Thursday, February 02, 2012

Barclays Center provoking real estate boom? If so, why can't Ratner get housing off the ground

I can't say I completely buy the amNY article headlined Brooklyn nabes expect real estate boom with Barclays Center. After all, the neighborhoods described are already changing--and they're not exactly adjacent to the arena.

The article begins:
When you think about Brooklyn real estate, Williamsburg, Park Slope and the downtown district - the borough's hottest and priciest areas - are probably the first neighborhoods that come to mind.

But with the opening of a new arena in seven months, other nabes may be rising to the top - even if it comes at a price.

The buzz surrounding Barclays Center in Prospect Heights is expected to attract an onslaught of investment to the area and turn the nearby neighborhoods into some of the most sought-after ZIP codes in the city, real estate experts said.

"Crown Heights, Bed-Stuy, Bushwick and Sunset Park are on the verge of exploding," said Jamella Swift, senior associate broker at Citi Habitats. "Once the stadium opens, the domino effect from Fort Greene, Park Slope and Prospect Heights will carry over to the adjacent neighborhoods."
What? A domino effect from the corner of Atlantic and Flatbush all the way down to Sunset Park? Crown Heights began changing a while ago, as we were reminded this morning. Bed-Stuy began to boom before the 421-a law expired. Bushwick has been experiencing a domino effect from Williamsburg, not the arena.

Spillover effect?

The article concludes:
Michael Slattery, senior vice president of research for the Real Estate Board of New York, said it's hard to stop progress.

"Visitors [to the arena] will boost economic activity, and the capital investment and the creation of new businesses will have a spillover effect on housing," he said.
Well, it surely may drive restaurants and entertainment retaail--witness the fate of Triangle Sports--but if there's truly a boom market for housing, why is Bruce Ratner having such trouble building housing at the Atlantic Yards site?

1 comment:

  1. What that realtor means by the "domino effect" is the mass exodus of refugees from Fort Greene, Park Slope and Prospect Heights who wake up to find their quality of life demolished by the deluge of traffic, crowds, noise, garbage and commercialized crapification emanating from Ratner's publicly-subsidized, disaster-movie-scale real-estate swindle.


    "Crown Heights, Bed-Stuy, Bushwick and Sunset Park are on the verge of exploding," said Jamella Swift, senior associate broker at Citi Habitats. "Once the stadium opens, the domino effect from Fort Greene, Park Slope and Prospect Heights will carry over to the adjacent neighborhoods."

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