Housing Prices May Be Affected

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The New York Sun

Brooklyn real estate prices could drop due to the halt in service on the C subway line and the 40% drop in service on the A line, real estate experts say. The neighborhoods most likely to see a drop are Fort Greene, Clinton Hill, and Bedford-Stuyvesant, where reliance on the A and C lines are heaviest.


“I would say it could impact real estate values anywhere from no impact to 10%, or maybe 5%,” said the director of development sales in Brooklyn for the Corcoran Group, Eric Brody. “As of right now, if I’m a developer, I’m concerned.”


While Mr. Brody believes real estate prices could take a hit, he said the market is resilient and could bounce back in six months to a year.


“There is going to be a blip in the momentum, but people are adaptable,” he said. “Look at Park Slope: People want to live there even though it is serviced by the F train, which is one of the slowest lines.”


Homeowners have started to realize the impact the transit news could have on their real estate values.


“I have thought about my property value, and then add on the money I will be spending on cabs, and there is a real monetary hit,” said Nazli Parvizi, a 28-year old city employee who owns an apartment in Fort Green. “I feel lucky because I am walking distance to the subways at the Atlantic Center, but, in Clinton Hill, they are way more devastated because they just had the C line.”


While Ms. Parvizi can walk to alternative subways, “I’m not sure what to do late at night now, because while my neighborhood is relatively safe, it isn’t that safe.” Despite her concerns, she has no plans to move.


“I won’t move, because this could have happened anywhere,” she said. “It wasn’t as if it was a planned construction. It was an accidental fire that had this very long-term effect. And while it is really annoying for me, I work in Downtown Brooklyn. The people I feel really bad for are those with long commutes who have to go all the way to the Bronx or other boroughs.”


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