
New Luxury Condos, Fort Greene, Brooklyn. Photo Credit: Brownstoner
Just two weeks I was celebrating our president-elect in the streets of Brooklyn. This week I'm a bit concerned about my neo-soul, progressive, socially-conscious enclave. Citigroup has just announced it's cutting 50,000 jobs to help curve their financial crisis and they're planning to chop down their investment banking sector and that's not good for Brooklyn. I don't roll with my many investment bankers [however I do know a few] and it's no secret that downtown Brooklyn is the new metropolis for 30- and 40-something investment bankers with money to spend. Otherwise, why would there be luxury condos going up everywhere in eye-shot, or local chefs shopping at the Farmer's Market for trendy Lacinato Kale, or Frozen Yogurt spots pumping out pomegranate decadence until the wee hours of the morning. They know investment bankers will roll in from the subway [or car service] spend a million-plus on 600-square foot real estate or drop fifty dollars for a plate of pan-seared white fish and a glass of Cabernet Franc and call it a day. Oh yeh, from Carroll Gardens to the new Bed-Study, investment bankers have injected a new economic vitality into the BK.
So with the investment bankers on lifestyle alert, what will happen to the new Brooklyn? It certainly can't afford to cater to check-to-check writers, out-of-work actors and Pratt Institute youngins. Investment bankers are the new Brooklyn's bread and butter. And I've already noticed the decline in restaurant eating and movie-going. Not to mention an increase in apartment vacancies and biking in cold weather with crazy wind. Hey, when you see a middle-aged woman in rollers and a straped-down toddler peddling to Pathmark, it's time to take note.
How WILL job cuts affect many new-formed urban paradises?