Apartment asking rents in Bedford-Stuyvesant and Crown Heights climbed 8.8 percent year-over-year during the fourth quarter of 2013, according to CoStar Group data.
Over the same period of time, building prices were up 10.6 percent in those Brooklyn neighborhoods — that’s quite a bit higher than the borough overall, where there was a 7.9 percent jump in building prices.
A three-bedroom rental unit in the area costs roughly $3,000 per month, Shlomo Antebi of brokerage GFI Realty Services told the Wall Street Journal.
A majority of the apartment buildings rise an average of three stories and hold no more than eight units.
The City Council signed off in September on a 55-block rezoning of the western section of Crown Heights that would allow for new development on Bedford and Franklin avenues, but limit the properties’ height, as previously reported.
“Investors are seeing a tremendous change in these tenants,” Antebi told the Journal. “As the apartments become vacant, they double in price.” [WSJ, 2nd item] — Mark Maurer