As the apartments become vacant, they double in price,” said Shlomo Antebi, a broker at GFI Realty Services, of the fast-rising rents in Bedford-Stuyvesant and Crown Heights.
Tenants are changing fast, Antebi told the Wall Street Journal , a fact wholly consistent with the whopping 8.8 percent year-over-year increase during the fourth quarter of 2013.
The jump is much higher in Bed-Stuy and Crown Heights than the borough overall, where there was a 7.9 percent jump in building prices, observed The Journal.
For example, a property at 680 Monroe Street in Bed-Stuy recently sold for $3.2 million.
These rapid increases come on the heels of the City Council signing off in September on a 55-block rezoning of the western section of Crown Heights that would allow for new development on Bedford and Franklin avenues, reported the paper.
Make a Donation
BK Reader is brought to you for free daily. Please consider supporting independent local news by making a donation here. Whether it is $1 or $100, no donation is too big or too small!