Is a real estate boom coming to Sunset Park?

TRD New York /
Jun.June 08, 2012 09:30 AM

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]


Related Articles

arrow_forward_ios
The Daily Digest - Tuesday

Multifamily market slows to a crawl, Industry City’s iffy rezoning kicks off

Cory Elbaum

Angelo Gordon taps new real estate exec after $2.75B fund raise

Industry City CEO Andrew Kimball, Brooklyn City Council member Carlos Menchaca and Industry City (Credit: Getty Images)

Industry City made five concessions for rezoning. It wasn’t enough

Adam Neumann in talks about his future role, Sheldon Solow’s son makes a winery play: Daily digest

Adam Neumann in talks about his future role, Sheldon Solow’s son makes a winery play: Daily digest

Amazon CEO Jeff Bezos and potential industrial sites in Brooklyn (Credit: Getty Images, Google Maps)

Amazon looking to lease up to 1M sf for Brooklyn logistics facility

850 Third Avenue

Salmar Properties trying to renege on Sunset Park manufacturing requirement

Industry City developers spent millions lobbying for a rezoning

Industry City developers spent millions lobbying for a rezoning

With gun to their head, Industry City agrees to delay rezoning application

With gun to their head, Industry City agrees to delay rezoning application

arrow_forward_ios