Tired of hearing about the “next hot kind of undiscovered Brooklyn neighborhood”? Not me. Not with last week’s first quarter rental market report coming in, telling us that rents just keep getting higher in the fantastic Borough of Kings. In fact, Brooklyn rents overall were 11.3 percent higher than last year at this time, and now can be found at a median price of $2,560 per month.
Worse news for many of us: Brooklyn rental prices increased the most in the borough’s smaller apartments, the studios and the one bedrooms. But don’t give up yet! Much of the increase can be blamed on a select few areas, such as Williamsburg and DUMBO, and there are still plenty of terrific, actually affordable neighborhoods here in Brooklyn. Like, for instance, the increasingly-coveted community of Crown Heights.
Crown Heights is pretty much ideally situated to become “discovered” by young professionals and families priced out of, for instance, Park Slope, which sits on the other, western side of the magnificent Prospect Park. There’s the ready access to said magnificent park, as well as the seven-acre Brower Park; there are lots of public transportation options (the 2, 3, 4, 5, B, Q, S, and L trains all pass through or skirt the edges of the neighborhood); there’s a bit of culture, with a few new galleries popping up here and there, as well the world-class, community-minded Brooklyn Museum counting Crown Heights as its home; and, especially along Franklin Avenue, there’s been a large and welcome influx of good restaurants, friendly coffee shops, and fun boutiques and home decor shops.
The Wall Street Journal recently posted a pretty good Crown Heights neighborhood portrait, which emphasized both the positive developments in the area as well as the relatively low rental and condo prices, as compared to next-door Prospect Heights, Clinton Hill, and even Bed-Stuy. This might be a quickly-closing window of opportunity however. As one real estate insider says, “Franklin Avenue is really very much like Williamsburg was in 1992… but it’s actually happening much quicker [here].”
More good news for Crown Heights residents: coming soon to the neighborhood is a massive, 150,000-square-foot “food and beer hall”, co-developed by Brooklyn Flea co-founder Jonathan Butler and housing at least five of Smorgasburg’s favorite vendors. Finally, I found an excellent, lengthy profile of the current changes hitting Crown Heights on the web site Narratively, which included all of the photos in this blogpost, by Mo Scarpelli.