Brooklyn could lose popularity as Manhattan rents drop

Some Brooklynites are worried that as Manhattan real estate prices and rents fall, the borough will no longer be the first choice for young New York City residents. Residential sales transactions fell 57 percent in the first quarter of this year compared to the same period of 2008, which is the biggest drop seen in any borough, according to a first-quarter report by Miller Samuel. Though several companies, including Etsy and SpikeDDB, Spike Lee’s advertising agency, have chosen Brooklyn over Manhattan for their offices, when it comes to the residential market, Brooklyn can no longer count on a spillover of people who can’t afford to rent in Manhattan.