As a subsection of Bed-Stuy—and with a location adjacent to rapidly gentrifying Bushwick—Ocean Hill has seen renewed interest from developers in the last few years. The approved rezoning of East New York in February has also given the neighborhood a big boost and brokers have started calling the area Brooklyn’s “last frontier.” As such, although the area median income remains very low ($35,000), home prices are quickly moving skyward and flipping is already in full effect. But not all is lost for those with lesser means. Starting today, qualifying NYC residents can apply for 27 newly constructed apartments at 1676 Broadway and 8 Rockaway Avenue. Apartments ranging from one- to three-bedrooms have been priced between $834 and $1,163 a month and are being offered to households earning between $30,000 and $63,000.
East New York
Image © Reed Young
Most of the reported stories out of NYC’s “inner city” (code for ‘hoods) are tragic ones. We hear about stabbings and shootings and neglected children struggling to survive. We hear of turf wars and rampant addiction and people generally unable to take care of themselves. And it is from these dispatches that certain neighborhoods become notorious, their reputations inflated by our fearful imaginations and general unfamiliarity along with a harsh reality that cannot be denied. To the uninformed, these are dangerous places, war zones, to be avoided at all costs, at least, until the sheriff of gentrification rides into town to dispense safety through the pacifying panacea of increased rents and artisanal pickles.
I like fancy pickles, though the idea of people being forced from their homes is troubling. But this is not a rant against gentrification; it’s a shout out to the “inner city” neighborhoods that may someday get gentrified. More specifically, it’s about the good folks that populate those neighborhoods who manage to hold down the ‘hood and live their lives with dignity in the face of tremendous obstacles.
Real Estate Wire: East NY Residents Weigh In On the City’s Revitalization Plans; A Father and Son’s Land-Use Legacy, Tue, August 19, 2014
- Residents of East New York react to the city’s revitalization plan for their neighborhood. [WSJ]
- A developer’s best friends: The father and son law team who have worked for decades to secure changes to properties’ permitted use or size. [WSJ]
- Renzo Piano’s design for the new Whitney Museum along the High Line is almost complete. [Curbed]
- A map of non-profit organizations that have sold off their buildings for large sums to residential developers. [Curbed]
- The Sultan of Brunei is not interested in buying a London or New York hotel, after all. [TRD]
- What the 7-story luxury residential development on Attorney Street will look like. [Bowery Boogie]
Images © Wall Street Journal