Does a hot market mean Brooklyn has lost its cool?

Brooklyn’s well-to-do hipster establishment is setting out for more bohemian enclaves

New York /
Aug.August 23, 2014 01:00 PM

With Brooklyn’s home prices and rents rapidly approaching Manhattan heights, even the borough’s well-to-do hipster establishment is getting priced out.

Long-time Brooklynites and newcomers alike are increasingly leaving the borough for cheaper and more bohemian domiciles, according to the New York Times.

For example, Jeff Huston and his wife, Lisa Medvedik-Huston recently left their apartment in Williamsburg after they became discouraged by the cost of housing, as well as the arrival of chain stores and tourists.

“I can’t tell you how many listings said, ‘cash only,’ ” Huston, who considered buying everything from a $500,000 apartment to a $900,000 fixer-upper rowhouse, told the Times. “That was a wake-up call.”

Huston and his wife ultimately realized that they had to leave their beloved Brooklyn behind, paying $550,000 for a 2,000-square-foot loft in a converted suitcase factory in Jersey City Heights.

“We weren’t sure there was anyone like us in the neighborhood,” he said. Then, he added, a Brooklyn-style coffee shop arrived. “The line down the street was all people like us. We could have been in Williamsburg. It was all, like, expats.” [NYT]Christopher Cameron


Related Articles

arrow_forward_ios
552 1st Street and 555 1st Street (Corcoran)
Park Slope townhouses top Brooklyn’s luxury contracts
Park Slope townhouses top Brooklyn’s luxury contracts
HRI executive director Aaron Carr and 700 West 192nd Street (Google Maps, Facebook)
Brooklyn, Manhattan tenants sue landlords over alleged 421a abuse
Brooklyn, Manhattan tenants sue landlords over alleged 421a abuse
Eric Adams (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)
Brooklyn developers, lobbyists poured money into Eric Adams nonprofit
Brooklyn developers, lobbyists poured money into Eric Adams nonprofit
Duke Properties’ CEO Albert Dweck. (Duke)
Duke Properties’ CEO used company funds for lavish lifestyle: lawsuit
Duke Properties’ CEO used company funds for lavish lifestyle: lawsuit
Triangle Junction at 2201 Nostrand Ave (Google Maps, Getty)
Aldi signs lease for 20K-sf store in Flatbush
Aldi signs lease for 20K-sf store in Flatbush
Brian Feil of the Feil Organization and 360-370 Fulton Street (Google Maps)
Feil Organization to buy Downtown Brooklyn development portfolio
Feil Organization to buy Downtown Brooklyn development portfolio
Richard and Isaac Chera with 9 Hanover Place (Getty, Google Maps)
Chera family sues Brooklyn private school over $24M in unpaid rent
Chera family sues Brooklyn private school over $24M in unpaid rent
G&M Realty's David Wolkoff (Getty, 5Pointz LIC)
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
Wolkoff’s $300M for 5Pointz tops outer-borough loan list
arrow_forward_ios

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

Loading...