Wednesday, September 25, 2013

Crown Heights Rentals On the Way: 500 Sterling Place

Despite pending foreclosure auction in 2011 & 2012 and tax liens this spring, construction at 500 Sterling Place is well under way.  What we're told is some 60 rental units - studios, 1BR's, and 2BR's - are going up at the rate of one story every month at this point.  Cranes bringing the steel up on the weekend and laborers banging the steel in all week.

The engineers even brought out the remote-controlled condo drone and flew it all around the site to survey the progress from all angles...

Brokers who couldn't even tell you what apartments rent for over here marveled at the sale price of the lot at nearly $150 per buildable square foot.  But we don't see how these units won't fly off the shelves as folks start to really piece together the scattered grids that make up Brooklyn.  This project on the next block rented in a flash and stays rented.  When $1,000/sqft condo sales are popping up in Fort Greene, Park Slope, and even Prospect Heights, there's pretty much nowhere to run & nowhere to hide for the uptrend in sales & rental values.  Whether you call it Prospect Heights or Crown Heights at Washington Avenue, don't take our word for it.  Let the new Walk NYC sign installed on Washington Avenue and Park Place yesterday break it all down for ya...

Fully equipped with walking times in a 5 block radius spelled out for you!

Not that the lost tourists pouring out of the Brooklyn Museum always make it that far down the hill to even see a handy sign like this, but we like what the city's up to here.  If you don't know Brooklyn by now, this certainly helps!

No comments:

Post a Comment