The Real Deal New York

Stockbrokers, hipsters, and yuppies are invading Bay Ridge

January 17, 2015 05:00PM
By Business Insider

Locals, Sose Aroyan and Karina Aroyan, walk Bay Ridge's restaurant row on Third Avenue

Locals, Sose Aroyan and Karina Aroyan, walk Bay Ridge’s restaurant row on Third Avenue

For years, young professionals and families turned up their noses at Bay Ridge, a working-class area of southwestern Brooklyn, because of how far it is from Manhattan. But as real estate prices in trendier Brooklyn neighborhoods continue to climb, more and more city slickers are taking a second glance at the “original Gold Coast,” as locals call the area. With its phenomenal public schools, copious outdoor spaces, restaurant row, and affordable housing, Bay Ridge has a lot to offer.

The influx of young people has also changed Bay Ridge. Trendy, pricey restaurants have popped up on the main drag, a new crowd stays out later, and rents have significantly increased. Suddenly, Bay Ridge’s lifelong residents fear being priced out of their homes.

The last shred of Old Brooklyn — the grimy, comfortable, working-class borough where a cup of coffee cost a buck — is giving way to “Girls”-era, hipster New Brooklyn. Let’s see what all the fuss is about.

The neighborhood was developed more than a century ago as a seaside retreat for wealthy families. Mansions, since torn down, dotted the ridge along the tidal strait separating Brooklyn from the more suburban Staten Island.

the-neighborhood-was-developed-more-than-a-century-ago-as-a-seaside-retreat-for-wealthy-families-mansions-since-torn-down-dotted-the-ridge-along-the-tidal-strait-separating-brooklyn-from-the-more-suburban-staten-island

Today the fabric of the neighborhood is changing. As real estate prices in trendier Brooklyn neighborhoods like Williamsburg and Park Slope skyrocket, young professionals and young families have set their sights on Bay Ridge.

and-the-fabric-of-the-neighborhood-is-changing-once-again-as-real-estate-prices-in-trendier-brooklyn-neighborhoods-like-williamsburg-and-park-slope-skyrocket-young-professionals-and-young-families-have-set-their-sights-on-bay-ridge

For outsiders, owning property in Bay Ridge seems like a steal. The median sale price is $656,000, as compared to $1.4 million in the hipster mecca of Williamsburg, and $1.35 million in Park Slope, Brooklyn’s “stroller central.”

the-influx-of-young-people-first-hit-during-the-recession-the-years-between-2008-and-2011-were-some-of-the-best-in-bay-ridge-real-estate-history-says-leo-panteleakis-owner-of-leonidas-realty-stockbrokers-living-in-manhattan-and-downtown-bro

This migration however, has caused massive spikes in real estate value. Both the median home sale price and median monthly rent are up 14% year over year, and rents are up 30% over two years.

this-migration-however-has-caused-massive-spikes-in-real-estate-value-both-the-median-home-sale-price-and-median-monthly-rent-are-up-14-year-over-year-and-rents-are-up-30-over-two-years

Bay Ridge took the lion’s share of Brooklyn’s new development sales in the first quarter — nearly 20% — and sold more new two-bedroom homes than any neighborhood in the borough.

bay-ridge-took-the-lions-share-of-brooklyns-new-development-sales-in-the-first-quarter--nearly-20--and-sold-more-new-two-bedroom-homes-than-any-neighborhood-in-the-borough

And Bay Ridge provides more “green space” per child than any Brooklyn neighborhood — 83 kids per acre of parkland.

the-largest-park-owls-head-contains-rolling-hills-walking-trails-a-playground-area-a-skate-park-and-stunning-views-of-the-new-york-skyline

While there aren’t many obvious signs of the yuppie/hipster invasion — yet — the locals notice the changing demographic. “I saw some people with tattoos get off the train and I was like, oh, that’s happening now,” said Zoe Bortz (right) who was visiting a friend.

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  • NYC, including Brooklyn, Queens and Manhattan are highly desirable places to live amongst those seeking success. I was born in Brooklyn and now live in Glendale Queens. As a Realtor, I can pretty much pick and choose where I want to live. For me, there is no place on Earth that will afford my children the opportunities that New York City will. There truly is no place like my home, my Greater New york City area. ~ George L. Rosario, Real Estate Salesperson with Coldwell Banker Kueber. http://www.georgerosario.com

    • HitenSamtani

      iceberg, this is the very same piece. We have an agreement with them and often run their content on our site. Best, Hiten

  • native new yorker

    Bay Ridge has long been one of Brooklyn’s best, safest neighborhoods with it’s most expensive homes. The real deal is just finding this out? The only negative is that in recent years 5th Avenue has become a bit of a dump.

  • speedyrecovery

    I have lived in Bay Ridge for two years now and I can’t imagine why hipsters would be settling there. It is totally boring and devoid of any culture whatsoever. Getting a manicure and eating are the only things to do. Even the one movie theatre is gross. Can’t wait to move to the city.

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