East New York

Real estate investors drawn to East New York

January 26, 2018 Brooklyn Daily Eagle
The city recently began studying ways to bring economic opportunities and services to the Broadway Junction transit hub that borders East New York. Eagle file photo by Liliana Bernal

In the wake of a 2016 rezoning of East New York, developers filed applications for 1,303 residential units there in 2017, according to The Real Deal. Most of these developments focus on affordable housing, but some observers say market-rate housing may be in the area’s future.

Among the planned new developments, the real-estate publication says, are a 12-story building on Linden Boulevard, a 521-unit housing and retail complex on Loring Avenue, a 240-unit rental development near the Gateway Center shopping mall and a 404-unit complex on Atlantic Avenue in Cypress Hills. Residential prices have increased 45 percent since 2012.

Investors are interested in the area partially because they believe that buyers and renters will increasingly get priced out of other areas and turn to East New York as a more reasonable alternative, The Real Deal says.

Still, the neighborhood faces serious problems. Although crime has fallen 73 percent since 1990, more major crimes were committed there than in any other NYC precinct last year. Also, crime there was double the amount in Williamsburg and Bedford-Stuyvesant.

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