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Bed-Stuy has seen a dramatic upswing in the real estate market over the past few years years. In the last three years specifically, the average price per square foot for the neighborhood has risen from $275 at the end of the first quarter of 2012 to $468 in the end of 2015. However, an average price per square foot of $495-$525 per square foot (depending on building type) is still almost half of Fort Greene’s $885 per square foot. Inventory is also fairly high, especially in the single and multi-family market, which means it is still in some ways a buyers market, even when prices are competitive and interest is high.
Apartments (condos and coops) with their entry-level pricing tend to be much more competitive, and it is common to see bidding wars and closing prices well over ask.
Bed-Stuy has historically been somewhat overlooked in terms of both a cultural and architectural hotspot, although in recent years, a huge influx of new restaurants, bars, and residential developments have sprung up in the more western parts of the neighborhood along the Clinton Hill Bed-Stuy border. Stuyvesant Heights, however, the more eastern and northern part of what was historically two neighborhoods (Bedford to the West, and Stuy-Heights to the East), has received less attention and thus prices tend to be lower than the Western areas even though it is similar in terms of transportation, architecture, and amenities.
Stuyvesant Heights has a rich history, similar to Clinton Hill’s historical district, and the blocks between Tompkins and Stuyvesant Avenues to the west and east, and Atlantic and Madison to the south and north are currently in the process of being named a national historical district as well. Morgan Munsey, in an interview with Brick Underground from September last year, explains "Stuyvesant Heights was a fancy neighborhood to live in, just as much as Park Slope or Brooklyn Heights... Many of these new residents went so far as to build themselves mansions and villas, and while most of the neighborhood has given way to the more typical rowhouse style, remnants of that 19th century grandeur can still be found if you know where to look.”
And it isn’t just the architecture that residents of the neighborhood love – Emily Nanko of the Bed-Stuy Blog describes the neighborhood she calls home: “People don't know about… the local businesses, the walking tours, the community gardens… the fried chicken at Peaches, the guys that sell flowers out of their trucks every day on this corner of Throop. Simply put, there's a lot of great stuff happening… it’s worth checking out.”
-SHOP-
Harold & Maude Vintage (592 Lafayette Avenue, Hours: 12pm-8pm)
Small but well curated vintage finds at great prices
Locale Village (410 Marcus Garvey Blvd, Hours: Tue-Fri 12-6pm, Weekend 11am-5pm)
This well loved local spot is part beauty shop with handmade soaps, candles, and other items, part vintage store with jewelry, clothing and other fine antiques and collectibles, and finally part yoga studio with a variety of classes and styles offered throughout the day.
Olivino Wines (426 Marcus Garvey Blvd, M – Sat 12pm-9pm, Sun 12-7)
Small but well stocked wine shop that offers a great selection, good prices, and a special 10% off every Tuesday.
-EAT-
L’Antagoniste (238 Malcolm X Blvd, Hours: 5:30-11pm M-F, 11am-11pm on Weekends)
Farm to table high-end French restaurant with a celebrity chef and an extensive wine list – Highlights: Cheese Soufflé, Hudson Valley Duck, Steak Frites, Duck Hash with Shoestring Frites and blood orange mimosas
Saraghina (495 Halsey Street, Hours: 8am-11pm)
Brick oven Pizza and Italian food with rave reviews that many claim could even rival Grimaldi’s and other NY legends. Hole in the wall exterior, industrial chic interior, and a nice wine list to boot
Peaches (393 Lewis Avenue, Hours: 11am-4pm – 5pm-11pm)
Local favorite for soul food, fried chicken, and a New American twist on traditional southern cuisine – Highlights – Brooklyn Wings, Brownstone Punch Cocktail, Spicy Salmon and Shrimp Grits, Crab Cakes, Meatloaf Sandwich and Sweet Tea
If you are interested in exploring our entire Brooklyn Series at once, please reach out and we can get you the full brochure.