hasidic

Brooklyn, gentrification, real estate trends

orthodox jews brooklyn

We hear so frequently about the players behind Manhattan’s billion-dollar real estate projects and how foreign investors are pouring a global vault’s worth of currency into New York City property, often shielded by LLCs. It’s illuminating to get a closer look at the city’s larger real estate landscape–one that has changed so much in recent decades–and learn who’s behind the soaring property values, skyrocketing rents, frenzied flipping and veritable horse-trading that has driven the unprecedented and transformative gentrification beyond Manhattan’s rarified development scene.

A recent story by The Real Deal titled “Learning and earning: Hasidic Brooklyn’s real estate machers” reveals that a huge slice of the borough’s real estate pie is owned by the Hasidic community. The ultra-orthodox sect reportedly includes some of Brooklyn’s wealthiest property owners, to the tune of $2.5 billion.

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