Will Mott Haven Become The Next Williamsburg? We Sure Hope Not

DNAinfo published a piece yesterday that pretty much hyped up the area’s prospects of pending gentrification much to our chagrin.

Unlike a recent piece on Melrose which focuses on revitalization, this piece is more on the pro-gentrification side which will cause much displacement of long time residents.

Right now, rents are so high in the area that those living in rent stabilized unit wouldn’t be able to afford moving in at this point in time.

It also goes on to talk about a lot of what we’ve been reporting in the area about speculative purchases, etc and the money that’s been pouring in.

Here’s an excerpt of the article and make sure you head on over to read the rest:

“With artsy additions like Mix Coffehaus, the neighborhood is inching toward becoming a hipster hub. For years, real estate forecasters have been dubbing the South Bronx waterfront as the next “it” neighborhood, predicting it would bloom like Long Island City, thanks to its proximity to Manhattan and its industrial buildings that could be ideal for loft living.

While those visions never panned out, now, all bets are back on as investors and developers are swooping in and snatching up properties in the South Bronx as the Brooklyn and Queens waterfronts have become increasing unaffordable, real estate experts say.

Still, Colon didn’t exactly find landlords welcoming her concept with open arms.

“It’s been more of a challenge to find the ‘right’ space and also convincing some landlords that a coffee shop would better suit the neighborhood over a, say, cab service,” she said.

“It’s awesome to be like one of the first to serve a great product in the neighborhood and have the neighborhood excited for it,” said Medina, who believes the South Bronx’s transformation will follow Williamsburg’s footsteps. “We want to be in the forefront of being in this area in the beginning.”

via The South Bronx Is the Next ‘It’ Area, Real Estate Experts Predict – Mott Haven – DNAinfo.com New York.