by Daniel Dolgicer
What did America’s biggest city do the day after its biggest storm? There was certainly plenty to be done: Insurance claims to file, water damage to take care of, and in the most extreme cases, homes to raze. As days went on, experts and pundits alike began musing about the future of the city: What about the next superstorm?
Entire neighborhoods were written off the map, and there was much uncertainty about lower Manhattan (destined to survive and rebuild), the Rockaways (not as certain), and elsewhere. So what does this all mean? It means more people and fewer homes. It means an eye to the future, rebuilding and rethinking our waterfronts. Suddenly, disaster gives way to development.
Some are wondering if this means our waterfronts are off limits, and others see it as a warning shot fired before the “real” storms hit – a chance to build up our storm walls and waterproof our transformers, gut what needs gutting, take a hard look at Red Hook, Coney Island, the Rockaways, and imagine what could be.
Above all, the City is still the City. For those NYC loyalists, whether born-and-bred or Brooklyn transplants from Jersey or Jakarta, there’s no question of leaving. And the market reflects that: a month after the storm, homes are still selling, and will continue to sell. Two weeks ago, a two-bedroom condo just blocks from the water in Red Hook went for $775,000; a bit further inland in the past 30 days, several properties have broken the million dollar mark. The damage along the Brooklyn waterfront was nothing to scoff at, but it’ll take more than a flood to make people lose interest in the Manhattan skyline, the vibrant communities, and the city-away-from-the-City feel.
That said, there are people leaving and properties selling. Some who were already considering moves were ushered out by storm damage. Others, who think they can get a good deal on newly-dubbed fixer-uppers, are swooping in. Bay Ridge is aflutter with home sales – since the storm, some blocks near the water boast several sales in the past 30 days alone. Plenty is selling in the more heavily hit Sheepshead Bay and Gerritsen Beach areas, too. Even the Rockaways are still selling homes; no one has given up on these neighborhoods.
As a potential buyer, however, it’s important to keep in mind that there are new considerations in play. Utilities are under deep scrutiny from Governor Cuomo and there is a big push to move heating units, fuse boxes, and anything not waterproof, up a few flights so as to allow for the possibility of basement flooding. Necessity has always been the mother of innovation. City planners, architects, and NYC officials are working harder than ever to develop new ways to make waterfront living as safe and secure as owning property in Westchester. That means more investment for more security.
Even if a place wasn’t flooded or didn’t develop a mold problem, there are still adjustments to be made, utilities to be secured, and facades to patch up from hurricane damage. Insurance plays a role in some of this, and depending on the property, an investment might not mean footing a huge clean-up bill. For some properties, no doubt, this will be a chance to finally repaint that ceiling or gut the kitschy half bath. Small improvements that wouldn’t justify a whole renovation project might stand a chance if tacked onto bigger rebuilds; this means customizability, and little vital touches, like an updated doorframe or more 21st century color scheme. The point is: opportunity, activity, movement.
The fact is, one storm – no matter how “super” – isn’t going to reverse a decade’s worth of movement. The 2011 census saw the Brooklyn waterfront taking on 100%+ population jumps; the trend of industrial spaces giving way to chic residential spots hasn’t and isn’t going to end with Williamsburg and DUMBO. Red Hook is next, with more distant spots likely to follow, in time. As the common-knowledge definition of “the City” expands to include more and more of Brooklyn, places like Brighton Beach are going to seem – and actually be – less “out there” than ever. (Food for thought: the subway ride from Red Hook to Williamsburg takes less time than the trip from Williamsburg to Midtown.)
So what’s the upshot? Now is a better time than ever to invest in the Brooklyn waterfront. Something like Sandy is one of those rare wrenches that occasionally get thrown into real estate markets. So we don’t know what the future looks like, but Sandy’s smoke will soon clear, and the market will return to what it was this summer, last year, and before. The trend is Brooklyn-bound and specifically waterfront-bound. When everybody has their post-Sandy Grand [Re-]Openings in the coming months, you’ll want to be there.
Daniel Dolgicer
dgdolgicer@gmail.com
Mendy Lipsker
Mendy Realty Inc. 822 Montgomery St
Brooklyn, NY 11213
Phone: 646.662.5454
email: info@mendyrealty.com
website: mendyrealty.com
