The Real Deal New York

East New York: Brooklyn’s next hot nabe?

January 09, 2014 01:06PM

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504 Georgia Avenue

504 Georgia Avenue

Brooklyn’s East New York may have a reputation for crime, but a newly gut-renovated 3,000-square-foot home with granite counter tops, new appliances and a $599,000 price tag may be a sign that the neighborhood is a burgeoning real estate destination.

Located at 504 Georgia Avenue, at Livonia Avenue, the 104-year-old brick home boasts six bedrooms, two full baths and new hardwood floors throughout. Still, at over half a million dollars, the home reaches well above that of most other homes along Georgia Avenue, which run about $400,000, according to PropertyShark data cited by the New York Daily News.

Still, Louis Belisario, the Filmore Real Estate broker who has the listing, says the property offers tremendous value for the buyer.

“Rates are very low and rents here are going through the roof,” he told the Daily News. “It’s a great house because if you bought it, your rental income would cover most of your mortgages.”

The home’s current owner Rigoberto Diffoot purchased the home last August for $360,000, according to city records, cited by the News.

Violent crimes in East New York declined in 2013, but robbery, grand larceny and general assault were all on the uptick, according to the paper.

Still, council member Inez Barron insists that the nabe is on the up and up. “We’re getting a grip on crime, crime is going down.”

Brooklyn developer Cypress Hills Local Development Corporation announced plans for a seven-story, 58-unit property at nearby 2501 Pitkin Avenue in November, which will include affordable rental units and 3,264 square feet of retail space on the ground floor. [NYDN]Julie Strickland

  • flipoutnyc

    good luck selling at that price to all cash buyer

  • noclist

    Bring the swat team with you.

    • David

      I wouldn’t let an enemy live there. Good place for $20 hookers though

  • Ghouliani

    Do you like the feeling of knowing that every night some parasite is going to crawl through your windows?

  • bkre

    “…3,000-square-foot home with granite counter tops, new appliances and a $599,000 price tag may be a sign that the neighborhood is a burgeoning real estate destination.”
    Or it could be a sign that the seller is delusional.

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