Skip to content

Clinton Real Estate a Passionate Pastime

June 20, 2013
Clinton Real Estate On the Upward Move

Clinton Real Estate On the Upward Move

Restoration of townhouses in Clinton Hill is continuing apace as homeowners choose to add elegance to the prevalent old brownstone blocks.

One couple decided to make their investment in Clinton Hill after spying out residences in Riverdale in the Bronx, Jersey City and Hoboken in New Jersey.

Clinton Hill is looking more desirable every day, as much upgrading is going on, especially in the area near Pratt Institute. Retail and residential property in this sector is beginning to catch up with the rest of the neighborhood’s upward advancement.

The main commercial street is Myrtle Avenue. The commercial vacancy rate has lowered to only 8 percent, down from a high of 20 percent in 2005. Michael Blaise Backer, the executive director of  the Myrtle Avenue Partnership says that his group has been working hard on revitalizing the area, especially between Flatbush and Classon Avenues, and area which also encompasses Fort Greene to the west.
Backer says that it is important to strike a balance between welcoming new businesses into the neighborhood and maintaining the old ones. What was once a stretch of mainly deserted, graffiti-covered shops is now an emerging commercial district, and the neighborhood’s increasing popularity is pushing up rents.

“A healthy increase in retail rents is a good thing,” Backer said, “but I would say that we try to temper property owners’ expectations a lot. Because as far as we’ve come, we don’t have the foot traffic like Fifth Avenue in Park Slope, or Smith Street.”

Advertisements

Comments are closed.

%d bloggers like this: