Cobble Hill continues to work its charm

Although it's a small neighborhood of about eight blocks deep and six blocks wide, Cobble Hill packs in a big amount of charm.

 

The area is dominated by low-rise brownstones and traditional brick townhomes that date back to the 1800s.

 

"It really attracts everyone," said Corcoran's Paul Dawson, vice president, associate broker. "It's a great neighborhood. The whole feel is very relaxed. It's one of the few places outside of Manhattan that you can get a yellow cab, though."

 

Cobble Hill, historically an Italian neighborhood, is roughly bounded by Smith Street to the east, Hicks Street to the west, Atlantic Avenue to the north and DeGraw Street to the south. Sometimes it is lumped under the marketing term BoCoCa, which refers to the areas of Boerum Hill, Cobble Hill and Carroll Gardens.

 

Dawson lives next door, in Brooklyn Heights. "Personally, I find it's got a wonderful feel to it," he said of Cobble Hill and its tree-lined streets. "My wife used to say you step off the subway and you feel the stress of (Manhattan) drop off of you. But you've still got everything here. Nice restaurants, bars and boutique places. I think eight times out of 10, when people get over that Brooklyn Bridge, they tend to make this area their home."

 

Sal Cappi, a managing broker and executive vice president with Fillmore Real Estate, said most of the brownstone buildings go for $2 million, or $2 million "and change." For rents, one-bedrooms average $2,000 a month, $2,500 a month for a two-bedroom. Duplexes may rent for $4,000 and up.

 

"Because of the pricing, it's an upscale neighborhood," Cappi said. "It requires quite a bit of money to get in the door, so to speak."

 

Cappi said that, over the years, the neighborhood was heavily fueled by those associated with Long Island College Hospital, which is at Hicks and Amity streets. He said more and more Wall Street workers ended up pouring in, too. Families are also attracted to its living spaces and its well-respected public school P.S. 29.

 

"With the prices of private schools in the area, they're upwards of $30,000 a year," Cappi said. "With three kids, if you get into P.S. 29, you go from pre-K to 5th grade and you're saving almost $200,000 per child by putting them in a very desirable public school."

 

The Cobble Hill Historic District covers most of the neighborhood. Court and Smith streets are the primary commercial strips. Cappi said a streetscape improvement on Smith Street in the early '90s was a huge success.

 

Along Cobble Hill's Smith and Court streets, one can find offerings such as authentic Italian delis, mom-and-pop shops, Manhattan-worthy eateries and watering holes and stores such as American Apparel and a movie theater. Along Atlantic Avenue is the Atlantic Terminal Market with big-box retailers. A wide mix, indeed.

 

"It's a tiny community within New York City, with a ton of amenities," Cappi said. "The turnover is extremely low."

 

So low, in fact, that Cappi said there are times when a client would come to him with $3 million for a brownstone and there may not be a single piece of property he can show the person.

 

Currently, Cappi is listing 440 Henry Street, a 4-story, three-family brownstone with an asking price of $1.995 million.

 

There are very few new projects in Cobble Hill. One of the exceptions is Two Trees' 200 Atlantic Avenue, a luxury rental building that is also known as Cobble Hill Mews.

 

According to Fillmore Real Estate's neighborhood overviews, it's no wonder the area is one of the most desirable in Brooklyn.

 

"Cobble Hill shares several aspects with Carroll Gardens, Brooklyn Heights, and Boerum Hill - excellent location for Manhattan commuters, variety of shopping and dining venues, and treasured architecture," according to www.fillmore.com. "The neighborhood's architecture is classic Brownstone Brooklyn, with a few surprises. Cobble Hill features three- and four-story Italianate and Romanesque brownstones in a variety of color schemes, as well as Greek Revival homes surrounding Cobble Hill Park."

 

The market may be doing pretty well, considering the less-than-gangbusters economy.

"The last two listing I've had had bidding wars," Dawson said. "I personally think (Cobble Hill) has held its own.

 

There's limited stock here, and there's always been a strong feeling for this neighborhood. It's always been a proud neighborhood."

 

Though he doesn't have a crystal ball, Dawson said he thinks the market in general has stabilized. Soon, people will realize they need to pull the trigger because they do need some place to live.

 

And Cobble Hill is one of the better options, by his assessment.