The New Coney Island - Brooklyn's Times Square by the Sea

Sunday, September 18, 2016

Sunday Times Real Estate - Second article in a month for Sheepshead Bay

Excerpt - Real Estate | The High End 

Transformation on Brooklyn’s Southern Shore

  When Hurricane Sandy lashed the New York coastline and drowned neighborhoods like Sheepshead Bay, Brooklyn, there was some chatter about retreating from the waterfront.

But four years later, volatile weather and the ever-present threat of another storm surge has not deterred developers in this former fishing village, where a 28-story condominium is rising on a street once deluged by floodwater. A few blocks away, on a restaurant-lined avenue facing the waterfront, a seven-story commercial and residential development, with a rooftop deck and pool, is also under construction.

The projects are hallmarks of a building boom in Sheepshead Bay, an oft-overlooked neighborhood on Brooklyn’s southern shore. Now home to many émigrés from the former Soviet Union, as well as growing Turkish and Chinese populations, the neighborhood offers numerous dining options and convenient beach access, at prices below those of Brooklyn’s brownstone and hipster belt.
“You’re seeing a really dramatic transformation,” said Krishna Rao, an economist for the listing website

Home prices are edging up. The median asking price for apartments in the neighborhood rose to $320,000 for the year to date through Aug. 10 from $299,000 during the same period a year ago, according StreetEasy. Median asking rents rose to $1,797 a month from $1,600.

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