East New York: Brooklyn’s next hot nabe?

TRD New York /
Jan.January 09, 2014 01:06 PM

Brooklyn’s East New York may have a reputation for crime, but a newly gut-renovated 3,000-square-foot home with granite counter tops, new appliances and a $599,000 price tag may be a sign that the neighborhood is a burgeoning real estate destination.

Located at 504 Georgia Avenue, at Livonia Avenue, the 104-year-old brick home boasts six bedrooms, two full baths and new hardwood floors throughout. Still, at over half a million dollars, the home reaches well above that of most other homes along Georgia Avenue, which run about $400,000, according to PropertyShark data cited by the New York Daily News.

Still, Louis Belisario, the Filmore Real Estate broker who has the listing, says the property offers tremendous value for the buyer.

“Rates are very low and rents here are going through the roof,” he told the Daily News. “It’s a great house because if you bought it, your rental income would cover most of your mortgages.”

The home’s current owner Rigoberto Diffoot purchased the home last August for $360,000, according to city records, cited by the News.

Violent crimes in East New York declined in 2013, but robbery, grand larceny and general assault were all on the uptick, according to the paper.

Still, council member Inez Barron insists that the nabe is on the up and up. “We’re getting a grip on crime, crime is going down.”

Brooklyn developer Cypress Hills Local Development Corporation announced plans for a seven-story, 58-unit property at nearby 2501 Pitkin Avenue in November, which will include affordable rental units and 3,264 square feet of retail space on the ground floor. [NYDN]Julie Strickland


Related Articles

arrow_forward_ios
2700 Atlantic Avenue (Google Maps)

Developer plans 200-unit mixed-use project at East NY border

Developer plans 200-unit mixed-use project at East NY border
The New York Department of State will hold a hearing on a cease-and-desist bid for the neighborhood on March 5 (Credit: Getty Images)

No house flippers allowed: East NY residents push for ban

No house flippers allowed: East NY residents push for ban
Another new residential project is on its way to East New York

Another new residential project is on its way to East New York

Another new residential project is on its way to East New York
East New York is going to get 2,100 more units of affordable housing

East New York is going to get 2,100 more units of affordable housing

East New York is going to get 2,100 more units of affordable housing
Serial hotel developer files plans for two new projects in East New York

Serial hotel developer files plans for two new projects in East New York

Serial hotel developer files plans for two new projects in East New York
Basements could be big money-makers for NYC landlords

Basements could be big money-makers for NYC landlords

Basements could be big money-makers for NYC landlords
Permits filed for 218-unit housing complex in East New York

Permits filed for 218-unit housing complex in East New York

Permits filed for 218-unit housing complex in East New York
City issues first affordable housing RFP requiring modular construction

City issues first affordable housing RFP requiring modular construction

City issues first affordable housing RFP requiring modular construction
arrow_forward_ios

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

Loading...