Hello Living, Hello Gentrification?
An article in the Sun this morning takes a look at Hello Living, Eli Karp’s eight building, 106-unit condo development on the Prospect Heights-Crown Heights border and focuses on whether the project will spur gentrification in the surrounding area. Unsurprisingly, Karp and the real estate brokers interviewed for the piece definitely think it’s a marked…
An article in the Sun this morning takes a look at Hello Living, Eli Karp’s eight building, 106-unit condo development on the Prospect Heights-Crown Heights border and focuses on whether the project will spur gentrification in the surrounding area. Unsurprisingly, Karp and the real estate brokers interviewed for the piece definitely think it’s a marked change for the better. “I had to create my own neighborhood,” says Karp, who also opines that “everything is going to double within the next few years” in terms of the value of his product. Brendan Aguayo, a broker for the project, which is mostly clustered off Washington on Pacific and Dean, says buying there is tantamount to “investing in the ground floor of a neighborhood.” Units in two of Hello Living’s eight buildings have been on the market for almost a year, and 20 of the 25 condos have been sold for prices ranging between around $350,000 and $550,000; prices on four of the remaining units, which cost between $700,000 and $1.3 million, were reduced. In other words, the higher-priced units are taking longer to sell. Do you believe the broker and developer hype on this one? Obviously, the fate (or non-fate) of Atlantic Yards, which is right next door, will have a lot to do with shaping this area, and it’s tough to guess how big an effect eight mid-rise condos will have on the neighborhood’s fabric.
Developer Pushes New Vision for Prospect Heights [NY Sun]
Development Watch: Hello Living Complex Continues to Rise [Brownstoner]
Development Watch: Pacific Blue Spreads to Dean Street [Brownstoner]
Photo by threecee.
I hear that up the street at Tom’s, you can now get “gentri-fries” with your sandwich.
yes, what’s up with all the empty storefronts on washington? is the new development pushing rents too high for business the neighborhood currently could sustain?
“I had to create my own neighborhood,” – and there were no people in North America until Europeans arrived, either. Ah, the arrogance!
I will grant that that stretch is well suited for development, and it does seems as if you drop a potted plant in that area, someone will start building something on the soil, there’s construction everywhere. Some of it isn’t bad, either. I hope businesses also arrive, especially necessities like supermarkets, green grocers, etc.
All said, I hope the new neighborhood that emerges doesn’t forget about the neighbors, there are still a lot of people and homes, which were there before, and will be there after the last carpenter leaves. They want the same things as any new condo owner – quiet enjoyment of their spaces, more services, etc.
“investing in the ground floor of a neighborhood.”
i don’t call paying 500-600 psf investing in the ground floor.
if it was 400psf, i’d say maybe.
but love the sydney – poured concrete floors..
Karp is what you call a Game Changer. 100% appreciation in this market? Tough to beat those numbers.
Brooklyn’s fate depends on Manhattan’s. If prices go down across the river, then prices will go down in prime neighborhoods in Brooklyn. And if they do, projects like this in neighborhoods like this will suffer.
If prices keep going up everywhere, then there will be no stop to the gentrification and any development or neighborhood that has a decent subway commute into the city will be fine.
the 2,3 is at Eastern Parkway/Washington..less than 10 min walk. The C is much closer, at Clinton and Washington. and the B,Q is a little farther, at Park Place and Carlton ave.
the 2,3 is at Eastern Parkway..less than 10 min walk. the c is much closer, at Clinton and Washington. and the b,q is a little farther, at park place and carlton ave.
I though this area was already gentrify!