Flatbush Avenue Real Estate Boom

Flatbush avenue

Brooklyn has quickly become a great place to live in New York City. One of the newest up-and-coming areas is Flatbush Avenue. Jessi Arrington and Creighton Mershon found that out first-hand. After deciding to move from Dumbo to Prospect Lefferts Gardens, the couple found out what Flatbush Avenue had to offer.

Deciding to Move to Flatbush Avenue

When the couple made the decision to move, they knew that they needed to consider their young daughter. They wanted a building with a great play area and beautiful views. However, that meant moving to an area that would label them as gentrifiers. They considered moving to Parkline. The 24-story building was on Flatbush Avenue. But the construction left local residents upset about the height.

Despite wanting to avoid the label of gentrification, the couple opted to move to Flatbush Avenue. They knew that someone would move into the building. Additionally, they also knew that the best way to save money on rent was to move into the building. They took the leap and moved into a Parkline studio. With rents starting out just over $2000, it was affordable and a viable option.

The Area

In the last ten years, people have been making a similar decision. Flatbush Avenue offers affordable living in an ideal location. It’s a ten-mile stretch that has a lot to offer. The neighborhood nestled in between some of the busiest areas of the city, but still offers you a chance at peace and quiet. The location is prime.

In Downtown Brooklyn, you have new construction that offers everything you need. You can find a Target, Trader Joe’s, and a movie theater. Not far from there, you can find a theatre district. The Kings Theatre had a $95 million restoration that left the theatre in beautiful condition. With revitalization effort continuing in the area, things are looking up.

There are some other older icons in the area, like Junior’s (the best place to go for a cheesecake). But a newer icon is 9 DeKalb Ave. At 73 stories high, the building will be the tallest building in Brooklyn. There will be 500 rentals in the building. However, the building won’t completely lose the landmarks of the city. Dime Savings Bank will be a part of the tower base, keeping the historical landmark intact.

Another redevelopment project has sparked some protest. Alloy Development hopes to redevelop a whole city block on Flatbush Avenue. Although not finished, the company hopes to make a 38 story building with both residences and businesses. They also would like to have a 74 story building. However, current residents believe that the project will bring more crowds and will overshadow the townhomes in the area.

What Does the Future Hold?

If you visited Flatbush Avenue ten years ago, you might not recognize it. The redevelopment in the area has completely changed things. And it isn’t only new construction that changed the face of the neighborhood. For the past decade, the area went through many changes. There are more businesses, more residents, and more traffic.

Current projects will continue to change the scope of the area. There’s a 6,000 square foot retail building on the rise this year. With 63 rentals and a large garage underneath it, the building is a large addition to the area. On Dean Street, the largest modular building in the world opened in 2016. However, it’s not just the buildings. The commercial landscape of Flatbush Avenue is changing.

Apple has a strong presence in the neighborhood. After signing a ten-year lease for a 12,000 square foot space, the company now has two locations in Brooklyn. Additionally, Whole Foods plans to open a 365 store in the neighborhood.

A corporate presence means that some of the more charming small shops will no longer have a presence in the neighborhood. After 50 years in business, a Jamaican patty shop closed in 2014. Other similar businesses shut their doors. When competing with big businesses, these small shops have no chance. The same is true of some of the former area residents. With property becoming more valuable, the long-time residents can’t afford the rent.

Living in Flatbush

New York City is changing at a rapid rate. But Flatbush may be one of the most rapidly changing areas. There are some new developments in the area that can make the neighborhood even more alluring. While it’s losing some of its old charm, the area is gaining in many other ways. It’s experiencing a real estate boom like no other.

If you’re looking for a place to live in Brooklyn, you might want to consider Flatbush. It’s more than just up-and-coming. The area is already established and has a lot to offer. With new residences, plenty of stores, and more developments on the way, Flatbush is the place to be. It may be time that you consider buying real estate in the area.