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Old 02-16-2008, 09:18 AM
10 posts, read 37,791 times
Reputation: 14
Default 358 Grove

I'm moving to Brooklyn, work in the city. Am loving the 358 Grove condos and might move there. Close to the L/M area seems decent, very hip hop and immigrant, but overall ok. What does anyone think?
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Old 02-16-2008, 10:00 AM
6,629 posts, read 10,715,643 times
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Where are you living now? Are you at all familiar with what it's like to live in Bushwick - safety concerns, etc? If I were you I would do ALOT of research before buying - or are you renting?

There are neighborhood forums such as the Bushwick forum's General Board . Make sure to read "another assault" and "what can be done to organize"

a caveat - I am NOT speaking from personal experience, as I do not know Bushwick well at all and have only been through there a few times. But I know what I hear and what I read and I personally would not feel safe living there. Why pay those prices to live in a place where you can't feel safe walking home after dark when there are plenty of places in this city where you can feel safe and pay the same price and have the same commute time?

Of course, these safer places may not have the cool, hip, urban grit factor that Bushwick has, so if that's what you're after, then go for it.
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Old 02-16-2008, 02:05 PM
Location: Wrong side of the Hudson
508 posts, read 1,375,538 times
Reputation: 264
My opinion on those places is that they are *slightly* overpriced. Not by much but I think if they started the prices around $250k they would be flying off the shelves. With that said it looks like they are selling and they do provide a reasonable entry point for living in a new building in NYC.

That area has a way to go and gentrification is still spreading out that way. It hasn't reached much into the area around Myrtle/Wycoff yet but give it a couple years. I think having these units there will be enough to start drawing people in and amenities will start following. Unlike most new construction out in the fringes, I think this place is priced very close to hat is CURRENTLY in the neighborhood and not on the expectations of what will follow in the next 10 years.

The units look nice and I think it would be a fantastic long term investment. As crappy as I currently think the area is I am not blind to the moving patterns of the hipster set and this area could be much more "Williamsburg" in the next 5 years. You won't have much to do right in your neighborhood right now but you are close to the subway to get where you need to go.

There is still a lot of crime in Bushwick and I would not want to RENT in the area but owning and considering that you are also making an investment I think you would do fine. Honestly, if you have the downpayment I would go for it. I wish more developers would cater to this market. Put down affordable new units with decent construction in an up and coming area and they will sell if they are priced right.

Question for you:
If you are considering buying in this building how are you finding the financing? I know they are only requiring 10% down but I am just curious if banks are still making mortage loans without 20% these days.
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