In the ever changing real estate landscape and the trend of shifting boundaries of Brooklyn New York neighborhoods, Prospect Heights is one such neighborhood. There are many Brooklyn neighborhoods that have already experienced this trend. They are South Slope, the neighborhood that got its name from its neighbor to the east Park Slope, in an effort to capitalize on the allure and prestige of Park Slope. The boundary shift has also happened in Borough Park that now includes part of the Kensington neighborhood such as Parkville Avenue and Dahill Road; Manhattan Beach which now includes Corbin Place that used to be part of the Brighton Beach neighborhood; Fort Greene and Brooklyn Navy Yard; Clinton Hill and Bedford Stuyvesant, Williamsburg and Bushwick also have gone through the neighborhood boundaries change.
Now this trend is affecting the Brooklyn NY neighborhoods of Crown Heights and Prospect Heights. There are several reasons for this trend in Brooklyn New York real estate. Developers are targeting bordering neighborhoods for the development of new residential and commercial properties capitalizing on the prestige of a fancier, more expensive and already popular neighborhood. Property owners are cooperating with and encourage this trend because they benefit monetarily from the higher real estate property values of the bordering neighborhood. The real estate brokers and agents who are working together with the property owners, investor/developers and prospective buyers, interested in moving into an emerging and trendy neighborhood, are facilitating and causing the neighborhood changes. The neighborhood boundary change is an ongoing process. For example, according to Google, the Prospect Heights neighborhood boundaries have moved one block east to include Classon Avenue, New York magazine has pushed the neighborhood boundary of Prospect Heights even farther east to include Franklin Avenue while local real estate brokers have pushed the neighborhood boundary of Prospect Heights even farther east to include Bedford Avenue!
Some of the examples of the latest developments that are changing the neighborhood boundaries are:
1) A real estate management company purchased a commercial condo on the west side of 225 Eastern Parkway, which runs along Classon Ave to Lincoln Place and transformed a group of dilapidated stores into modern retail stores.
2) The property at 823 Classon Ave was transformed by Ms. Lynne Bresslin, an architect and Columbia University professor and Mr. Charles Frank. The property was developed from an old two story garage into ultramodern seven story condominium that boasts penthouses overlooking Prospect Park and the Brooklyn Museum. The building was a complete sell out.
3) A property at 951 Dean Street St. at Classon Ave was purchased by local investors and will be transformed from a garage into a retail store.
4) Two separate vacant lots located at 516 and 518 Classon were sold to local investors by Accord Real Estate Group. Multi family houses are planned to be built on these lots.
To learn about new trends in Brooklyn New York real estate, please visit our website, email us, call or stop by. Thank you.
