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Brooklyn Boom Squeezes Buyers Pushing Into Crown Heights

Julian and Danielle Katz budgeted $1.5 million to buy a home in their popular Brooklyn, New York, neighborhood of Fort Greene. The only places they could afford were smaller than where they already lived.

The couple, who have three young daughters, instead bought a brick townhouse in nearby Crown Heights. They paid almost $1.2 million and are spending another $300,000 to renovate the previously vacant three-story home that’s a short walk to hipster hangouts cropping up on Franklin Avenue and a newly opened beer hall partly funded by Goldman Sachs Group Inc.