood frame that went for $1.1 million. $2.6 for this place is rediculous!
What I’ve heard about the projects on Myrtle is that the NYHA has been doing extensive renovations there which have involved displacing tenants to Bushwick and East New York. Naturally, it has caused a lot of distress and unrest, especially because it’s not clear that these folks will be able to move back to Fort Greene when the work is done. I believe the rumors of a private takeover are just that — rumors.
Re. the $1.6m house, IMO prices in Fort Greene are massively over-heated. When the adjustment comes — I’m not predicting a huge crash but perhaps a 10-20% reduction from current asking prices — it will hit FG/CH hard. The neighborhood may be stunning architecturally but values have risen too far too fast while local amenities haven’t kept pace.
$2.4 in Vinegar Hill… I don’t think so-even with all the great feature they mention.
Close to $1.6 on WashingtonPk.. could be.
well, i heard this from a colleague whose relatives live in those projects, but i’ve since lost contact with him. but didn’t something similar happen in harlem?
i was listening to npr and there was a story that dealt with something similar happening in chicago, where this tract of projects was owned by a development corporation who had a lease with the city to use the property for public housing for a certain number of years.
once the lease was about to expire, they attempted to get rid of the current tenants, but they had to offer them similar housing for a similar cost in a similar neighbor hood. but if those buildings are owned by nycha, i guess that’s a different story.
i always wondered where would all the people who live there go,if the rumor is true.
if you’re talking about the public housing on the north side of Myrtle, it’s all owned by NYCHA, fully occupied by public housing tenants, and has zero chance of being sold to private developers anytime in the forseeable future. Where do these rumors come from?
I guess my question is… do these places ACTUALLY sell for those prices?