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At Least One Developer Is Building Fancy Condos In Canarsie

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Canarsie is the last stop on the L train, which is largely pointed to as the perp that ushers gentrification deeper into Brooklyn. Despite, the neighborhood has remained largely untouched by what residents of nearby East New York know well to call "the wave." Because land prices remain relatively low, Canarsie is being turned to by at least one developer as a place to build nice apartments at a low cost. The Awl followed around Moishe Loketch of the Loketch Group, a developer who's bypassing the pricey environs of Bushwick in favor of the relatively inexpensive Canarsie, to take a look at their 27-apartment development, Loft 87. "Why go to Bushwick and pay outta your nose when you can basically own—your mortgage on a unit like this will probably run you around fifteen to eighteen hundred dollars, depending on which one," Loketch expressed to The Awl of the well-finished apartments, "I'm bringing everything you would see in Bushwick for half the price."

On top of the more affordable price point—a 3BR/2.5BA condo is asking $424,000—Loketch claims that his firm is the only one bringing that kind of new development to the neighborhood. "No one else builds in Canarsie like this," Loketch told The Awl. While Loketch lays no claim to being against gentrification ("Obviously, the popularity of the L train has brought more exposure to Canarsie I think, which is allowing for a trickle-in of gentrification into the area—which we are all for!"), he also doesn't admit that the work he's doing in the area is change itself. Loketch has been developing in Canarsie since the mid 1990s, but Loft 87, with its trendy name and promotional video with dubiously accented narration, is not just well-priced condos.
· The Condos at the End of the Line [The Awl]
· Do These Rentals Mean East New York Gentrification Is Real? [Curbed]

Loft 87

532 East 87th Street Brooklyn, NY