Friday’s New York Daily News had an interesting real estate trends piece, talking about Brooklynites moving to Journal Square’s new developments. The area is likely to become even a much bigger draw over the next two decades as a redevelopment plan for the city’s hub comes into fruition, as we have written about. Here is some of what the News has to say:
“Drawn by both design and low-cost living, Brooklynites have been flocking to Journal Square. Broker Desi Daniels says over the past six years, she has moved 75 New Yorkers to the area, with at least half of them Brooklynites looking to double their living space.
“Developer Billy Santomauro had no trouble filling the 19-unit Basilico in 2007, after renovating the McGinley Square, pre-Civil War building. A lifelong Jersey City resident, Santomauro lives around the corner from the building.
“‘ I have a very strong belief in that section of Jersey City,’ says Santomauro, who also owns three rental buildings in the area.
“‘ There’s a huge exodus from Brooklyn,’ says John Fio Rito, principal with Point Capital. He tapped into that demand with two large prewar buildings, where one-bedrooms go for $170,000 and three-bedrooms for $295,000. Of 29 units sold so far between the two buildings, about half have gone to young professionals from Brooklyn, he says.”
“NYU golf coach Todd Kolean, 45, moved to the Basilico from Brooklyn Heights, paying $1,495 a month for a 900-square-foot two-bedroom with a big backyard.
” ‘I couldn’t afford Brooklyn anymore,’ he says. ‘This is the up-and-coming place.'”