Cheap Rent Bring Change to South Slope

Online, December 2, 2011 (Newswire.com) - Motivated by low rental prices, the South Slope area that was once considered part of Sunset Park is having a revival.

Retail store rental prices in the vicinity, surrounded by Prospect Expressway, Fourth Avenue and Green-Wood Cemetery, are between $30 and $35 per square foot. To the north of the expressway in Park Slope, they remain between $75 and $100 per foot.

Residential housing costs in the neighborhood are also very low, bringing an inflow of young people to the area. They are impacting the types of small businesses moving in to the bevy of 1920s-era buildings, combined between a number of new developments.

Freddy's, the much loved bar pushed out by Atlantic Yards construction, has moved to the area, as has a second location of Carroll Gardens' standby Lucali pizzeria. Locavore eatery Lot 2, and Ted Mann's upcoming 13,000-square-foot beer garden also personify the fresh character of the neighborhood.

Crain's notes the one downside to the neighborhood is the absence of close by public transit, which means it will probably continue to be free of waves of customers from the city's other areas.

A variety of property types will be included in NYC real estate listings, with both rental, shot term ren and buying opportunities available. A high percentage of the apartments in the city are co-ops, where those that buy an apartment receive shares in the co-op business that owns the building rather than actually owning the apartment itself. However, condos and loft conversions are also available where the apartment is typically owned by the purchaser, although these can be more expensive and there tends to be less of these available. Other property types in the city include townhouses, which is the style where a group of houses are built in a row, as well as detached single-family houses. There is a variety of choice to suit all needs, and whatever your circumstances and preferences you should be able to find a property to match in NYC.