The South Bronx is Still a Bad Neighborhood
This is from a London newspaper. Given the crazy prices for co-ops in NYC, it should be no surprise that many New Yorkers have headed for Monmouth County instead.
Snip...
"But in the last two years there has been a notable shift. With the stock markets still a pariah and interest rates so low, property became the new speculative asset class.
I now live in Williamsburg, a horrifically trendy part of Brooklyn. I moved here because it was cheaper, slightly, than where I lived in Manhattan. Now warehouse properties here are selling for as much as flats in Tribeca. Prices are even going through the roof in Bed-Stuy, a horrible and inconvenient area of Brooklyn with some lovely buildings and a nasty crack habit.
The property fetish has even reached South Bronx, once the scariest part of New York City and scene for the opening clash between rich and poor in Tom Wolfe’s Bonfire of the Vanities. South Bronx is now, inevitably, being called SoBro and is home to artists, writers and restaurants selling rocket and pear salads."
Snip...
"But in the last two years there has been a notable shift. With the stock markets still a pariah and interest rates so low, property became the new speculative asset class.
I now live in Williamsburg, a horrifically trendy part of Brooklyn. I moved here because it was cheaper, slightly, than where I lived in Manhattan. Now warehouse properties here are selling for as much as flats in Tribeca. Prices are even going through the roof in Bed-Stuy, a horrible and inconvenient area of Brooklyn with some lovely buildings and a nasty crack habit.
The property fetish has even reached South Bronx, once the scariest part of New York City and scene for the opening clash between rich and poor in Tom Wolfe’s Bonfire of the Vanities. South Bronx is now, inevitably, being called SoBro and is home to artists, writers and restaurants selling rocket and pear salads."
posted by Little_Silvered at 1:12 PM
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