Driven by low rents, the South Slope neighborhood that was once considered part of Sunset Park is experiencing a revival.

Retail rents in the neighborhood, bounded by Prospect Expressway, Fourth Avenue and Green-Wood Cemetery, are between $30 and $35 per square foot. North of the expressway in Park Slope, they sit between $75 and $100 per foot.

Residential rents in the neighborhood are also low, bringing an influx of younger residents to the area. They are influencing the types of new businesses moving in to the bevy of 1920s-era buildings. [more]

Several new residential buildings are rising south of Park Slope, from
9th to 20th streets, between Fourth Avenue and Prospect Park. While
construction is ongoing in the area despite the downturn, the new
buildings have had to adapt to the economic climate by lowering prices,
offering incentives and, in some cases, going rental. At 500 Fourth
Avenue, at 12th Street, prices were adjusted by $100 to $150 a square foot
last year, and the developer is offering 10 percent off asking prices
for buyers who purchase a unit before the end of July. About 15 percent
of the 156 units have sold. At the six-unit condo at 245 16th Street,
none of the homes have sold since sales started in January. And at the
planned condo 639 Fourth Avenue, at 19th Street, the 44-unit building
is 75 percent occupied with renters. [more]