Crown Heights is a neighborhood located in central Brooklyn that has a tremendous amount of history and has gone through many changes during the course of its development. What once began as a posh residential neighborhood and a place for secondary homes in the early and mid-20th century, Crown Heights went through significant changes in the past 30 years, some of which included race riots and most recently, urban renewal and gentrification. Today, Crown Heights is a vibrant neighborhood that’s seen a significant amount of redevelopment from new ground-up housing stock to complete brownstone renovations.
Crown Heights is bounded by Washington Avenue to the west, Atlantic Avenue to the north, Ralph Avenue to the east, and Empire Boulevard to the south. While only about 1 mile wide and 2 miles long, the neighborhood truly has a different look and feel depending on which part of Crown Heights you’re in. The bustling neighborhoods that border Crown Heights include Prospect Heights, Flatbush, Prospect Lefferts Gardens and Bedford-Stuyvesant.
Eastern Parkway is the main thoroughfare that runs through Crown Heights, which splits the neighborhood into what’s considered north and south Crown Heights. The south region has a high concentration of Hassidic Jews and regal limestones, while the north region is considered highly desirable, partially landmarked and is seeing a large influx of new rental/condo developments as well as flourishing retail. Mom-and-pop retail and hip coffee shops can be found in this region off Franklin and Nostrand Avenues. Both avenues are considered main retail thoroughfares for the neighborhood as well as convenient subway stops for the 2,3,4 and 5 trains.
One of our favorite spots is Colino Cuervo, an Ecuadorian coffee and lunch shop on Nostrand Avenue, which has been in the neighborhood for several years. A food hall comparable to Smorgasburg was recently developed in the area called Berg’n, which features different food vendors and is a great place to socialize.
Crown Heights features an assortment of new rental and condo developments as well as amazing brownstones and limestones ripe for renovation. As the neighborhood continues to see an influx of new residents, more and more housing options are being developed to suit the corresponding need.
New Condo Developments
One of the new condo developments, 762 Park Place, is a sleek and sprawling addition to the neighborhood offering 23 units that range in size from 1-3 bedrooms.
Each apt features oversized windows that bring in tons of sunlight, modern kitchens and contemporary finishes. The building also features a generous common roof terrace open to expansive views of the Brooklyn and Manhattan skylines.
The Bergen House is a newly developed 36 unit condo building that’s very close to the bustling Franklin Avenue. The apts feature an industrial look and feel inclusive of a chic red lacquered kitchen and modern finishes. Each apt features large windows with picturesque Brooklyn views and even comes with a parking spot!
New Rental Developments
Another project in the works is an additional 500+ rental units being developed along Crown and Carroll Street to fill the bustling needs of the neighborhood that will be available in the coming years.
The Dean is a sleek new rental building in the heart of Crown Heights with 120 apts, 20,000 sq ft of retail and 15 modern amenities. Truly a stunning building with industrial chic being the design theme that’s reflected in the lobby and through each and every apt. The Dean is positioned to take advantage of all the neighborhood has to offer, benefitting from the retail, culture and nightlife renaissance Crown Heights is going through.
Single vs Multi-family
One type of housing that’s more than doubled in price over the past several years is single and multi-family brownstones and limestones. Both make up most of the housing stock in Crown Heights. With picturesque facades and the opportunity to accommodate a growing family, these homes are often selling with bidding wars, especially those that don’t need a significant amount of renovation to make new again.
Buying into the brownstone market in Crown Heights has significant tax advantages many aren't aware of. First and foremost, the monthly taxes on a brownstone are far less then buying into new development in the neighborhood. Taxes can be as low as approximately $250/month- $600/month. With the amount of space you're getting, compared to your monthly carrying costs, it surely makes for a worthy investment. In addition, many brownstones are already set-up with a floor dedicated to be a rental unit which helps to offset the cost of owning the home. Often times buyers will also convert a single-family into a multi-family to capture the rental upside.
Regardless of the end use of the brownstone, most in Crown Heights have amazing interior detail, original woodwork and pocket doors amongst other things. More and more buyers are navigating to the neighborhood to pursue one of these architectural beauties which is inevitably increasing prices across the board.
Crown Heights is truly a classic and flourishing Brooklyn neighborhood.