Millennials are finally ready to begin buying in New York City. The evidence: All that’s happening in the Brooklyn enclave of Greenwood Heights.
Younger New Yorkers’ quest for an accessibly-priced lifestyle, in a nook with easy subway access, unpretentious culture and hilly green space, has led them to the neighborhood just south of Brooklyn’s Park Slope, or what some call South Slope.
That neighborhood, need we add, is Greenwood Heights, a community named for its historic landmark, the Green-Wood Cemetery. And while the enclave may be best known for a graveyard, its present and future is alive with possibility. An artistic, wellness-driven aesthetic, coupled with a wave of new development, has put Greenwood Heights on Millennials’ radar, and they’re landing in droves.
Are there any better indicators of the community’s fitness for Millennials than the recent filing of permits for a new school at 841 Fifth Avenue, or that the concrete walkways of the Green-Wood Cemetery have been informally declared “stroller approved.”
Recently opened new developments include 581 Fourth Avenue, featuring luxurious rentals in a mixed-use development, and Aaron Condominiums, a collection of 17 condominiums in a boutique building at 236 17th Street.
Others recent arrivals include Stanton on Sixth, offering 32 luxury condos at 695 Sixth Avenue, and The Alexey, a new collection of rental apartments at 635 Fourth Avenue.
Among the 13 new properties being developed in the neighborhood is Arbor Eighteen, an Adam America-developed 73-unit condominium building at 185 18th Street. Prices go from $575,000 for a studio to $1.75 million for three-bedroom residences.
“We’re always looking for opportunities to come in ahead of the curve and help build a neighborhood’s next chapter in ways [resonating] with existing community members, [and appealing] to new audiences,” says Adam America cofounder Omri Sachs. “In Greenwood Heights, we envisioned a property [reflecting] the serenity and charm of the neighborhood. Arbor Eighteen was our answer to stressed-out New Yorkers who [desperately want] a place to disconnect and take a breather from the chaos of city life . . . Arbor Eighteen is the first true luxury offering in the Greenwood Heights area with the highest-end finishes on the market, interiors designed by Paris Forino . . . and important details like soaring ceiling heights and surprising views of the skyline.”
Appealing to residents
Among establishments appealing to residents of those buildings are the five-year-old Brooklyn Works co-working space, the Italian market Pane Caldo, which opened last July at 725 Fourth Avenue, and Tambour Bistro and Wine Bar, featuring French-fusion cuisine, wine and live music, unveiled this past January at 652 Fifth Avenue.
Korzo, at 667 Fifth Avenue, is a New York City favorite for superb central European cuisine; Baked in Brooklyn is a community staple for fresh-baked breads at 755 Fifth Avenue; and Giuseppina’s is a comfortable brick-oven pizzeria at 691 Sixth Avenue. Galleries and arty storefronts include La Bodega Art Space & Gallery, Gasworks NYC and Open Source Gallery.
Greenwood Heights maintains a low-key pace, but also crackles with bustling energy, according to Brendan Aguayo, senior vice president of Halstead Property Development Marketing’s Aguayo Team. “The area is offering more space at a fraction of the cost, and is filling a need for first-time homebuyers in the market,” he adds. “We’re now seeing luxury, full-service projects launch for the first time ever in the area, to keep up with growing interest. They’re at the heart of the neighborhood’s rapid transformation.”
With more eyes focused on Greenwood Heights, it’s anyone’s guess how long the nook can remain accessibly priced. Says Aguayo: “Current buyers are investing at a time when the neighborhood is still emerging but has exciting new openings – including schools, restaurants and wellness offerings – happening just around the corner.”