Bushwick's Hard Times Becoming Distant Memory

Tropp: “Vacant warehouses and lofts are being rehabilitated to create a more dynamic office and retail landscape.”

NEW YORK CITY—The real estate revival that has taken hold in areas such as DUMBO and Williamsburg has spread to the Bushwick section of Brooklyn, according to a new report  by Ariel Property Advisors . The neighborhood’s sordid past is being overlooked by new residents attracted to its emerging cultural scene, the research says. “For better or worse, Bushwick has earned notoriety over the years as a hotbed of activity,” says report author and analyst for Ariel’s Daniel Novick . “In decades past, a large part of this activity was not positive—rampant drugs, gangs and arson—and either in the headlines or simply accepted as part of the culture.” Over the years both city and community-wide campaigns to clean up Bushwick produced mixed results. Novick notes in his report that the citywide economic boom after the last recession helped raise Bushwick from what he termed was its “crime-fueled malaise of the 1990s.” The transformation of Bushwick has been ongoing, but palpable indeed. “The Bushwick we see today is a hub of innovation and energy, exemplified by large-scale tech-office developments, the young ‘hipster’ movement ushered in from neighboring Williamsburg, and modern amenity-filled residential developments,” Novick notes in his report. Lending to its emerging cultural scene are new art galleries, markets, cafes, cultural centers, and restaurants such as Roberta’s Pizza, Shwick Market and Mominette. Ariel Property Advisors says that Bushwick is taking on a new identity as a live/work destination with an abundance of new office and residential developments. In addition, an accessible infrastructure and vibrant entrepreneurial community are spurring the growth of Bushwick as a business district. “Bushwick’s unique stock of commercial buildings has played a key role in the neighborhood’s revival. Vacant warehouses and loft buildings are being rehabilitated to create one of New York City’s more dynamic office and retail landscapes,” adds Daniel Tropp , VP at Ariel Property Advisors. While the Ariel Property Advisors report was upbeat on Bushwick’s future, it did say that the neighborhood has come challenges to overcome—specifically long-time residents’ concern over the effects of gentrification and the potential shutdown of the L train’s impact on the area. The L train, which connects Brooklyn to Manhattan, is to be shut down in order to effectuate repairs from damage caused by Hurricane Sandy. The brokerage firm predicts that in spite of how those issues are to be addressed, “One thing is clear, Bushwick is on the rise and its future is bright.”