Brooklyn Still Gives Manhattan A Run For Its Money As NYC Prices Continue To Climb

Skeptics said the gravy train of rising NYC real estate prices was over but a new report shows otherwise.

By Jeff Vasishta April 26, 2017

Just when you thought the Brooklyn hype had surely reached some kind of a tipping point, like the German soccer team in a World Cup, the borough always seems to do better than anyone thought possible. Property Shark’s first quarter of 2017’s stats are in and once again Brooklyn is dominant, with four of NYC’s Top 10 Priciest Neighborhoods within its leafy borders.

According to the report, the surge in new developments saw wealthy Brooklyn hit new stratospheric heights. Brooklyn Heights increased 127 percent year-over-year followed by Boerum Hill with 104 percent and DUMBO with 76 percent and Manhattan Beach with a 56 percent uptick. Some of the most influential transactions occurred at Pierhouse, 51 Jay Street and The Boerum.

Related: Why Medical Office Buildings May Find Themselves On Life Support

Filling out the other spots was Manhattan with six neighborhoods in the top 10 and almost half of the top 50. In total there are a 55 percent year-over-year price appreciation in the Borough which, unbelievably pushed the median sales price over the $5 million mark. Not surprisingly, TriBeCa, the playground of celebrities and investment bankers, logged its second consecutive quarter as the most expensive neighborhood.

It’s not all bidding wars and Wall St bonus’ running NYC real estate, however. A number of neighborhoods (20 out of 50) saw a year-over-year median sales falling. These included the Garment District, which is in flux at the moment concerning its direction as the industry for which it was named downsizes or relocates. Battery Park City, which has been a little eclipsed of late by other downtown neighborhoods such as Soho and Little Italy, also saw a drop.

Related: Seven Innovative Shelter Solutions To Help The Homeless

The cheapest of the top 50 neighborhoods in New York is Brooklyn’s Borough Park with a median price of $738,231, up by 17 percent from last year. At number 25, the mid-point is another Brooklyn neighborhood, Carroll Gardens with a median price of $1,000,000 exactly and at top spot, as stated, is TriBeCa with a median of  $5.075,976. The top 50 places are generally dominated by Brooklyn and Manhattan. Queens makes its first appearance with Hunter’s Point in Long Island City which has undergone rapid development recently and has a median price of $973,956, up by ten percent in a year.

If you’re looking for cheaper prices, outposts in parts of Queens, the Bronx and parts of Brooklyn may still be calling your name, but surely not for long.

Jeff Vasishta



Jeff is a writer, husband and father but not necessarily in that order. As a music journalist he counts Prince, Beyonce and Quincy Jones amongst those he’s interviewed. He's also owned and flipped homes in Brooklyn, NJ, CT and PA.

    Stefano Boeri, the architect mastermind behind the famous plant-covered skyscrapers, is now designing Forest Cities in Liuzhou, China. #ForestCity #China
    Auction is the second scheduled in a month for a One57 unit and it could set a NYC foreclosure record. #BillionairesRow #Foreclosures
    Once a couch-surfing website, Airbnb moves on to luxury properties, further disrupting hospitality industry. #Airbnb #Luxury
Is Real Estate Crowdfunding The Fix That Urban Housing In America Really Needs?
Saving money for a down payment? One can only hope. Most millennial in their twenties or thirties are mortified that they might never be able…
Brooklyn And Queens’ Real Estate Sub-Markets Continue Their Ascent To The New Heights
So, the sales prices in Brooklyn and Queens hit record highs. Again. Just like they did in December 2016 and at the end of this…
The Economy Of Car Services And Delivery Apps Might Be Making NYC Less Eco-Friendly
Living in an eco-friendly neighborhood is a good thing. And, as it always the case with the good things, it also costs more. High rents…
Building Communities: What The U.S. Developers Should Learn From Soho China
As our world emerges into the new period of globalization and technology, some of the most important by-products of this process are buildings that have…
Five Reasons Why All Entrepreneurs Must Keep Their Eyes On China
It is hard to overestimate the importance of Chinese influence on the modern global economy. Carving out a place in Chinese market and winning over…
Airbnb Up Their Game With A New Luxury Tier Featuring Mansions And Villas
Airbnb is about to seriously up their game. First, the company started testing a new service called Select in an attempt to push accommodation listings…
Will Artificial Intelligence Change Real Estate Industry In The Next Five Years?
Globalization and tech progress are the two forces that are irreversibly changing the world. Robots, machines, artificial intelligence (AI) tools, and, of course, vast amounts…
While Miami Condos Cool, Neighboring Towns and Cities Heat Up
It’s a nervous time for Miami developers as the market cools and many units remain unsold compared to a year ago. “Sales are slow with…

TOP 10