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There are differences but they are diminishing as Park Slope continues to gentrify. Park Slope used to have a biggish gay and (especially) lesbian population as well as a big Latino population; both are less noticeable these days as much of Fifth Avenue has gone upscale. Park Slope is more family-friendly, with lots of middle-aged parents. A fun game is to try and guess who the donated-egg kids are. Brooklyn Heights is a little dull (Park Slope isn't exactly scintillating, either) with lots of lawyers and surprisingly bad restaurants unless you walk to Smith St. Some beautiful streets and houses though.
The subway lines are perfectly safe. The 2/3 trains can be a little unnerving to non-natives but you will soon perfect your disinterested look. You'll be fine.
I lived in Park Slope for 15 years. The Slope is on the Western part of Prospect Park, along a hill (that's why it's called Park Slope!).
Park Slope is bigger, more family oriented and with three loooong commercial strips with a whole bunch of different shops! (5th, 7th and Flatbush Avenues!). The Northern tip of Park Slope is Atlantic Terminal/Atlantic Yards, a shopping mall and Brooklyn's main transit hub, 10-15 minutes to Manhattan.
Brooklyn Heights is a smaller neighborhood, but it is along the East River and 5-10 minutes to Manhattan. BH has the Promenade, which gives the view of the Manhattan Skyline. It is situated just north of Downtown Brooklyn, but walking distance. There are two main commercial strips in BH, Court and Montague Streets, but is smaller than 5th, 7th and Flatbush Avenues in Park Slope!
With regard to housing, both are very, very expensive. Brooklyn Heights is more (a $20 million sale went down a couple of years ago on a Brownstone), but Park Slope's value is continuing to go up.
Both are beautiful neighborhoods. But like in everything, there are tradeoffs. I indicated that both are high priced. And Both, at least Park Slope, have had intensive condo development that has put residents at serious inconvenience (I can tell you stories!).
If you are going to pursue Park Slope, try to look at South Slope (south of 9th Street, going to Greenwood Cemetary at 25th). South Slope looks a bit dicey, but it's very safe. You may find some deals there, but not for long! Good luck if you are looking!
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