Is a real estate boom coming to Sunset Park?

June 08, 2012 09:30AM

Artists are flocking to Sunset Park to work in the commercial lofts being offered on the cheap at Industry City as the neighborhood’s real estate prices remain relatively inexpensive, the Wall Street Journal reported. One-bedroom pre-war apartments typically sell for $200,000 and 1,000-square-foot, three-bedroom apartments go for around $350,000.

“Usually what I’ve seen in my career is, the artists come first, and then the neighborhood starts to adjust on the residential side, and then the commercial side follows,” said David Maundrell, president of aptsandlofts.com, which has rented out 31 of the 45 commercial lofts available at Industry City.

But the prices remain cheap despite the arrival of those artists, new businesses like Sunset Perk cafe and new developments, including One Sunset Park and Hotel BPM, which plans to open this summer. And the park itself has long been a draw for residential shoppers.

“The people I’m leasing to — they don’t want it to change, because that’s going to push up the rents,” Maundrell said. [WSJ]