The Market

Another day, another round of head-spinning news about Bed-Stuy real estate

By Virginia K. Smith | June 12, 2015 - 2:59PM

Further proof that even in New York's overheated market, the situation in Bed-Stuy is particularly bonkers: Yesterday, the New York Observer reported a "new era" of higher-end townhouse renovations in the area (with price tags edging towards the $3 million mark), on the same day Brownstoner spotted harshly worded "anti-gentrification" fliers papering the area.

Over at the Observer, broker Peter Gordenstein touted his development team's meticulous approach to renovations—and a move away from what he calls "Home Depot" renovations, the kind of slapdash flips we've seen lots of in the neighborhood—and the story appears to imply that this type of work will start edging the area's already-inflated townhouse prices away from the million dollar mark they tend to hover around, and closer to the $2.995 million Gordenstein is currently seeking for a townhouse on Hancock. (So much for that report back in March that home prices in the area might finally be normalizing.)

But like longtime residents of Crown Heights who've gotten sick of unsolicited visits from brokers hoping to talk them into selling, many Bed-Stuy locals are also growing weary of the sometimes predatory purchases of family homes. Fliers using the hashtag #standupbedstuy—and strongly implying a pattern of speculation and racism from would-be developers in the area—started making rounds in Stuyvesant Heights this week:

It's not totally clear who's behind the fliers, though Brownstoner takes a guess that they're the work of neighborhood activist Joshua Wiles, who has previously vowed to start a campaign against developer Brookland Capital (or "Brokeland" Capital, as he calls it). As the site points out, the situation in the neighborhood is a little more complicated than either a broker or a flier would have you believe.

Suffice it to say, we'll be interested to see how this one plays out.


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Is it time for buyers to give Bed-Stuy another chance?

This Brooklynite wants cheap rent—and he's willing to renovate for it

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