The real estate market is in flux in Brooklyn’s Greenwood Heights according to the Wall Street Journal. In the last few years, condominium and rental buildings have been substituted for wood-framed houses in the area, which is between Park Slope and Sunset Park. And Sixth Avenue, a previously quiet residential area, has morphed into a relatively trendy bar and restaurant scene.
The swift redevelopment comes as a result of an influx of young professionals in the last decade, the Journal said, after that demographic was priced out of longed-for Park Slope properties. The median listing price of a property in Park Slope is $673 per square foot, whereas a similar property can be snapped up for only $536 per square foot in Greenwood, according to data from Streeteasy.com.
Rapid redevelopment also inspired zoning changes in 2005, which introduced height restrictions. [WSJ]