In the Rezone
It was a busy day at the City Planning Commission Wednesday. Not only did the commissioners debate the upzoning of the Chelsea Market, which they unanimously approved, but they also approved the downzoning of two historic neighborhoods, West Harlem and Bed-Stuy. The contextual rezonings seek to limit development on side streets, which tend to be chock-full of 100-year-old brownstones, while directing new development—with affordable housing!—to the broad avenues running through the neighborhoods.
Affordable Housing or Lack Thereof
Late last week, a new 48-unit affordable housing development opened at 926 Madison Street in Bed-Stuy, Brownstoner reports—which is good news for residents in a once-rough neighborhood where the locals’ biggest fear is now likely rising rents.
Rents in the Brooklyn neighborhood went up 6.5 percent between April and May of this year; the neighborhood has seen steadily rising rents since the beginning of the year.
When Nechama Levy began her search for retail space last July, she took advantage of years of experience as a bicycle shop employee to inform her real estate decisions, and then Colliers International brokers Charles Goldberg and Hank Widmaier sealed the deal at 1078 Fulton Street.
Beside ample basement space, Ms. Levy also considered floor plates large enough to install what she described as ergonomically correct racks and other bicycle-specific design flourishes. After the jump, Geoffrey Prisco of Brutus Park Architecture and Ms. Levy review the floor plans with The Commercial Observer and discuss what, exactly, convinced the first-time business owner to open her 5,800-square-foot shop, Bicycle Roots, in Bedford-Stuyvesant.
Affordable Housing or Lack Thereof
It was less than a year-ago that Lloyd Blankfein’s set his loafered foot in Bed-Stuy, for the groundbreaking of the Bradford, a middle- and low-income development being constructed on Fulton Street. It was an unusual place to find the banker, but Goldman, capable of making money anywhere, had made a $45 million investment in the project. Brownstoner recently passed by the project, and, as you can see, it’s come a long way in a short amount of time.The whole shebang is due to open next summer.
To look at the buildings neighboring it, 567 Vanderbilt Avenue is a typical four-story, mixed-use apartment building in Brooklyn. From the bricks it was built with to the upwardly mobile professionals and strollers it presumably houses, the structure is nearly identical to the other assets in that corner of Prospect Heights.
With a recent shift on the ground—characterized by relatively new restaurants like James, Cornelius and, inevitably, the Vanderbilt—sales prices in the neighborhood are rising.
But over on Vanderbilt Avenue in particular, where trendy bars and cafés pop up each week, prices are absolutely surging, in part because of Nostradamus-like predictions of basketball fans flooding the zone once the Nets start playing inside the proposed Atlantic Yards arena and, ultimately, exiting en masse from doors leading directly to the street.
Even though he was an honoree, Governor David Paterson couldn’t make it to the Bedford-Stuyvesant Restoration Corporation’s 40th anniversary gala on Thursday night. He was campaigning for Barack Obama.
Things have changed, indeed, for the central Brooklyn neighborhood and its boosters in the 40 years since Senators Robert Kennedy and Jacob Javits Read More
The Daily News on Wednesday lays out a convincing argument that the foreclosure wave sweeping parts of the United States may drench the outer-boroughs as well. The argument uses numbers from a study by the nonprofit Neighborhood Economic Development Advocacy Project–and the numbers are sobering:
In some areas of South Jamaica Read More
The Black Brooklyn Empowerment Convention of 2006 has been a fascination of mine since I got my hands on the first email about it…which referred to David Yassky as a white individual and threw a spotlight on the racial implications of his congressional race.
Then we found out about a not-so-publicized meeting of Read More
A trip to the East End last week was met with rain, wind and cold eating away the last full week of summer. Sad for Brooklyn Borough President Marty Markowitz, whose Monday-through-Thursday vacation in Montauk was washed out.
“It rained every day,” he said, after a press conference in Bed-Stuy on Tuesday. He sounded a Read More