East new York Investing

[Yechiel Abekassis]

Hi,BP

Anybody investing in east New York ?

[James Northrup]

I agree with that limitation.  That area is safe and has good housing stock.

I noticed that too, it's hard to get a true sense of the market - but the sales seem to vary between $200-$300 per sqft depending on the condition.

The apartment building across the street is renting 1br for $1400 and 2br for $1600.  Our former tenant found a 4br for $1800, but was looking for nearly 6 months.

Everybody but us.  Rents are around $1000 for a basement unit.

How is the tenant base and vacancy rates?

Several people knocked on my door when we painted our own apartment and asked if we were renting.  We inherited tenants and have had no problems with them.

It's still pretty slow.  Rents are definitely increasing like they are all around the city, but not as dramatically as Crown Heights.  There have been more news articles about Cypress Hills this year than last year.

My wife walks home late at night without any issue.  I keep a close watch on the crime reports in the area and all the serious crime is south of Atlantic.  There was one shooting earlier this year on Jamaica during the day, but that seemed like a personal dispute.  In the past year, it's been quiet.  I haven't found any areas that you would need to avoid.  All the projects are south of Atlantic.  The Cypress Hills projects are not even near Cypress Hills.

I recommend my real estate agent, Natalie Sherwood (http://www.realtor.com/realestateagents/Natalie-Sh...), but she doesn't specialize in Cypress Hills.

Thanks in advance.