Red Hook market stabilizing, broker says

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The New York Observer profiled 25-year-old Red Hook broker Rachel Shapiro, calling her the queen of Red Hook real estate. There are few big residential developers in Red Hook; most landlords own only one or two buildings, and Shapiro deals with both long-time neighborhood property owners and those who snapped up buildings during the boom. Shapiro said she thinks the market in Red Hook is starting to stabilize, now that property owners have started to lower their rents. Most deals done in the neighborhood are still done by word-of-mouth, she said.