Flatbush Rezoning Challenges

Flatbush, one of Brooklyn’s most historic neighborhoods, has long been known for its rich cultural diversity, vibrant streets, and classic architecture. Flatbush, once a separate village annexed by Brooklyn in 1851, has become one of the Top 10 neighborhoods to watch in 2024 by StreetEasy. Known for its busy shopping district, unlimited dining options, and electric energy, the neighborhood also features quaint, quiet streets lined with Victorian mansions and landmarks. From pre-war buildings, single and multi-family homes, to brand new state-of-the-art condos, Flatbush is becoming one of New York’s most exciting residential destinations.

Over the past decade, the neighborhood has experienced a significant transformation, driven by the rising demand for housing in New York City and the migration of Manhattan residents seeking more space and affordability. Flatbush, once an overlooked area in the Brooklyn real estate market, is now undergoing a remarkable renaissance and revitalization, fueled by new residential developments, zoning changes, and shifting demographics.

The Current Real Estate Landscape in Flatbush
Flatbush is situated in central Brooklyn, bordered by neighborhoods such as Prospect Lefferts Gardens, Ditmas Park, and East Flatbush. The neighborhood boasts a mix of pre-war apartment buildings, detached single-family homes, and newer high-rise developments, providing a variety of housing options for buyers and renters alike. Flatbush Avenue, the neighborhood’s main avenue, is lined with retail shops, restaurants, lounges, entertainment attractions and cultural landmarks. The area’s proximity to key attractions like Prospect Park, and the educational institution of Brooklyn College also adds to its appeal.

The median home prices in Flatbush have steadily increased over the past few years, reflecting the growing interest in the area. According to Elliman Report Q2 2024, median sale prices in Flatbush were $1,085,000 for condos, $515,000 for co-ops, $1,100,000 for one-to-three family homes, and $1,200,000 for new residential developments. However, even with rising prices, Flatbush remains more affordable than many parts of Manhattan or even northern Brooklyn neighborhoods like Williamsburg or Park Slope, making it an attractive option for homebuyers and investors alike.

New Residential Developments in Flatbush
One of the most notable trends in Flatbush's real estate market is the influx of new residential developments. As demand for housing in Brooklyn continues to rise, developers have seized the opportunity to build modern, luxury apartment buildings in Flatbush, adding to the neighborhood's appeal.

Many of these new developments are mixed-use buildings, combining residential units with retail and commercial spaces on the ground floor. This type of development is reshaping the streetscape of Flatbush, blending the old with the new. These modern buildings often offer amenities such as rooftop terraces, gyms, co-working spaces, and concierge services—features that were once rare in this part of Brooklyn. Additionally, they are attracting a younger, professional crowd, including many Manhattanites relocating to Brooklyn in search of more spacious and cost-effective housing options.

A number of new projects along Flatbush Avenue and nearby streets are transforming the area. Developers are working on high-rise buildings with hundreds of residential units, adding much-needed housing to the market. These developments often include affordable housing components, in line with New York City’s mandatory inclusionary housing policy, ensuring that a percentage of the units are set aside for lower-income residents. However, many Brooklyn residents, New York City Community Board members, and public officials feel that the current percentage of units set aside for affordable housing is not enough based on the growing demand for housing. Also, concerns have been expressed about residents being priced out of the neighborhood, due to rent prices being too high based on the average household income of residents.

Zoning Changes and Their Impact on Development
Zoning regulations play a crucial role in shaping the future of any neighborhood, and Flatbush is no exception. In recent years, there have been significant zoning changes in the area to accommodate new residential developments and meet the growing demand for housing. Certain areas of Flatbush have been rezoned to R6 zoning. R6 zoning districts can range from row house neighborhoods to large-scale "tower in the park" developments. The Height Factor Regulations, introduced in 1961, produce small multi-family buildings on small zoning lots and, on larger lots, tall buildings that are set back from the street. The Optional Quality Housing Regulations produce high lot coverage buildings within height limits that often reflect the scale of older, pre-1961 apartment buildings in the neighborhood. R6 districts can typically range from a single-story building to a 13-story building. However, a taller building can be developed if the required amount of open space is provided.

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LaShawn Freeman, Douglas Elliman Real Estate Agent

Unlocking new memories, one door at a time.

M: 917.254.3313 / E: lashawn.freeman@elliman.com

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