The past several years have changed the community of Prospect Heights, Brooklyn. The scenery is eclectic, filled with unique eateries like Ample Hills Creamery and Chuko, 19th century brownstones, luxury prewar apartment homes and ultramodern buildings—all interspersed with beautiful parks and outdoor venues, such as the Brooklyn Botanic Garden.
Pacific Park is still under renovation and expected to produce over 6,000 rental apartments and condominiums. The population is predicted to increase from 19,000 to 34,000.
With new additions such as the Barclays Center, home to professional basketball games and concerts, in addition to longtime favorites such as Prospect Park, the Brooklyn Museum, Central Library and the Brooklyn Academy of Music, there is no shortage of places to spend time with family and friends.
Real estate prices are steadily increasing in Prospect Heights. The average one-bedroom apartment has increased to $775,000 and current market prices for houses in the community range from 1.5 million USD to 4.5 million USD. Apartments have increased in price between 6.2% – 9.7% since the new development in the area.
The biggest increase in market prices has been seen in multifamily real estate, with prices increasing by 16%, which is expected to continue rising. Rental prices vary between $1,650 USD per month and $7,500 USD per month.
As the community grows, residents are hoping to maintain the eclectic feel and real estate developers are responding to that demand, ensuring that the community will keep expanding for years to come.