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Brooklyn Boom Squeezes Buyers Pushing Into Crown Heights – Bloomberg

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For the original, visit http://www.detroitnews.com/article/20140829/LIFESTYLE01/308290015/-1/rss12

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The police precinct that includes northern Crown Heights had 1,025 felonies this year, down 75 percent from the same period in 1993. The decline was 73 percent for the precinct that includes Bedford-Stuyvesant. Thats helped to attract new residents to the neighborhoods, which are accessible by multiple subway lines and close to attractions such as the Brooklyn Museum and Botanic Garden. Dixon Advisory is now restoring a Bedford-Stuyvesant brownstone two doors from its 22 Arlington Place townhouse, and has listed a four-bedroom property on Park Place in Crown Heights for $10,995 a month. The home has a sleek, modern look with a gas fireplace, landscaped Zen garden and open chefs kitchen with a Sub-Zero wine refrigerator. Big Gain Dixon bought 22 Arlington Place from investor Adam Cohen, 30, who purchased it about 13 months earlier in an estate sale for $725,000. Cohen said prices started soaring in Bedford-Stuyvesant soon after he signed the contract last year and that persuaded him to spend six months and $800,000 on upgrades. I knew it was going to fly, Cohen, owner of the Stuyvesant Group, said of the $2.25 million sale. It came down to Dixon and an Upper East Side couple with two kids who were putting $1 million down.
For the original, visit http://www.bloomberg.com/news/2014-08-28/brooklyn-boom-squeezes-buyers-pushing-into-crown-heights.html

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