What do you guys think? I see the current homes for sale climbing.
I have lived in Flatbush, Brooklyn almost all my life and I can say its not fully gentrified but its on its way of becoming gentrified. Flatbush is being gentrified with all these new condos and apartments being built. Once that area becomes oversaturated with development, it will quickly trickle to east. I work in the East Flatbush area and I see many condos and apartments being built already.
Once the developers start knocking on the doors of homeowners there and start asking to buy them out, then we will start seeing a bigger construction boom. I have in-laws who also lived in Flatbush almost all their lives, and now that they are searching for affordable apartments, they had to go all the way to Queens. They skipped East Flatbush, Brownsville, East New York, etc. and jumped all the way to Queens. If this does not tell you that Brooklyn is gentrified then I don't what else will.
The short answer is yes! I'm just about to finish renting out a brand new 18-unit on NY AVE and Farragut Rd. There are three other brand new multifamily projects on the same block finishing construction by the end of 2018. Driving around, I see more construction here than in Bushwick nowadays. An owner I talked to next door to the property I'm working on said she's been getting offers of up to $2.5M for her corner property (large, 3-story, 2fam - my guess) and she's not selling. A SFH half a block down on Farragut Rd was listed for $599k the other week (Idk whether it sold or not).
The 2br apts we're renting out are going for $2150/month and $2250/month (with a balcony), 'no fee'. Central AC/heat, laundry room in the basement, roof deck, backyard access. The standard new dev quality of work with stainless steel finishes.
Seems as if BK is possibly overbuilt, but maybe not at the under 3k range. When we looked for an apt, "luxury" apartments were giving 2 months free out the gate to us.
@John Kutrzeba, Hi thanks for your response! What kind of tenants are you seeing moving into this area? It seems far away from the city to become gentrified although the prices prove otherwise.
I know the building you are talking about, it use to be two separate homes. That building is close to the train.
What do you think about the area towards utica ave, or past E 40th st/linden?
I've been trying to invest in a multi-family home, but prices are so high compared to rents. The ROI is just difficult for landlords/investors. In addition, i am worried about taking on tenants from a still relatively low-income neighborhood. any advice?
I believe East Flatbush will become the next great neighborhood, rents are going for about 2500 and up for 3 and 4 bedroom apartments I rent two apartments about 5 blocks away from the 2 and 5 train on Newkirk Ave it's getting expensive
Eventually, but not like Flatbush. East Flatbush is still a 2 fare zone in many sections. Some major changes are coming and that will impact zoning and tax assessments. Good time to get in now before then. I work with several sellers and they are optimistic.
tons of new condos being built in east flatbush as flatbush is becoming more expensive!
agreed! its been 2 years since i posted this and prices are definitely higher.