Just last week, the Daily News pegged East New York as Brooklyn’s next major “home buying frontier,” and now it looks like there may actually have been some truth to it. Curbed released a list yesterday of 2013’s best-selling New York City buildings, and nestled in among condos in Tribeca and along Riverside Drive is 400-402 Cozine Avenue, an East New York building that sold 67 units last year at a median price of $258,468.60.
Their write-up explains, “This giant project has 1,146 units and many alternate addresses, according to PropertyShark, and they’re selling like hotcakes. Obviously, considering its location, the price-per-square-foot is much lower: in the $200 range.” This all stands in fairly stark contrast to the neighborhood’s famously higher-than-average crime rates, and the fact that for a lot of residents, it’s still very much a part of Brooklyn’s so-called “foreclosure belt.” (It’s also home to arguably the city’s worst landlord). Still, if you’re looking to invest (or just to make cocktail party chit chat about Brooklyn’s “next big neighborhood”), this is a pretty fascinating development for the area.
Follow Virginia K. Smith on Twitter @vksmith.