Halstead Property

William S. Ross
Director of Development Marketing
wross@halstead.com
(212) 613-2001

Industrial Revolution In Full Swing In Greenpoint

There are some undisputable telltale signs that a neighborhood is gentrifying: new “luxury” condos and Starbucks.  Greenpoint has both.

The Starbucks on Manhattan Avenue at Greenpoint Avenue is in the heart of the Brooklyn neighborhood and is housing in an old movie theatre.  The marquee remains, but instead of promoting movies it touts Starbucks’s specials for the day.

And the new condos are coming, including The Viridian, “Greenpoint’s most luxurious and expansive condominium building,” according to its marketing firm, The Developer’s Group.  Magic Johnson is an investor in the six story, 130 unit converted warehouse.  And there are two more major condo projects on the way, said William Ross, Director of Development Marketing for Halstead Property.  He wouldn’t divulge the details of the waterfront projects, saying plans have not been finalized.

However, he did say that the projects are on par with mega-condos The Edge and Northside Piers in nearby Williamsburg.

“As one of Brooklyn’s most diverse and cultural areas, Greenpoint has become the choice for many buyers looking for a quaint, yet up-and-coming neighborhood,” said Highlyann Krasnow, executive vice president of the Developer’s Group, which is marketing The Viridian.  The Developer’s Group is also marketing lofts 305, a new condo building at 305 McGuinness Boulevard.

Greenpoint used to be a hub of industry, particularly shipbuilding.  But whether Greenpoint, the northernmost neighborhood in Brooklyn, is on the verge of gentrification or already had gentrified depends on whom you ask.

The gentrification process has been going on since at least 1986, when the New York Times had this to say about the nabe:

“One of the city’s best preserved working class areas, Greenpoint is now feeling the exponential rent increases, housing turnover and influx of young professionals that have characterized gentrification in New York City.”

Rents for one bedroom start at about $1,700, and a two bedroom for “under $2,000 if you look hard enough,” Ross said.

“First there was Soho, then Tribeca, then DUMBO, then Williamsburg and now Greenpoint,” Ross said.

Despite the growing hipster population, Greenpoint still retains some of its old school Polish character.  Polish businesses line the streets.

“They have by far the coolest butcher shops in New York City,” Ross said – and there is a church around practically every corner.  Quiet streets are lined with trees and brownstones.  Elderly people sit on stoops and in front of stores.  McCarren Park is popular for running.

In 2005, the New York City council voted to rezone much of the neighborhood’s industrial areas for residential use.

Condo developers were given the go-ahead to build, but with conditions, notably that they have to provide public access to the waterfront, something that residents had not had before.

The city Parks and Recreation Department says that the rezoning will result in more than 50 new acres of waterfront parkland.  “The views are among the best in the world,” Ross said.  “The city spent much more time with the community groups than they have with any other rezoning previous to this.”

Wednesday, July 02, 2008