March 26th, 2015
Investors, developers, and even first time home buyers are continuing the march deep into Brooklyn in search of new opportunities. Over the last decade, investors poured money into Brooklyn neighborhoods like Bedford-Stuyvesant, where average brownstones are now selling for over $1 million. Now after rising markets they are moving further into neighborhoods such as Flatbush, where they can get more for their money.
According to the Brownstoner, developers are buying land and tearing down old pre-war properties, so they can build new developments in the neighborhood. The renderings for a new 23-story tower planned at 1580 Nostrand Avenue were recently released
The project is being developed by Eli Karp’s Hello Living, a rare firm that specializes in building condos at price points that are more affordable than the typical prices seen in neighborhoods such as Prospect Heights, Crown Heights, and Clinton Hill.
There's another tower going up nearby in Prospect Lefferts Garden at 626 Flatbush Avenue, which is well underway. It's a 254-unit, 23-story mixed-income and mixed-use development. There is also a cultural renaissance happening in Flatbush, as the Kings Theater reopened after it was closed for almost 40 years.