The Real Deal New York

Bed-Stuy tops Brooklyn in commercial activity

Financing in northern Bed-Stuy grew nearly 500 percent from November 2013
November 29, 2014 10:00AM

It’s not just residential real estate that is booming in Bed-Stuy. Commercial real estate in the Brooklyn neighborhood is also having its day, according to a new report from mortgage intelligence agency Actovia.

Bedford-Stuyvesant has topped a list of Brooklyn’s most active neighborhoods, with the greatest growth in commercial property sales and the most significant uptick in financing this year, according to the report cited by DNAinfo.

Financing for properties in northern Bed-Stuy (zip code 11206) grew nearly 500 percent from November 2013 through October 2014.

“There is no question that Manhattan is priced out,” Jonathan Ingber, Actovia’s founder said.
“As people started developing in downtown Brooklyn, prices became pretty outrageous there too, so they looked at some centers that would be the next up-and-coming jewel.”

According to the report, Bed-Stuy also led Brooklyn in property sales, followed by Greenpoint, Williamsburg and Brownsville. [DNAinfo]Christopher Cameron