—— Brooklyn Chinatown, centered on 8th Avenue, is one of the fastest growing areas in New York City and has become the focus of many investors in the past two years. Why are big coffees in the real estate industry at home and abroad interested in it? Let us understand from the following aspects together.
The history of Brooklyn Chinatown
In the early twentieth century, Brooklyn 8th Avenue was once a colony of Norwegian immigrants.
After World War II, the Norwegians left and the entire community began to decline. Until 1986, the first Chinese-American grocery store opened here, specializing in daily necessities, attracting Chinese residents from Manhattan to shop here.
At the same time, Manhattan’s Chinatown became more and more saturated in the 1970s and 1980s. Many immigrants with roots in the United States came to Brooklyn 8th Avenue along the N subway, and many shops and small businesses began to develop along Eighth Avenue.
The lucky number 8
In Chinese culture, “eight” is an auspicious number representing wealth. This is also a cultural reason why Chinese families have begun to flock to settle around Eighth Avenue.
As the times change, white residents have moved out one after another, and new immigrants from all over the world have filled the vacancies one after another. People work hard here. The Chinatown on 8th Avenue has begun to surpass the more historic Chinatown in Manhattan.
Today, Brooklyn 8th Avenue is not only an ordinary street name, it is also the third Chinatown to emerge after Manhattan and Flushing.
Geographic location
8th Avenue had only a few streets in the early 1980s, and shops were concentrated on 55th Street, 59th Street, and 60th Street on 8th Avenue. After 2001, because of the 9.11 incident, traffic to Manhattan Chinatown was blocked. 8th Avenue happened to be near the I-278 highway between New Jersey and Staunton to Manhattan Chinatown. Many Chinese began to turn to Eighth Avenue to buy daily necessities.
In recent years, the scope of 8th Avenue Chinatown has expanded from 65th Street to 39th Street, from 4th Avenue to 12th Avenue. Now the 8th Avenue is a central axis area, not just a street.
The current boundary of Brooklyn Chinatown is approximately:
- Northeast to (39th Street)
- Southwest to (68th Street)
- Northwest to (4th Avenue)
- Southeast to (10th Avenue)
Demographics
In 2000, the foreign-born population of Chinese in New York was 262,000, and by 2013 it reached 353,000, an increase of 35%. During the same period, the Chinese population of Brooklyn born abroad increased from 86,000 to 128,000, an increase of 49%.
The 2010 U.S. Census put Brooklyn’s 8th Avenue on top of New York’s Chinatown. In the area centered on 8th Avenue, the Chinese population exceeded 35,000, repelling Flushing and Manhattan Chinatown in one fell swoop, becoming the New Chinatown with the most Chinese population in New York.
Community economics
With the rapid increase in the population of Chinese descent, the popularity of 8th Avenue has become very popular, which has also driven the local economic prosperity. Nowadays, 8th Avenue is not the same, with various shops and shops. What is more worth mentioning is the soaring housing prices on 8th Avenue in the past ten years. Many people in the real estate industry have marveled that the real estate on 8th Avenue is too hot.
In this specific area of 8th Avenue, the real estate trend was completely unaffected by the national real estate downturn in previous years but instead developed against the trend. For the Chinese, the real estate on 8th Avenue will also increase in value, whether it is residential or commercial, it is a good investment.
Real estate investment potential
- Businesses settled in Brooklyn: Many major American companies have entered Brooklyn, thus driving real estate growth.
- Investment potential: close to Manhattan, convenient transportation, good social services, good living environment and high quality of life, strong artistic atmosphere.
- Forces of new immigrants: The increase in residents and the increase in demand promote the rise of the housing market. Since 2014, Brooklyn has been second only to Manhattan in terms of overall housing prices, housing sales, growth rates, etc., ranking second in the city’s five districts. Among them, the Chinese factor has a huge impact. The influx of new immigrants into 8th Avenue and the expansion to the southeast centered on this, bringing the housing market in the South of Brooklyn continued to rise. Real estate experts pointed out that Brooklyn is not only a popular choice for local Chinese to buy houses, but also strongly attracts the attention of Chinese investors.
About CrowdFunz Quick Loan Fund 602
CrowdFunz Quick Loan Fund 602’s underlying project is located on 8th Avenue in Brooklyn.
For the project invested by Fund 602, the developers are experienced, having more than 30 years of local development and design experience in New York. The project itself has high value and great potential. It is one of the seven key projects in Brooklyn and has received strong support from the government.
CrowdFunz Quick Loan Fund 602 is currently being opened to investors, and the fund’s financing goal is $1 million. If you are interested, please contact us at +1(516) 829-0700 or info@crowdfunz.com!
The data in this article comes from The Wall Street Journal, Financial Times, New York Times, and Bloomberg, etc.