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- Brooklyn Q3 2016 Market Reports
It is my pleasure to share Compass' 3Q16 Brooklyn Market Report, which looks at the prevailing trends shaping the market from this past quarter and provide a glimpse into the research and data analytics in which Compass prides itself. • The median closing price for Brooklyn overall set an all-time high of $850,000, a 16.4% increase over the third quarter 2015. Median closing prices were up in all Major Markets, with the largest year-over-year increase (29.1%) occurring in East Brooklyn, made up of the emerging neighborhoods of Bushwick, Bed-Stuy, and Crown Heights. • Central Brooklyn exhibited very strong market fundamentals in the third quarter, leading all Major Markets in both overall median closing price ($1.06M) and fewest days on market, with listings spending a median of just 36 days on market before being sold. • Overall inventory was up 3.2% year-over-year as a 13% increase in the number of available condos compensated for a 4.9% decrease in co-ops and a 7.5% decrease in single-family homes. The median price of available units increased 6.1% to $950,000, supported by a notable 47.1% year-over-year increase in the number of condo units priced between $2M and $3M. Brooklyn’s residential market continues to show strong supply and demand fundamentals. The year-over-year increase in the number of contracts signed (8.5%) surpassed the increase in available inventory (3.2%) despite increased prices for both active and sold units. Based on a trailing monthly average of 344 signed contracts, Brooklyn is currently in under-supplied territory with 5.3 months of supply. New development closings at properties such as One John Street have pushed Brooklyn’s median closing price to new highs, and we expect that trend to continue in the coming quarters. #CompassMarketReports #BlogPosts
- DIY: The Best Pumpkin Bread Ever
This time of year, pumpkin is the flavor du jour, and I am certainly not complaining. I am generally a fan of all things pumpkin... pies, cookies, ice cream (even pasta sauce)... but as a more savory inclined person, pumpkin bread is the top of my list. It has all the flavory goodness but a whole lot less of the sweetness. As I've confessed previously, I am a rather reluctant baker, but this recipe is simple. With only four steps from start to finish, it's pretty hard to mess up (as long as you know how to use an oven and a can opener!) Check out the details below, and get more tips from Epicurious... the reviews also have some great recommendations. Specifically, I go for a little less sugar and plan to try some of the suggested substitutions for the veggie oil - coconut oil sounds especially good! Ingredients: - 3 cups of sugar - 1 cup vegetable oil - 3 large eggs - 16 oz can of pumpkin puree - 3 cups all purpose flour - ground cloves, nutmeg, and cinnamon (1 teaspoon each) - 1 teaspoon baking soda - 1/2 teaspoon salt - 1/2 teaspoon baking powder #DIYDecor #BlogPosts
- The Penthouse at 57 W. 57th Street
NYC is full of history, including its fair share of ghost stories. The Penthouse at 57 W. 57th Street boasts just such a haunted past complete with a triple murder and adulterous affair. Known as the Medical Arts Building, the story begins in 1922, when cyclist and spark plug inventor Albert Champion married young showgirl Edna Crawford. Shortly thereafter she began an affair with Frenchman Charles Brazelle, who is believed to have murdered Champion five years later at a hotel in Paris. Edna and Brazelle claimed Champion died of natural causes and pocketed his fortune, using it to buy the penthouse at 57 West 57th Street. But the jealous and bad-tempered Brazelle kept Edna a prisoner here, and ended up beating her to death with a telephone. Her bodyguards then tossed Brazelle out the window. After the penthouse stayed empty for several years, it was rented by one Carlton Alsop, who was plagued by violent images and the ghostly sounds of arguments and of Edna’s high heels. But wait! There’s more… and it sounds a bit like a country song. Because of his declining mental state due to the relentless hauntings, poor Alsop’s wife left him, his dogs had nervous breakdowns, he had himself committed to a mental institution. After his release he sublet the penthouse and never returned. Today, the former penthouse apartments are home to an art gallery, fordProject, which took residence in 2011. While art and sculpture now fills the rooms were two lovers died; the address still holds special meaning to those who love NYC's ghost stories. Find more about the City's spooky tales of haunted buildings - if you're brave enough, maybe even check out a few before Halloween this year! #NotableinNY #BlogPosts
- Get Your Fall Fun on in NYC
Fall in New York City is undeniably one of the most beautiful seasons. Summer's hot and sticky humidity has faded and left behind a crisp breeze in the air. Jackets and scarves come out, and people flock to the nearest parks to take in the sights, sounds, and colors of the season. Here are a few of my favorite fall activities - check out Time Out New York's full fall guide for even more ideas! 1. Take a stroll to see the leaves in Fort Tryon Park and The Cloisters. The park is gorgeous this time of year, the view of the Hudson River is breathtaking. Plus the slightly spooky, gothic art and architecture at The Cloisters is the perfect pre-game for Halloween fun. Where: Fort Tryon Park, entrances at the 190th Street and Dykman Street A Train Subway Stops Hours: Park hours are Sunrise to Sunset all year round 2. The Village Halloween Parade Before you head out to your Halloween party of choice, take part in the world's largest Halloween procession. With over 50,000 party-goers each year, the parade is a massive and long-standing NYC tradition. So dig out your cat ears or Marie Antoinette wig and get ready to strut your stuff zombie style. Where: Line up at Sixth Ave and Canal Street - Parade goes up Sixth Ave from Spring to W. 16th Street When: Monday, October 31, 2016 3. Check out some (or all!) of NYC's Haunted Houses in time for Halloween a. Haunted Hay Ride Time Out NY says: "The haunted attraction is back again with more vicious and disturbing scenes to make you scream! Ten Thirty One Productions (of Shark Tank fame) created this gripping haunted attraction located at Randalls Island Park. For the first time, hayriders will embark on three new experiences: House of Shadows, Purgatory Haunted Village and Theater Macabre. Not for the faint of heart, the New York Haunted Hayride is all set to terrorize those who dare to enter. Where: Randall's Island When: Thursday-Sunday, October 13-30 & Monday October 31st b. Blood Manor Time Out NY's review raves "Garish zombies, monsters and other ghoulish creatures await in this 5,000-square-foot labyrinth of horrors, deemed too scary for children under 14 to enter without supervision. Pass through themed rooms such as The Crypt and Hannibal’s Hell... Lines are likely to be long so consider shelling out for an R.I.P. express entrance ticket. Where: 163 Varick Street (Soho) When: Thursday, October 13 - Monday, October 31 4. NYC Cider Week Drink fresh apple cider and binge on donuts. Specifically spiked pear cider and mini maple doughnuts plus other delicacies being served at various locations all over the city at NYC's Cider Week 2016. For one week only, everyone’s favorite autumnal fruit is being served up adult beverage style at more than 50 bars and restaurants in NYC along with free tastings, events and workshops. Where: All over NYC! When: Friday, October 21 - Sunday, October 30 #NYCHappenings #BlogPosts
- Manhattan Q3 2016 Market Reports
It is my pleasure to share Compass' 3Q16 Manhattan Market Report, which looks at the prevailing trends shaping the market from this past quarter and provide a glimpse into the research and data analytics in which Compass prides itself. Highlighting a few trends: - The total number of closings in the third quarter (2,739) was below expectations, down 25% compared to the third quarter last year. However, total contracts signed exhibited a more modest decline (-8% Y-o-Y) and actually increased year-over-year for co-op units priced between $1M and $3M. When considering these figures, it is important to remember the variable lag time between contract signing date and closing date as well as the unpredictable closing schedules of new development condominiums, which make up an increasingly large percentage of the over market. - Available inventory is seemingly disconnected from the demands of the market at this moment in time, as units priced above $3M make up 28% of inventory and less than 14% of contracts signed. - Co-op inventory is limited (45% of total inventory) and demand is high (54% of contracts signed) as asking prices continue to rise in the condo market. - The median price of active condo units was $2.3M in the third quarter, up 10% year-over-year and 44% higher than the median contract price of condo units this quarter ($1.6M). Them median closing price for condos ($1.65M) was a 10% increase compared to the third quarter last year, while the median closing price for co-op units set a new high at $820K. Uncertainty in the marketplace continues as the Federal Open Market Committee decided in their September meeting to leave the Federal funds rate unchanged and the presidential election reaches a fever pitch in the final stretch to Election Day 2016. Demand for homes priced under $3M, those most likely to be used as primary residences, continues virtually unabated while the continued increase in new development inventory, especially at the highest end of the market, has further reduced urgency for luxury buyers. #CompassMarketReports #BlogPosts
- DIY: Trivets (What? Hint: You Want One)
It has been an incredibly busy summer but as fall begins, I have promised myself I will at least make time for ONE little DIY project that has been on my list for a while. I have some beautiful old kitchen tiles from our summer home in Cesme which we replaced a few years ago during a renovation. I have been saving a few to make trivets so that I can continue using them in my own kitchen. Although I'm planning to make my trivets with "used" tiles, you can also use store bought/new tile or really anything similar. My kitchen tiles in their original glory! The main challenge I face is the caked on mortar on the backside. After some googling, I found these instructions on how to apply muriatic acid for a project like this. After that, I intend to apply self-adhesive thin cork sheet (or rubber cement regular cork sheet), and voila! A way I can continue to use my beloved tiles! #DIYDecor #BlogPosts
- Sunset Park
Sunset Park is one of Brooklyn’s most diverse neighborhoods, with an old world, friendly vibe that residents love. The park itself serves as the perfect centerpiece for the surrounding row houses, amazing Chinese and Latin American restaurants, and offers beautiful views. Industry City and the Brooklyn Army Terminal also have begun to offer industrial co-working spaces that promise to bring the same arts and design professionals that made Williamsburg in to a world-wide brand. Compared to Williamsburg, Sunset Park offers a similar vibe with more than half the price - $517 per square foot versus $1146 per square foot in closed sales in the most recent quarter. “Sunset Park is unique in New York's gastronomic demimonde… Domincan, Mexican, Peruvian, Ecuadorian, and Salvadoran places, and the stray diner and Hasidic spot, are all tumbled down the hill toward the Upper Bay, while an ever-expanding Chinatown on top lures you with Vietnamese, Yunnan, Sichuan, Cantonese, Malaysian, and the occasional Thai place. You pick. Either way, dinner will be cheap and tasty. Sunset Park is one of the city's great unsung food destinations” – The Village Voice (09/2014) - SIGHTS - Sunset Park – Not just a namesake for the neighborhood, Sunset park is the highest point in Brooklyn and offers spectacular views in to Manhattan, Brooklyn, and even Staten Island (1624 10th Avenue @ 16th Street, Hours: Thur – Sun 12pm-6pm) - EAT - Ba Xuyen – This beloved Vietnamese sandwich shop is good enough to make locals hurry home from work in Manhattan just so they could score a banh mi for supper. Recently, the place has added a wider selection to the menu and now also serves good apps along with Chinese pastries and cakes in the Hong Kong style. (4222 Eighth Avenue, Hours: 7:30am – 6:30pm) Green Fig Bakery - Conveniently located just uphill from the 36th Street express stop, this newcomer offers amazing coffee, overstuffed sandwiches, little square slices of pizza, along with assorted vegan cakes, cookies, and pastries. (462 36th Street) - DIM SUM - East Harbor Seafood Palace – The largest of the neighborhoods Dim Sum Meccas, waiters sport maroon tuxedos and bow ties in an expansive 500+ seat dining room replete with massive chandeliers (714 65th Street, Hours: 9am – 11pm Daily) Pacificana – Huge crowds, long waits, but according to the raver reviews and regular visitors, this dim sum spot serves up enough spectacular bites to be worth any wait (813 55th Street, Hours: 9am-11:30pm Daily) If you are interested in exploring our entire Brooklyn Series at once, please reach out and we can get you the full brochure. #NYCMarketAnalysesTips #BlogPosts
- Stone Street
Stone Street is a tiny cobbled street, a time capsule of New York’s past that sits at the base of the towering skyscrapers of the Financial District in Manhattan. It is home to the oldest buildings in New York City, the last remaining remnants of “New Amsterdam,” the original settlement created by the Dutch West India Company in the 1600s. Originally known as Brewer Street (or Brouwer Straet in Dutch) Stone Street got its first name in 1632 when the Dutch built North America’s first (but certainly not last) brewery right here in NYC on the newly cobbled street. During the 1700s, the street became known as Duke Street. The area was largely commercial and included neighboring South William and Pearl Street. However, after the Great Fire in 1835, which destroyed more than 700 buildings in downtown New York many of the burnt out original Dutch buildings in the area were rebuilt with quick and simple facades, giving rise to blocks of severe brick and granite buildings that were used mostly by merchants and importers handling products like cotton and tobacco. By the beginning of the 20th century, as the first generation of downtown skyscrapers demolished many older buildings to make way for a new development in the area, The Real Estate Record and Guide quoted a 1904 account that described the area as “a melancholy street of monotonous warehouses.” Stone, William, and Pearl Street held the last vestiges of any original buildings, but were ignored from the end of the 1800’s until the early 1900’s. In fact, The New York Times mused in 1901 that the crooked streets “remained… only to bewilder modern New Yorkers.” Amos F. Eno was the first owner in the area to commission a restoration of the original architecture of the area. In 1903 he hired architect C.P.H. Gilbert to rebuild 57 Stone Street in Dutch Colonial Revival architecture. Over time Amos reconstructed many of his other buildings on neighboring William Street in the Dutch revival style, evoking how they would have appeared in their original state in “New Amsterdam.” Gradually other area owners and investors began to follow suit and a rebirth of Dutch renaissance design continued through the end of the 9120’s. Perhaps the pinnacle of the restoration, Block Hall was renovated in 1929 at 21-23 South William Street, with a dazzling half-timbered facade and mansard roof, designed by William Neil Smith as a businessmen’s lunch club. Named after the Dutch explorer Adrian Block, Block Hall had a gym, squash courts, dining rooms, a billiard room, telephones and stock tickers. During the Great Depression and the decades that followed, the area again fell in to neglect. While Stone Street originally ran from Broad Street to Hanover Square, it was divided into two sections by the construction of the Goldman Sachs building at 85 Broad Street in the 1980s. It was only in the mid 1990s that a joint partnership between the Landmarks Commission, the Alliance for Downtown New York, and Stone Street owners began to transform Stone Street from a forgotten back alley into one of FIDI’s liveliest destinations. Restored buildings, granite paving to protect and repair older cobblestones, and period streetlights have brought the area back to a modernized semblance of its original form. It is now home to half a dozen restaurants and cafes, with outdoor tables that have become popular for locals and tourists alike, especially on warm late spring, summer, and even early fall nights. Today the cluster of historic buildings along Stone, South William, Pearl Streets and Coenties Alley form the Stone Street Historic District. It was officially designated as a historical landmark by the New York City Landmarks Preservation Commission in 1996 and is now pedestrian-only. As summer ends and fall begins, take advantage of a few more weeks of balmy evenings and take a stroll on Manhattan’s first street. Other notable landmarks to check out in the area include The India House, located at the Hanover Square end of the street, and the final building to get a rehabilitation in the area, 19 South William Street, which is now home to a buzzing Biergarten that also happens to be on our short list for Oktoberfest 2016 destinations. #NotableinNY #BlogPosts
- How to Celebrate OktoberFest in NYC!
Watermark Ocktoberfest - Photo Courtesy of Watermark From September 17th through the first weekend in October, NYC will raise an overflowing beer-filled stein (think the biggest pint you have ever seen) to Oktoberfest. The Bavarian celebration is one of the largest in the world outside of Germany, and will feature some of the best new beers in NYC as well as traditional favorites and of course plenty of delicious German food. Enjoy the slowly cooling weather while guzzling brews at some of the best beer gardens in NYC or check out the annual German-American Parade, which culminates in a massive Octoberfest celebration in Central Park. Oktoberfest is a traditional autumnal festival, which originated in Germany, that is celebrated all over the United States by drinking copious amounts of beer, sporting lederhosen, munching on pretzels, and doing some polka dancing along with general merrymaking. Given it’s name, it makes sense the first Oktoberfest was held on October 12–17 in 1810 to honor the Bavarian Crown Prince Ludwig’s marriage to Princess Therese von Sachsen-Hildburghausen. Supposedly, the celebration date was changed to the third week in September in the U.S. due to cold-weather concerns. Oktoberfest NYC celebrations will take place in all five boroughs in NYC at various venues. The largest events include Oktoberfest in Central Park (Sept 17), Munich on the East River (Sept 23) and Watermark’s Oktoberfest (Sept 17 – Oct 2). However, even the Met’s will raise a glass to the holiday, and on Friday September 23rd before their game they will offer fans an “Oktoberfest at Citifield” pre-game with beer, pretzels, and extended hours of merrymaking before the first pitch. And, not to be left out, Brooklyn will have celebrations across the river at Radegast Hall & Biergarten in Williamsburg (Sept 17 – Oct 1) Oktoberfest in Central Park Central Park (Rumsey Playfield) Saturday - September 17th, 1:30pm $30 After The 59th Annual German-American Steuben Parade which will march up 5th Avenue from 68th to 86th street on Saturday, September 12th from noon to 1pm, celebrations will begin in Central Park. Ocktoberfest & the German Steuben Parade" Enjoy a pitcher or two and great entertainment featuring “Spitze!”, the Polka Brothers and many other bands, as well as the 8th annual National Masskrugstemmen Championship sponsored by Hofbrau Bier." (from the event website) Munich on the East River 24-20 FDR Drive Service Road East - Zum Schneider Tent (21st Street & East River) Saturday & Sunday - September 17th - October 2nd - 5pm $25 - $100 Bavarian bier haus Zum Schneider brings Oktoberfest to the East River, where “a German-speaking staff—outfitted in lederhosen—serves liter steins of Oktoberfest brews while a slew of snack stands hawk cotton candy, gingerbread and brezel. There will be live music provided by Mösl Franzi and the JaJaJa's as well as special guests throughout the event. DJ Volka Racho will keep the haus rocking between sets.” (from the event website) Watermark’s Oktoberfest Watermark Bar at Pier 15 at 78 South Street (Financial District) Saturday & Sunday – September 17th - 25th & October 1st & 2nd - 12pm-Midnight - FREE - $60 for Bier flights and tastings There’s lots of reasons to love Oktoberfest…the steins of beer, the tents, the lederhosen, the pretzels. “If you’re not traveling to Munich this year, you could have missed out on three of the best weeks of your life – until now. Over 3 weekends, you can experience everything that makes Oktoberfest great. We’ll have live music, full Oktoberfest decoration and fun games for the entire family. Along with steins, you’ll get some of the best Oktoberfest food that New York has to offer.And while you eat, be sure to enjoy the amazing views of New York at our 3,500 square foot venue featuring the Brooklyn and Williamsburg bridges and Brooklyn skyline.” (from the bar website) Radegast Hall & Biergarten Oktoberfest Radergast Hall, 113 N. 3rd Street (Williamsburg) FREE admission, pay for any food and drinks Every day between September 17th and October 1st This Brooklyn beer tavern kick-starts the Oktoberfest celebrations on Saturday September 17th with a pig roast, live music from polka bands, mug-holding competitions and celebratory keg tappings and three kegs flown in from Germany. You can order bratwurst and kraut from Radegast all year round, but there will be a special Oktoberfest themed menu available from September 17th through the end of October. #NYCHappenings #BlogPosts
- DIY: Indoor Succulent Planters
Everyone loves a little touch of green in their homes, especially in such an urban setting as New York City. However, not everyone is born with a green thumb. For those like me, who are not so horticulturally inclined, succulents provide a perfect middle ground, and for very low cost, time or effort, can bring a beautiful (and given the size of New York homes) a perfectly proportioned petite touch of greenery to any apartment. Succulents thrive in the simplest of environments as one of the easiest plants to take care of – and they are super cute! From painted pots to vintage containers, succulents can grow in almost anything. And don't tell anyone, but fake succulents will "thrive" anywhere. CB2 has some very cute options, and I just bought this one for my bathroom. Porch.com has a great list of 15 easy DIY succulent planters - My two favorites are below, but there are plenty to choose from, so get your (semi) green thumb on and try a few of these out! 1. Brass Succulent Plantar from "A Beautiful Mess" Supplies: - PVC sewage drain caps in various sizes - Power drill + drill bit - aluminum sheeting in brass color (I used 38 gauge.) - X-Acto blade - Steel ruler - Measuring tape - Permanent spray adhesive - Cutting mat (optional, but helpful) - Black paint + primer (optional) Step One: Paint the PVC caps if they are not black. (optional) Step Two: Step Two: Drill drainage holes in the bottom of the larger PVC caps. (3-4 per cap) Succulents are desert plants, so they need drier soil to grow in. Of course, they still need to be watered well, but the moisture has to go somewhere or root rot will occur and your succulents will die a sad death. Relying solely on pebbles in the bottom of your planter for drainage is risky, so it may help to make a pedestal style planter so that the bottom portion is a saucer that catches excess water through the drainage holes of the top portion. Step Three: Measure the circumference and height of the PVC pipe. Add .25" to the length and subtract 1/16" from the height before noting the measurement. Step Four: For each PVC cap that you're using, cut a piece of sheet metal to your noted measurements from step three. Be very careful when handling the aluminum because it is easily imprinted and warped, and those imperfections are not easily removed. Step Five: Lay out each strip of sheet metal facedown onto newspaper or protective paper, making sure there are several inches of space between them. Spray the wrong side with permanent spray adhesive, making sure to completely cover the edges without getting overspray on the good side. Spacing out the pieces will help prevent overspray from sticking to the good side of the aluminum. Place the PVC cap upside down and attach the adhesive side of the aluminum to it by pressing the middle part of the alumimun to the PVC cap, working your way around to either end. When you get to the end, just overlap the excess metal and press with your finger to make sure the end will adhere completely. Step Six: Fill the bottom of each aluminum-wrapped PVC cap with a layer of pebbles. This will assist in draining the water from the soil. Step Seven: Cover the pebbles with a thin layer of fast-draining potting soil, arrange the succulents inside the PVC cap, and then fill in around them with more fast-draining potting soil. 2. This step by Step Photo Guide from BlueBirdKisses makes the progress very simple,and shows that you can use almost anything to pot your plants, but note from "A Beautiful Mess" above to be careful to include enough gravel in your pots so that the succulents can drain! #DIYDecor #BlogPosts
- Enjoy Brooklyn's Best BBQ before Labor Day!
The summer months between Memorial Day and Labor Day mark the high season for many things: rentals, temperatures, humidity, and park-wide sun bathing to name just a few. In the sizzling world of NYC's BBQ restaurants, nothing can beat a summer afternoon eating fresh barbecue in Brooklyn, So make time in the next (gasp) last 3 weekends of summer to check out a few of these amazing BB‘cue destinations. These are only a few of many that are now all over the borough - the only struggle lies in choosing between them all. 1. Fletcher’s (433 3rd Avenue, Gowanus) Operated by the same restaurant group that is behind Peaches and Hothouse, Fletcher’s is a mighty fine choice for seldom bbq’d proteins (like duck, lamb and pork steak), However, their crowning menu item istheir gold standard burnt ends. Odd-shaped leavings from the point half of a smoked brisket, they have a higher fat content and require a longer cooking time — resulting in delectable, well-caramelized shards of salty, meaty goodness. 2. Smoke Joint (87 South Elliot Place, Fort Greene) Spare ribs are a dime a dozen on most barbecue menus, which is why the “Brontosaurus-sized” short ribs are a must-order at Fort Greene’s southern-leaning smoke spot. But instead of being slow braised and deposited on a puddle of polenta, these beefy, dry-rubbed bones are accompanied by a trio of tasty dipping sauces; tomato-based barbecue, sticky brown sugar-chili, and vinegary jalapeño. 3. Morgan’s (267 Flatbush Avenue, Prospect Heights) Pitmaster John Avila originally made his name dry-rubbing brisket and pulling pork at the famed Franklin Barbecue in Texas. But at his busy Prospect Heights restaurant, the highlights are actually his poultry selections. Surprisingly moist and delicious, chicken, sold by half or whole bird, as well as turkey is always cooked to perfection, and you should never pass up a steaming side his collards and cornbread. 4. Hometown (454 Van Brunt Street, Red Hook) Like many of Brooklyn’s talented new crop of pitmasters, bodyguard-turned-smoked meat enthusiast, Billy Durney, takes a global approach to his ‘cue. We’re especially fond of the jerk-rubbed baby back ribs, aromatic with ginger and ringed with a peppery, broiler-charred crust. 5. Beast of Bourbon (710 Myrtle Avenue, Bedford-Stuyvesant) Pitmaster Nester Laracuente’s part cookhouse part bar and nightclub offers delicious meats, creative sides, along with a massive bar with over 46 draught lines and 200 well whiskeys to choose from. The restaurant also houses a stage for live music and DJ events, plus a skee ball and pool table. Definitely the spot for a cook out style get down, made clear in their motto – BBQ, Beer, and Rock & Roll. #NYCHappenings
- Stuyvesant Heights
Bed-Stuy has seen a dramatic upswing in the real estate market over the past few years years. In the last three years specifically, the average price per square foot for the neighborhood has risen from $275 at the end of the first quarter of 2012 to $468 in the end of 2015. However, an average price per square foot of $495-$525 per square foot (depending on building type) is still almost half of Fort Greene’s $885 per square foot. Inventory is also fairly high, especially in the single and multi-family market, which means it is still in some ways a buyers market, even when prices are competitive and interest is high. Apartments (condos and coops) with their entry-level pricing tend to be much more competitive, and it is common to see bidding wars and closing prices well over ask. Bed-Stuy has historically been somewhat overlooked in terms of both a cultural and architectural hotspot, although in recent years, a huge influx of new restaurants, bars, and residential developments have sprung up in the more western parts of the neighborhood along the Clinton Hill Bed-Stuy border. Stuyvesant Heights, however, the more eastern and northern part of what was historically two neighborhoods (Bedford to the West, and Stuy-Heights to the East), has received less attention and thus prices tend to be lower than the Western areas even though it is similar in terms of transportation, architecture, and amenities. Stuyvesant Heights has a rich history, similar to Clinton Hill’s historical district, and the blocks between Tompkins and Stuyvesant Avenues to the west and east, and Atlantic and Madison to the south and north are currently in the process of being named a national historical district as well. Morgan Munsey, in an interview with Brick Underground from September last year, explains "Stuyvesant Heights was a fancy neighborhood to live in, just as much as Park Slope or Brooklyn Heights... Many of these new residents went so far as to build themselves mansions and villas, and while most of the neighborhood has given way to the more typical rowhouse style, remnants of that 19th century grandeur can still be found if you know where to look.” And it isn’t just the architecture that residents of the neighborhood love – Emily Nanko of the Bed-Stuy Blog describes the neighborhood she calls home: “People don't know about… the local businesses, the walking tours, the community gardens… the fried chicken at Peaches, the guys that sell flowers out of their trucks every day on this corner of Throop. Simply put, there's a lot of great stuff happening… it’s worth checking out.” -SHOP- Harold & Maude Vintage (592 Lafayette Avenue, Hours: 12pm-8pm) Small but well curated vintage finds at great prices Locale Village (410 Marcus Garvey Blvd, Hours: Tue-Fri 12-6pm, Weekend 11am-5pm) This well loved local spot is part beauty shop with handmade soaps, candles, and other items, part vintage store with jewelry, clothing and other fine antiques and collectibles, and finally part yoga studio with a variety of classes and styles offered throughout the day. Olivino Wines (426 Marcus Garvey Blvd, M – Sat 12pm-9pm, Sun 12-7) Small but well stocked wine shop that offers a great selection, good prices, and a special 10% off every Tuesday. -EAT- L’Antagoniste (238 Malcolm X Blvd, Hours: 5:30-11pm M-F, 11am-11pm on Weekends) Farm to table high-end French restaurant with a celebrity chef and an extensive wine list – Highlights: Cheese Soufflé, Hudson Valley Duck, Steak Frites, Duck Hash with Shoestring Frites and blood orange mimosas Saraghina (495 Halsey Street, Hours: 8am-11pm) Brick oven Pizza and Italian food with rave reviews that many claim could even rival Grimaldi’s and other NY legends. Hole in the wall exterior, industrial chic interior, and a nice wine list to boot Peaches (393 Lewis Avenue, Hours: 11am-4pm – 5pm-11pm) Local favorite for soul food, fried chicken, and a New American twist on traditional southern cuisine – Highlights – Brooklyn Wings, Brownstone Punch Cocktail, Spicy Salmon and Shrimp Grits, Crab Cakes, Meatloaf Sandwich and Sweet Tea If you are interested in exploring our entire Brooklyn Series at once, please reach out and we can get you the full brochure. #NYCMarketAnalysesTips #BlogPosts