Bed-Stuy, Crown Heights see rise in apartment rents

New York /
Dec.December 30, 2013 04:35 PM

Apartment asking rents in Bedford-Stuyvesant and Crown Heights climbed 8.8 percent year-over-year during the fourth quarter of 2013, according to CoStar Group data.

Over the same period of time, building prices were up 10.6 percent in those Brooklyn neighborhoods — that’s quite a bit higher than the borough overall, where there was a 7.9 percent jump in building prices.

A three-bedroom rental unit in the area costs roughly $3,000 per month, Shlomo Antebi of brokerage GFI Realty Services told the Wall Street Journal.

A majority of the apartment buildings rise an average of three stories and hold no more than eight units.

The City Council signed off in September on a 55-block rezoning of the western section of Crown Heights that would allow for new development on Bedford and Franklin avenues, but limit the properties’ height, as previously reported.

“Investors are seeing a tremendous change in these tenants,” Antebi told the Journal. “As the apartments become vacant, they double in price.” [WSJ, 2nd item]Mark Maurer


Related Articles

arrow_forward_ios
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
GFI and Marx raise north of $60M apiece in Tel Aviv bond offerings
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
960 Franklin Avenue (Google Maps, Getty)
Hager buys controversial site by Brooklyn Botanic Garden
Hager buys controversial site by Brooklyn Botanic Garden
964 Park Place (Google Maps)
Crown Heights family that twice defied eviction lays out deed-theft claims
Crown Heights family that twice defied eviction lays out deed-theft claims
Edward Norton and 441 Willoughby Avenue in Bed-Stuy Brooklyn (Google Maps, Twitter via EdwardNorton, Illustration by The Real Deal)
Historic Bed-Stuy mansion bites the dust
Historic Bed-Stuy mansion bites the dust
Edward Norton with 441 Willoughby Avenue (Getty, Google Maps)
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
Actor Ed Norton fights plans to turn historic Bed-Stuy mansion into condos
Ian Bruce Eichner with 960 Franklin Avenue (960 Franklin)
Bruce Eichner out of Crown Heights project; owner to go it alone
Bruce Eichner out of Crown Heights project; owner to go it alone
964 Park Place (Google Maps, iStock)
Eviction redux: Crown Heights family faces second ouster
Eviction redux: Crown Heights family faces second ouster
arrow_forward_ios

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

Loading...