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February 2, 2012
Barclays Center provoking real estate boom? If so, why can't Ratner get housing off the ground
Atlantic Yards Report
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.
NoLandGrab: Right. Same way the Upper West Side was cow pastures until Madison Square Garden was built.
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amNY, Brooklyn nabes expect real estate boom with Barclays Center
Posted by eric at February 2, 2012 12:58 PM