School rezoning proposals cause concern over property values

New York /
Oct.October 16, 2012 06:00 PM

A proposal in Park Slope that affects the boundaries of school districts is causing some parents serious concern, possibly affecting not only their children’s education but also property values, the New York Times reported.

A standoff over an affirmative action program for Public School 133 has left zoning for the popular but crowded P.S. 321 and P.S. 107 hanging in the balance, causing worry among real estate brokers who herald the schools, and among parents who fear their children will be shut out.

“If somebody invests a million dollars and they want their kids to be in 107, and they’re not, I don’t know if  ‘devastating’ would be a little too much, but it would be a big deal,” Bernadette Twente, a Betancourt & Associates Realty agent, told the Times.

The rezoning involves a transfer of the western reach of P.S. 321’s zone to a new school at 8th Street and Fourth Avenue; meanwhile, some of P.S. 107’s most southern blocks would be transferred to P.S. 10.

Kiersten Feil, who last year purchased a condominium on Fourth Avenue, told the Times that “We were looking for [P.S.] 321 — and it’s priced into the real estate around here.” She said she was concerned “for my property value and for where my daughter will go to school. But property value is the biggest risk.”

A similar situation is unfolding in Uptown Manhattan, where the Community Education Council is considering three proposals to eliminate zoning so as to widen the gates for people to apply to more schools. It has struck a nerve with those who moved there to send their children to P.S. 187.

New York City real estate agents are often advised by their firms not to discuss school districts because of concern about Fair Housing laws. [NYT]


Related Articles

arrow_forward_ios
188 Nelson Street and 483 13th Street
Zero deals signed for $4M homes in Brooklyn last week
Zero deals signed for $4M homes in Brooklyn last week
From left: William Macklowe Company's William Macklowe and A&E Real Estate's Doug Eisenberg along with 120 Fifth Avenue in Brooklyn, Acropolis Gardens in Astoria, and 2750 Homecrest Avenue in Brighton Beach (Getty, Google Maps, William Macklowe Company, A&E Real Estate)
Billy Macklowe, A&E scored biggest outer-borough loans
Billy Macklowe, A&E scored biggest outer-borough loans
30 Front Street and 593 11th Street (StreetEasy, Google Maps)
In election week, Olympia Dumbo emerges as winner
In election week, Olympia Dumbo emerges as winner
Douglas Elliman’s Lindsay Barton Barrett and 17 Prospect Park West in Park Slope (Illustration by Kevin Cifuentes for The Real Deal with Getty Images, Zillow, Douglas Elliman)
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
TRD Pro: Brooklyn’s top neighborhoods for Q3 home sales
Billy Macklowe and 120 Fifth Avenue in Park Slope (Getty Images, Google Maps)
Billy Macklowe lands $143M loan for Park Slope project
Billy Macklowe lands $143M loan for Park Slope project
A photo illustration of JFA Architects' Joseph Frankl and 101 Fleet Place in Fort Greene (Getty, JFA Architects)
TRD Pro: NYC’s busiest areas for new buildings
TRD Pro: NYC’s busiest areas for new buildings
HUBB’s John McCarthy, Greystone's Thomas Ryan and 223-225 4th Avenue (Google Maps, Greystone, Getty)
HUBB NYC continues 421a spending spree, buying Park Slope building
HUBB NYC continues 421a spending spree, buying Park Slope building
Billy Macklowe and 120 Fifth Avenue in Park Slope (Getty Images, CVS Health)
Macklowe’s Park Slope project lands CVS as second retail tenant
Macklowe’s Park Slope project lands CVS as second retail tenant
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...