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5-10 years sounds too optimistic; I've been told by urban planning professor types "15" and Seventh Floor puts it in the 20's.
It's ghetto but small things are happening block-by-block. There are some dividing north-south streets to consider. On Prospect Place, Utica to Buffalo is milder than Buffalo to Ralph. That large, abandoned hospital (St. Mary's) at Prospect Place/Buffalo is supposed to become a nursing home; if so, helpful to the neighborhood. It could bring you potential tenants who work there. It'd increase demand for services in the neighborhood for the staff, visitors and even residents themselves if they are mobile by day.
Police have been assigned to more heavy duty walking coverage all over this part of Weeksville, since start of summer.
I can't compare it to Bergen/Nostrand, just do not know.
Last edited by BrightRabbit; 09-01-2014 at 06:04 PM..
I understand people want to make money in the RE business, but still sometimes the expected guarantee that a neighborhood will gentrify and they will reap all of the benefits still astounds me. OP, that place is the hood. Nothing more. Will property value rise? Most likely, it's NYC. Will it gentrify? Depends on the kind of gentrification, you're thinking of. Park Slope status? A damn long time. Fort Greene/Clinton Hill type? Maybe 2 to 3 decades, but that's only if it's a guarantee that this part of BK will gentrify.
I understand people want to make money in the RE business, but still sometimes the expected guarantee that a neighborhood will gentrify and they will reap all of the benefits still astounds me. OP, that place is the hood. Nothing more. Will property value rise? Most likely, it's NYC. Will it gentrify? Depends on the kind of gentrification, you're thinking of. Park Slope status? A damn long time. Fort Greene/Clinton Hill type? Maybe 2 to 3 decades, but that's only if it's a guarantee that this part of BK will gentrify.
I'm surprised by the tone of some of these comments, I've never been to the area, so I thought I'd create an account and ask before I wasted my time going to see it.
Why would that "astound" you?... the unit has a tax abatement until 2034 which means I would be paying only $170 per month in CC charges, so the rental income could be close to 2k per month.
If it's a bad area just say so, just seems the comments here are angry or snarky for no reason.
Re gentrification, today in Eastern Crown Heights:
Work commute: from Utica, 30 minute Express to Financial District; 15 to downtown Bkln. Bam.
To relax: Prospect Park, a few subway stops or green biketrail Eastern Pkwy to Grand Army. Nice.
What were people saying about Franklin St. or Washington (Western CH) 10 years ago? Crap.
ECH has the housing bones. Proximity (1 mile) to a rich neighborhood, which IS an important gentrification variable nationwide-- not so much. Although maybe in NYC the MTA compresses that distance, idk. To say you can subway somewhere appealing in 10 minutes isn't same as walking over.
Last edited by BrightRabbit; 09-02-2014 at 08:11 AM..
I'm surprised by the tone of some of these comments, I've never been to the area, so I thought I'd create an account and ask before I wasted my time going to see it.
Why would that "astound" you?... the unit has a tax abatement until 2034 which means I would be paying only $170 per month in CC charges, so the rental income could be close to 2k per month.
If it's a bad area just say so, just seems the comments here are angry or snarky for no reason.
You asked a question and presumably you got good answers from people who are at least somewhat familiar with the area. 90% of the answers were non-snarky and informative, yet instead of thanking anyone who gave you good info, you choose to complain about one sentence you found to be snarky/angry.
You should be grateful you got solid answers to your question.
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