Coming Soon: Fucked in Prospect Lefferts Gardens

It seems like everywhere you turn, Brooklynites are looking to colonize "New Park Slope." These days, it seems that Prospect Lefferts Gardens is being pigeon-holed for settlement. The Wall Street Journal reports:

The stunning architecture and easy access to Prospect Park have always been the main draws for newcomers to Prospect Lefferts Gardens in Brooklyn. The neighborhood offers some of the city's best examples of turn-of-the-century architecture at a fraction of the price for homes in Park Slope on the other side of Prospect Park.

The Real Deal, a New York City real estate blog, agrees that PLG has all the ingredients to be the new Slope. They've touted in various articles that shit in that area can be found on the cheap. How cheap, you ask? Well, according to both the Journal and Real Deal, the median asking price for condos and co-ops is $374,000, which roughly translates to $470 a square foot. In the Slope it's about $686 a square foot. Three story limestones are going for about 1.6 million in PLG where they would be about 4 million in Park Slope. I think you get the picture. Bargain. Basement. Prices. For millionaires.

Some boring stuff: the nabe gets its name from James Lefferts, a farmer who in 1893 subdivided his land into 600 building lots. The historic Neo-Federal style homes and limestones that quickly followed have now become PLG's historic district. '"People can't believe the architecture in that neighborhood and how nice it is,' said Keith Mack of Corcoran Group, who has lived in the area since 1998. 'The secret is out.'"

The secret may be out, sweetheart, but there's a little problem with supply and demand. Or as the Journal so creepily puts it: inventory is "very tight." Only nine or so single-family homes go on the market a year. A couple of condo developments have gone up over the past couple years, but they quickly sold out. And because a large portion of the hood is landmarked, it makes new developments near impossible (which I think is a good thing). So FIP'sters if you're thinking about jumping ship, you may have to get in line.  

Now if they get a food co-op and a tea lounge, I'm going to officially call Prospect Lefferts Gardens a poser neighborhood.