Bed-Stuy Booming during the Bust

During the past decade of rising rents and gentrification, Bed-Stuy has been all but unaffected by the various results of a growing economy. But in this recession, as its neighbors to the south, east, and west are slumping along, Bed-Stuy has kick-started its own mini-economy.

The New York Times reported last week on a bunch of new spots opening up in the Do-The-Right-Thing nabe, like a wine bar called Therapy, a flower shop called Creative Blossoms, and Saraghina, a trattoria which opened in June to rave reviews.

So, why is the block blowing up now, after all this time?

For one, many of the residents of Bed-Stuy work in government sectors like education and health care, meaning that their salaries haven't plunged in the crisis as have those of the bankers and corporate execs living in other neighborhoods. Instead, their spending power remains relatively stable.

Also, entrepreneurs are attracted to the cheap rent in the neighborhood. Low overhead is always an appeal, but even more so in a time when loans are hard to get.

What's best, these new businesses are opening to a hungry audience. For years Bed-Stuy residents have been spending all of their hard-earned dough in Manhattan and more upscale Brooklyn neighborhoods (more than $30 million according to a 2008 study done by the market research firm LISC MetroEdge). So they are understandably eager for both the privilege of stimulating their own community's economy and the convenience of traveling only around the block for their cocktails or pizza. (Oh, and "put some extra mozzarella on that motherfucker and shit. ")