AM NY that newspaper you get for free when you take it out of one of those bins when getting on the subway has an article on the impact on the local Sunset Park economy by the Industry City complex titled "Business is booming at Sunset Park's Industry City". The article begins;
What is clear is that Sunset Park is faring far better than other Brooklyn neighborhoods. Despite the rather sluggish economy everywhere else, the impact of capital being invested in the neighborhood especially at Industry City is having a substantial effect on the rest of the neighborhood. There are plans afoot to build an even larger market at Industry City than the one at Chelsea in Manhattan. And let's not leave out the investment being made at the Brooklyn Army Terminal also in Sunset Park that is seeing a comeback of Artist space for artists as well and an influx of other enterprises into that complex as the City pours more money into expanding and renovating the place. We mustn't leave out the massive influx of mainland Chinese money which is also pouring into the Chinatown section of our neighborhood with new hotel construction adding to an already high concentration of hotels and a massive development being planned for 62nd street and 8th Avenue.The rows of unassuming, concrete buildings give little hint of the area's rich history as a hub of early 20th century industrial progress, nor do they quite convey Industry City's recent resurgence as Brooklyn's new home base for creative and innovative companies. But it's there. A convergence of past, present and future -- right in Sunset Park.
Startups, manufacturers, design firms, event planners and food makers have been flocking to the 16-building complex, formerly known as Bush Terminal, since it began undergoing a massive renovation last year.
Along with all this economic activity we are seeing an acceleration of the gentrification process in the neighborhood. If you've been keeping track of rental and real estate prices you are seeing apartments that mere a year ago went for $1500 a month to an average of $2000 a month today. Real estate prices have gone up 21% in the last two years and we can expect an acceleration of that process as properties are being bought up not only for residential purposes but as an investment. All in all we are seeing a very quick transformation happening in the neighborhood right before our very eyes. Three areas are the center of this economic boom that the neighborhood is experiencing, Chinatown, Industry City and The Brooklyn Army Terminal. As space becomes scarce at these three locations their periphery will also see a resurgence in the next couple of years as well. Unless the national economy collapses we are in for a very heady ride. Fasten your seat belts folks. If you think the change in our neighborhood has been heady dizzying these last couple of years, you ain't seen nothing yet...
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