In late January the New York Post published an article about Prospect-Lefferts Gardens titled “The last affordable Brooklyn neighborhood with park views.” As these things do, it begged the question: affordable for who? The article’s first line calls to “the new kids on the block,” those who have been priced out of other Brooklyn areas and are moving to PLG, discovering the joys of a neighborhood known by its residents for decades.
“It’s a neighborhood where market-rate prices are. . .nothing compared to what you see in Downtown Brooklyn,” Alison Novak of Hudson Companies, the developer behind the neighborhood’s contested new 23-story rental The Parkline, told the Post. And while that’s true, rents in the neighborhood have been on an astonishing ascent for the better half of a decade.
For a 2014 New York Times profile on the area, Novak estimated that from 1993 to 2003, fewer than 200 apartments were developed in the area. When the profile was released in March 2014, the neighborhood was braced to receive more than 1,000 units of affordable and market-rate housing—and it can be assumed that the number’s only swelled since then, inviting a new mass of residents with higher housing budgets and disposable income.
At Curbed’s request, NeighborhoodX took a deep dive into how housing prices in the neighborhood have changed since 2010—and the numbers are telling. In 2010, townhouses in the neighborhood ranged from $700,000 to $1.3 million, or about $346/square foot. That number has now more than doubled, with prices for townhouses in the area ranging from $1.4 million to $2.99 million, or about $702/square foot. Apartment prices have also surged. In 2010, the asking price for two-bedroom apartments ranged from $300,000 to $450,000. Today, one-bedrooms hit the market asking from $375,000.
Prices in the neighborhood range from $340-971/square foot when all property types—apartments, townhouses, and multifamily buildings—are included. Nowadays, the price per square foot for townhouses and apartments in the neighborhood mirror each other with the price per square foot range for townhouses at $464 to 971/square foot, while the price per square foot of apartments range from $468 to 897.
NeighborhoodX broke down how price per square foot for different housing types vary against their average: the graphs below depict that, and give off more information when they’re hovered over.