By Brooklyn Reader

December 31, 2013, 7:26 am

 

Average Rent Increases Highest in Bed-Stuy and Crown Heights

Average Rent Increases Highest in Bed-Stuy and Crown Heights

“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.


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