The transformative effect of rezoning Brooklyn New York neighborhoods has been nothing short of historic. For example, the rezoning of Downtown Brooklyn has completely changed the landscape of this neighborhood well beyond City Planning projections. This neighborhood has become a residential and commercial hub.
Brooklyn’s East New York neighborhood was rezoned in 2016. The 190 block, rezoned area is between Fulton and Belmont Avenues This has resulted in property values rising dramatically. In 2016 developers filed applications to build 339 residential units. By 2017 that number had increased to 1,303 units, mainly in the affordable housing category.
Investors of multi family houses are hoping to capitalize on the influx of buyers and renters who have been priced out of other areas and see East New York as a more affordable housing alternative.
Some examples of the current price range of residential properties in East New York are as follows:
For a one family house with 12 rooms, 4 bedrooms and 2.5 baths asking price $549,000, for 1,134 square feet, 3 bedrooms and 2 baths asking price $599,000, for 2,500 square feet, 10 rooms, 4 bedrooms and 2.5 baths the asking price is $639,000, for 1,200 square feet, 10 rooms, 4 bedrooms and 2.5 baths the asking price $729,000 and for 1,142 square feet, 8 rooms, 3 bedrooms and 3 baths the asking price is $749,000.
For a two family house with 1,431 square feet, 9 rooms, 5 bedrooms and 2 baths, the asking price is $629,000, for 12 rooms, 5 bedrooms and 2 baths the asking price is $749,000, for 1,800 square feet, 11 rooms, 5 bedrooms and 2 baths, the asking price is $799,000, for 2,444 square feet, 15 rooms, 7 bedrooms and 3.5 baths the asking price is $849,000 and for 3,500 square feet, 6 bedrooms and 3 baths, the asking price is $850,000.
For a 3 family house with 8 bedrooms and 3 baths the asking price is $620,000, while another 3 family with 8 bedrooms and 3 baths has an asking price of $899,000 and for a 3,000 square foot, 12 room, 8 bedroom, 3 bath 3 family the asking price is $925,000.
For a 4 family with 2,800 square feet, 16 rooms, 8 bedrooms and 4 baths, the asking price is $1.1M.
For a 6 family house with 6,000 square feet, 30 rooms, 11 bedrooms and 6 baths, the asking price is $1.150M and for 4,000 square feet, 21 rooms, 15 bedrooms and 6 baths a renovated 6 family is asking $1.490M.
For a Mixed – Use building with 2 apartments+ a retail store with 12 rooms, 6 bedrooms and 3 baths, the asking price is $1.049M.
East New York has some good schools.
East New York Middle School of Excellence located at 605 Shepherd Avenue, serving grades SE, 6-8.
Achievement First Apollo Charter School located at 350 Linwood Street, serving grades K – 5.
Achievement First East New York Charter School located at 557 Pennsylvania Avenue, serving grades K – 10.
Subway service into Manhattan consists of the J train with stations located at Atlantic Avenue and Williams Street and Cleveland Street and Fulton Street.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn NY property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, co op or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Accord Real Estate Group
Your Brooklyn Real Estate Broker