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neighborhood profile: Park Slope

Known for: Prospect Park is a main attraction of Park Slope, housing a plethora of facilities including a zoo, ice-skating rink, boathouse and
band shell. On the nearby streets of Park Slope, young, middle-class couples push baby strollers alongside funky, artistic types off to sip
brunch mimosas at one of the district's fine restaurants.

Park Slope Boundaries: Stretching from Prospect Park West to 4th Avenue, Park Place to Prospect Expressway.

Park Slope Borders: Prospect Heights and Carroll Gardens

Park Slope Subway stops: F to 7th Avenue

Park Slope Outlook

The basics: As the families that fed the area’s nineties boom—many of them Upper West Side transplants—continue to dominate the area
around the park, younger and artier refugees have settled near Fifth Avenue. Townhouses are the dwelling of choice, but the ones that hit the
market tend to be fixer-uppers, and even those are no longer inexpensive. One- and two-bedroom apartments in larger buildings are relatively
plentiful.

What's new: The sixteen-story Shinnecock luxury condos at Union Street, near Prospect Park, opened in 2002 and were the first new prime
Slope development in decades. New buildings will also soon be popping up at President, Carroll, and 5th Streets between Fourth and Fifth
Avenues—an area that wasn’t even considered Park Slope ten years ago. “There’s no other place to build,” says Corcoran’s Patricia Neinast.

Bargain hunting: Look on the fringes—the western flank close to Fifth Avenue and buildings on Flatbush.

Prediction: The Slope sure has boomed and Park Slope Rentals have followed, but it probably won’t go much higher, at least for now. If the
market falls off its current plateau, “what will do best is anything in a prime location,” says Coldwell Banker Hunt Kennedy & Garfield’s Neil
Stein, “and anything that’s large will hold its value.” More vulnerable are one-bedrooms—a luxury for singles but too small for families. On the
edges, Flatbush Avenue—with abundant services and subways—might be better off than Fourth Avenue and the Gowanus hinterlands.

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