South Brooklyn’s Midwood has arrived

Influx of new residents finding value in neighborhood

TRD New York /
Jan.January 25, 2016 08:36 AM

Is it Midwood’s time to shine? The South Brooklyn neighborhood, bordered by Sheepshead Bay and Flatbush and known as something of a suburban enclave, is rapidly changing as homebuyers retreat further south in search of value.

In recent years, immigrants from China, Eastern Europe and South Asia have spurred a boom in the Midwood housing market. The neighborhood was listed as one of the 10 hottest neighborhoods to watch for in 2016 by StreetEasy.

Renters and buyers are flocking to the South Brooklyn neighborhood in search of better prices, according to the Wall Street Journal. The median price for a condo in South Brooklyn was $525,000 in 2015, about half of the median condo sales price in northwest Brooklyn, the Journal reported.

“People who may have lived downtown or outside of Brooklyn are exploring and coming to Midwood, and they’re discovering it for the first time,” said Charles D’Alessandro, a real estate agent with Fillmore Real Estate.

Bakeries, bagel shops and kosher grocers populate the commercial sections on Avenues M and J. As development and a new wave of residents move in, older properties like the Vitagraph Studios motion picture complex have bitten the dust.

In September, StreetEasy reported that Midwood’s rental market had the quickest rental rate across the city, with leases being signed within 11 days of listing. [WSJ] — James Kleimann


Related Articles

arrow_forward_ios
Infinity Real Estate's Steve Kassin and 1715 East 13th Street (Credit: Infinity Real Estate)

South Brooklyn mixed-use shopping portfolio trades for $165M

South Brooklyn mixed-use shopping portfolio trades for $165M
1411 Avenue N and ZP Realty Capital's Zev Pollak (Credit: Google Maps and ZP Realty Capital)

“It’s a Jewish building”: Brooklyn landlord accused of housing discrimination

“It’s a Jewish building”: Brooklyn landlord accused of housing discrimination
Hampshire Properties scores $92M loan for Brooklyn rental project

Hampshire Properties scores $92M loan for Brooklyn rental project

Hampshire Properties scores $92M loan for Brooklyn rental project
Infinity, Nightingale snag $66M loan for Kingswood Center

Infinity, Nightingale snag $66M loan for Kingswood Center

Infinity, Nightingale snag $66M loan for Kingswood Center
Moinian plans Midwood religious facility for Persian community

Moinian plans Midwood religious facility for Persian community

Moinian plans Midwood religious facility for Persian community
Baruch Singer files plans for a 180K sf Midwood building

Baruch Singer files plans for a 180K sf Midwood building

Baruch Singer files plans for a 180K sf Midwood building
Midwood picks up a pair of Chelsea buildings

Midwood picks up a pair of Chelsea buildings

Midwood picks up a pair of Chelsea buildings
Target inks 38K sf lease in Midwood

Target inks 38K sf lease in Midwood

Target inks 38K sf lease in Midwood
arrow_forward_ios

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

Loading...