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.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.
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."
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.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?
"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.