The Crazy Real Estate Boom Taking Over Flatbush Avenue

This Brooklyn couple had to make a choice, see how their choice and similar choices are changing one of Brooklyn’s most iconic avenues.

The NY Post profiled a couple that had to choose, they could rent a bigger, older walkup in the townhouse-heavy neighborhood, or opt for a small apartment in a brand-new building with stunning views and a play area for their 2-year-old daughter.

“We made a life decision that we needed to take money off our rent, which meant moving further into Brooklyn,” says Jessi Arrington, 38, who, with Creighton Mershon, runs a Gowanus co-working space called Small City. “Somebody is going to move into that apartment. If it’s us, we can try to become a part of the neighborhood as much as anyone could.”  The couple chose to move into the Parkline, a controversial 24-story rental building at 626 Flatbush Ave. that enraged area residents with its height when it was first proposed, and is one of several developments discussed in the piece.

In addition to the Parkline, the Post mentions City Point, which opened this year with an Alamo Drafthouse movie theater, Trader Joe’s, Target and more; the historic Kings Theatre, sparkling after a $95 million restoration, which reopened in 2015; 9 DeKalb Ave., which will be Brooklyn’s tallest building, with 73 stories rising 1,066 feet and housing 500 rentals, when the project is completed in 2020; 80 Flatbush Ave, a combo 38-story building and 74-story building that will accommodate two schools for 700 students, office and retail components, as well as 900 new housing units (both condos and rentals); One Flatbush, a 19-story, 183-rental building slated to open in early 2018 with about 19,000 square feet of retail on the first two floors and apartments averaging 674 square feet apiece; and the “city within a city” mega-development around Barclays Center called Pacific Park.

The influx of development has meant saying goodbye to several neighborhood staples that had weathered the storm when the Flatbush was less desire-able, such as Christie’s, “a beloved Jamaican patty shop down the street from Barclays,” which closed in 2014 after 50 years in business.

“It’s like when people discovered there was a Manhattan above 96th Street,” says Lois Thompson of Corcoran, in the piece.  “I take offense to people looking at Flatbush and saying it’s up and coming,” she said.  “Up and coming where? It’s already there.”

If you’re looking to sell a home, buy a home or rent an apartment in the area, Waterman Realty and Tax Pro is here to help, contact us today.

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