Uneasy welcome as ultra-Orthodox Jews extend beyond New York
High property prices there are forcing them out to other districts
Jersey City
TO the gentrifying stew of bankers, artists and college graduates who are transforming this once blue-collar city across the Hudson River from Manhattan, add an unexpected flavour.
In a heavily African-American neighbourhood, 62 families from a number of Hasidic sects based in Brooklyn and rarely seen here have bought a scattering of faded but roomy wood-frame row houses whose prices are less than half what homes of similar size would cost in New York - roughly US$300,000 compared with US$800,000.
These families are pioneers in a demographic and religious shift that is reshaping communities throughout the region. Skyrocketing real estate prices in Brooklyn and Queens are forcing out young ultra-Orthodox families, which are establishing outposts i…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
DBS puts 46 retail units, HDB shops on market for S$210 million
US mortgage rates jump above 7% for the first time this year
Far East Shopping Centre back on market at unchanged S$928 million asking price
London mansions sold at 30% discount spell gloom for luxury market
Delfi Orchard up for collective sale at S$438 million guide price
US existing home sales drop in March; median price increases