The Prices Of 4th Avenue Development
As real estate prices continue to rise in our area, is even the busy 4th Avenue corridor getting out of reach?
The New York Times recently took a look at the developments along the strip, and if you’ve been following the comings and goings, you’re already familiar with a lot of what the story touches on — buildings are being sold, and new, taller apartment buildings are on they way (add one more to the list, as news of another for 4th, at 11th Street, came out this week).
So perhaps the more interesting parts of the Times piece are the numbers.
Development slowed for a couple years, but it’s clearly picking back up with some force, and the prices are reflecting that demand. A developer from the Naftali Group, which runs the Landmark Park Slope on 4th at 6th St, tells the Times they paid $100 per square foot in 2011 for the land they built the Landmark on, while some land on 4th is going for $250 per square foot today.
And at new buildings like the Landmark, rents are higher than you’ll find at most low-rise, older apartment buildings on the avenue — revealing the potential for demand to those low-rise landlords. One neighbor they spoke to is losing the apartment she shares with two roommates in a 4th Ave walk-up, because the landlord plans to renovate and raise the rent quite a bit. “The price of a one-bedroom in one of the new buildings is equivalent to the price of the three-bedroom we’re renting now,” the tenant, Elise Selinger, tells the Times, “and it’s more than I bring home in a month.”
Anyone else been feeling this? Are renters having a hard time finding, and keeping, reasonably priced apartments along 4th Avenue? And at those prices for land, are more building owners out there considering selling?
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A reminder that if you live in the area, you can do something to help shape the future of the avenue. The Park Slope Civic Council‘s Forth on Fourth Avenue committee is working with local leaders and community members to figure out ways to bring improvements that make it a better place for residents, businesses, and visitors. If you’d like to get involved, contact them at fofa@parkslopeciviccouncil.org.
