East New York has been re-zoned, and the immediate result is a record sale of 2840 Atlantic Avenue, for $16.75 million, which includes the buildings that were once home to Empire State Dairy and Borden’s Dairy Factory.
As per Real Estate Weekly, “This was the largest, most significant sale in East New York since the rezoning of Atlantic Avenue, which has addressed the affordable housing shortage and is helping to reshape this area of Brooklyn,” said Eli Klapper, of CBRE, the company that brokered the deal.
The property was purchased by the NYC Housing Partnership, a city-authorized administrative agent for affordable housing, which plans to build a 14 story mixed use development.
LSC Development purchased the property for $11 million last year, immediately after the city re-zoned East New York, which gives them a $5 million profit in just one year. This is how developers flip houses. It can be disguised as new affordable housing coming to East New York, but the truth is the first developer made out like a bandit, sells the property back to a city affiliated agency for a lot more money, and the cost of the development of “affordable housing” increases because of the higher sale price, which causes “affordability” to not be so affordable.
And the gentrification in East New York continues. If you do not already know, it started years ago.
Watch for more sales and purchases in East New York, in the upcoming months and years.
Stay tuned at EastNewYork.com
I started telling people about the investment opportunities in East New York Brooklyn in 2008. Remember this, back then people laughed at you if you told them to invest in any part of Bushwick above the Dekalb Avenue stop on the L train. Even when Bushwick picked up steam, investors would not listen to my advice about ENY. The ones that did are very happy with what’s been going on in the area. The good news is that you have not missed the boat yet. There is still a lot of opportunity in East New York and in other parts of Brooklyn that people used to ignore. I help people find these investments. I also help home & property owners capitalize on the changes when they are ready to sell. #glrosario #ErnstAndGeorge
Sadly the original building will be demolished and another piece of ENY history is gone..
Hi is this Jean from CHLDC?
Yes sad ?
I purchased my condo in east New York in June 2008. Everyone thought I was stupid and wasting my time. Since the rezoning announcement in 2016, my value has gone up. I’m praying it continues to go up. Buy now if you can. ENY and Brownsville are the last affordable areas left in Brooklyn and gentrification has already started.
Jean…is this our favorite civic leader from City Line and the 75th Pct aux? I’m still in the name…would love to
discuss the proposed changes here…you can reach me at grahambid@verizon.net (my work contact