Commercial real estate is booming in Bed-Stuy, according to a new report from mortgage intelligence agency Actovia.
tops the list of Brooklyn’s most active neighborhoods, with the
greatest growth in commercial property sales and the most significant
uptick in financing this year.
From November 2013 through October
2014, financing for properties in northern Bed-Stuy (zip code 11206)
jumped nearly 500 percent, with 58 properties financed in the first
quarter compared to 340 in the fourth.
In the neighborhood’s 11221
zip code, extending from Tompkins Avenue to Wilson Avenue, 66
property-financing deals were made at the beginning of the year,
compared to 384 from August to October.
Jonathan Ingber, Actovia’s founder, attributes increased interest in Bed-Stuy to rising costs in Manhattan.
is no question that Manhattan is priced out,” Ingber said, adding that
people began scouting other boroughs in mid-2013 to find areas that
offer the same sort of “luxury.”
“As people started developing in
downtown Brooklyn, prices became pretty outrageous there too, so they
looked at some centers that would be the next up-and-coming jewel,” he