BrettheBear, Renter in Brooklyn, NY

How much is the average RENTAL price per square foot in Crown Heights?

Asked by BrettheBear, Brooklyn, NY Sat Sep 21, 2013

Hey, guys! There have been some rumblings about rent increases in my building, a result of waves of gentrification, not building improvements. I'm trying to determine the average rental price per square foot in Crown Heights right now so I can prepare for a battle to not be priced out of my longtime home.
In case you need more details... We're quite a bit east of Franklin and live in a rowhouse (not a proper brownstone) that has been divided into a number of small apartments. We don't occupy a whole floor. There is rust in the water (significant in the bathroom) and the kitchen is very workable but not remodeled. Most of the aesthetic improvements to the unit were done by me at my own expense.
Thank you so much!

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Answers

4
Hi Beth,
I believe I can assist you with your question. I am a life time Crown Heightser myself!
Born on Carroll Street and live currently on Union Street. My office is on Albany and Eastern Pkwy.

I agree with you about taking offensive to the "socially acceptability" of our neighborhood. That said, Crown Hts is a beautiful example of a Brownstone Brooklyn neighborhood. We are located near Prospect Park, the Museums, Eastern Pkwy and a very short ride to the city. It took a number of years but Crown Heights is now officially on the "map" of where to live in Brooklyn today.( I only wondered what took everyone so long! )

This is a reality that does not seem to be going away soon.
Major investments are being made here. The new buyers are investing in their properties and raising the rents accordingly.

When checking comparable rents in Crown Hts or other typical Brooklyn areas, you would go by apartment size vs sq footage to get an idea of what an apartment like yours would go for.
You say you live well east of Franklin Ave. Closer to Utica? If yes, the new rents in the area for at least a somewhat renovated apartment is as follows:

Studios - $1100 - $1300
One beds $1250- $1550
Two beds - $1450 - $1900 or more
Three beds $1900 - $2500 or more

The closer you live to North and West in CH the more expensive the rents.

If you live in a rent stabilized apartment you should be okay. Good luck
0 votes Thank Flag Link Sat Sep 21, 2013
Hello;
As you are aware there are and will continue to be "waves of gentrification" although I think "gentrification" is actually the wrong word when it comes to Crown heights, more economic upswing or social acceptability which of course brings more people and demand that increases prices. That said instead of renting and watching it going up & up, buy into it! Make an investment before you get priced out!
I know yaddi yaddi "I can't afford it" nonsense if you can afford a market rent, you can afford to buy an apartment...I know "I don't want to buy just an apartment..." It is the best way to building a down payment to buying house...."I don't want to buy in New York..." If you buy in New York while you live and work here, when it is your time to leave you can leave with money in your pocket instead of just your suite cases!
Stop whining about rent increases and take the bull by the horns and buy an apartment!
Best wishes,
Kathryn Lilly, Broker
Realty on the Greene, LLC
718-858-7600
0 votes Thank Flag Link Sat Sep 21, 2013
Gentrification generally refers to wealthier people moving into a neighborhood. We all know that there are and always have been many very wealthy families living In this neighborhood, which is why I think gentrification is the wrong word to be using for the increasing rents. It is purely that more people are finding it a viable option and as social media etc. keep blogging about it, it does become more "acceptable" to more people to move here.
I hope you can find a way to stay in the neighborhood.
Flag Sun Sep 22, 2013
I am referring to the new people moving into the neighborhood as the ones that are finally finding Crown Heights "socially acceptable" of course the neighborhood has always been a strong vibrant very much more than an "acceptable" place to live. But as more and more "outsiders" for want of a better word do find it on their social radar screens the prices will keep going up and up.
Yes, I am well aware how difficult it is to get into the buying market. I am well aware how life can be a constant struggle.
My point is that it does as you say, take a great deal of effort to constantly be looking for affordable housing and moving every few years as the wave of new people will keep coming and the rents keep going up and up.
There are many low income buying options available in the area. IE: HDFC apartments. These are co-ops that were set up mostly during the 1970-80's by HPD and the current tenants of buildings that were taken over by the City for back taxes. Many are vacant.
Flag Sun Sep 22, 2013
Do you have any idea how many Americans struggle mightily with the bills they do have and are one medical emergency or rent increase away from a delicate house of cards collapsing into disaster? And this is "whining?" Your answer suggests that everyone has a certain degree of financial stability and enough money at the end of the month to afford application fees and moving trucks and storage units and somewhere to live in the meantime while having plenty of free time to look for apartments for buy. It doesn't feel like a very inclusive view of humanity. "I can't afford it" isn't nonsense to everyone.
Flag Sat Sep 21, 2013
And then there's "whining." It's incredibly callous and presumptive to reduce someone's fear that they will be forced out of their home to "whining." Yes, we all hit bumps in the road and dust ourselves off, but being forced to move is AT BEST extremely disruptive, if not traumatic. It's OK to admit that everything that happens in the world isn't win-win and easily solved with a little elbow grease. Or a mortgage. There are winners and losers, and someone does end up on the wrong side of that line, possibly someone who's also on the wrong side of "social acceptability."
Flag Sat Sep 21, 2013
Hey, Kathryn! While I love the can do attitude you espouse and your faith in my ability to qualify for a mortgage, I can't not take issue with a few of your word choices... "Social acceptability," for example. Socially acceptable to whom, exactly? People have lived here for decades upon decades- for someone, this neighborhood was always socially acceptable. But I guess there are certain demographics whose determination of social acceptability is literally worth more... Implying that the neighborhood was less "socially acceptable" when the only people accepting it were Black or Hasidic is far more offensive than saying "gentrification." (Aside from the fact that I'm writing on a Saturday, how can you be sure that I don't belong to one of those two groups and am not taking deep offense at the moment? And when I moved here, was I doing something heinously unacceptable?)
Flag Sat Sep 21, 2013
Hey Beth,

My advise would be to get an appraiser to come by and check out the building. Find out the value of the rowhouse then divide it by the number of apartments in the building. That will give you ballpark figure of the value of the unit your living in.

As was mentioned the price per square foot in Brooklyn does vary, however recent studies show $402 dollars per sq foot.
If you still have the receipts from the expenses you incurred doing the improvements it could work in you favor when renegotiating rent price being raised.
Hope this helps.

Sincerely,
Luis Paulino
Highline Residential
0 votes Thank Flag Link Sat Sep 21, 2013
Keep in mind that square footage costs do vary, and don't account for location and other considerations; therefore, it's really in your best interest to also review closed recently sold/rented similar properties in the immediate area, and their final sales/rental price...
0 votes Thank Flag Link Sat Sep 21, 2013
ask any local agent to help you by sending you comps...
Flag Sat Sep 21, 2013
Thanks, Anna! I'm finding information about sales very easy to come by but I have no idea where to start in looking for closed rentals. I don't want to waste anyone's time by looking at other apartments with a broker and scanning online listings often leaves me without enough information to compare another unit with my own. If you have any advice as to where to look next, I would really appreciate it.
Flag Sat Sep 21, 2013
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