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.
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.
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.
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.