Don't look now, but real estate types say that a lot of people buying on Fourth Avenue (aka Brooklyn's New Park Avenue) are from up the hill in Park Slope. Specifically, Bradley Hope reports in today's Sun that sales directors say that half of the first buyers in 20 new buildings come from the more traditional Park Slope parts of the Slope. The story notes that Fourth Avenue "is on the verge of becoming one of the densest new residential areas in Brooklyn." There are close to 1,000 apartments under construction on "a 1.4-mile stretch of six-lane road known for its car repair shops, gas stations, and big box stores." One buyer at the Argyle says he blew a shot at a two-floor apartment in Park Slope for $110,000 in the 1990s and that he bought on Fourth Avenue because he's "tired of missing opportunities." His sixth floor 1BR at the Argyle cost $500,000. Not all is good, though. The story notes that only 40 percent of the units at the Novo Park Slope are sold and the recent PriceChopping. $110K for two floors in the Slope? Make the pain go away, please.
· Park Slope Residents Head to Fourth Avenue [Sun]
· Interesting Question: Does Brooklyn's New Park Avenue Suck? [Curbed]
· Brooklyn's Fourth Avenue as the 'Next Park Ave.' [Curbed]