The Real Deal New York

From the April issue: Bushwick hasn’t lived up to the hype of recent years as Brooklyn’s next up-and-coming neighborhood for young buyers priced out of Williamsburg, and now it has fallen prey to the downturn affecting many fringe neighborhoods. The area has a fair share of public housing projects, with few restaurants and shops. Amenities associated with gentrification have been slow to materialize, and many old buildings have not been restored. Sales have slowed, and at least one appraiser sees development slowing this year as well. Still, despite the gloomy picture, a number of developers have new projects rising, some in the neighborhood’s industrial area. Optimistic brokers are betting that buyers will indeed move east along the L train line, seeking bargains.