Crown Heights sheds negative rep, as post-recession property values rise

Land prices almost twice what they were two years ago

New York /
Apr.April 03, 2014 04:50 PM

Crown Heights, a neighborhood brokers and residents say had a questionable reputation a mere decade ago, is increasingly a hot spot for homebuyers and developers.

Don and Cecilia Doe, paid $840,000 for a four-story limestone on Park Place in 2012, more than double what they paid another comparable neighborhood property purchased in 2002. And the former was still a relative steal, as similar brownstones in the area have recently gone for as much as $1.85 million.

“If you want a really classic Brooklyn brownstone, it’s one of the last affordable neighborhoods where you can get it,” Douglas Elliman’s Alex Maroni said of Crown Heights, noting that comparable properties in nearby Fort Greene tend to run over $3 million.

The neighborhood is heating up on the new development front as well, with one seven-unit condominium to open at 875 St. Marks Avenue in the next two months and a 62-unit rental slated for 341 Eastern Parkway, due to launch in June. Land prices are rising correspondingly, roughly doubling over the last 2 1/2 years from around $100 per buildable square foot to over $200 per square foot, Ofer Cohen, president and founder of brokerage TerraCRG told the New York Post.

“In these markets where we are still seeing rapid rent growth, if you can build rentals — which is what most people are doing right now — and you can rent the apartments for significantly more money than you could three years ago, then you can afford to pay more for these sites,” Cohen told the paper. [NYP] Julie Strickland


Related Articles

arrow_forward_ios
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
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
Adam Birnbaum of Abrams Fensterman and 964 Park Place (Twitter, Google Maps)
Shocking twist in Crown Heights “deed theft” case
Shocking twist in Crown Heights “deed theft” case
Housing Court Judge Jack Stoller and 964 Park Place (NY Courts, Google Maps)
Irony rules: Crown Heights family claiming ownership uses tenant protections
Irony rules: Crown Heights family claiming ownership uses tenant protections
Attorney General Letitia James and 1214 Dean Street (Getty Images, Google Maps)
“Eco-yogi slumlords” surrender $2M house in settlement with city
“Eco-yogi slumlords” surrender $2M house in settlement with city
arrow_forward_ios

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

Loading...