With rapidly improving infrastructure and $1,000 per square foot condos becoming the norm, Brooklyn is seeing a “Manhattanification.” And according to the New York Post, Brooklyn housing prices could soon reach Manhattan levels.
New developments in Brooklyn Heights, Carroll Gardens and Park Slope are all asking at least around $1,000 a square foot and some real estate experts are saying that prices have nowhere to go but up.
“The Brooklyn market is undervalued,” MNS CEO Andrew Barrocas, said, noting that Brooklyn’s condo prices still haven’t caught up to its rental prices. “If you took an area in Manhattan that’s comparable [to Brooklyn in rental prices], you’ll see the condo pricing is anywhere from 35 to 50 percent more [than Brooklyn].”
In fact, Brooklyn neighborhoods like Brooklyn Heights are starting to see rents rise to levels traditionally seen in trendy Manhattan areas. For instance, MNS data shows that average rental prices in Brooklyn Heights are $55 per square foot per year, only slightly less than in Chelsea where apartments rent for $58 per square foot and sell on average for more than $1,400 per square foot.
“There’s still a tremendous amount of growth where the [Brooklyn] condo market is,” Barrocas said. [NYP] —Christopher Cameron