BUBBLING UP: Prices have gone up so much in Bed-Stuy that investors are calling it a day
NY Daily News
Prices in Bedford-Stuyvesant have gone up so much that investors are bailing out, a trend that could finally allow people who actually want to live in the neighborhood to buy there.
With rents starting to stabilize, investors who bid up Bed-Stuy prices for the last few years no longer see enough potential upside to buying there — a shift that temporarily halts one of the speediest processes of gentrification the city has seen in recent years.
“It seems like the Bed-Stuy market has topped out,” said Michael Weiser, president of GFI Realty Services, a commercial real estate brokerage that’s done deals in the neighborhood. “Returns have come down tremendously. That ocean has been fished out.”
What’s the deal?