The Real Deal New York

Prices for prime Brooklyn condos approaching Manhattan levels

November 29, 2012 10:30AM

MNS CEO Andrew Barrocas and the view of Manhattan from Brooklyn Heights

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

 

  • fatalbert

    Why do these sites insist on interviewing liars and cheats? This guy is both

  • 3CPO

    Really….approaching Manhattan levels….he must me a terrible golfer….interview people that know what they are talking about

  • OneTime

    WOW MNS is a bunch of morons!!!!!! Does Andrew Barrocas have ANY idea what hes talking about????????

  • Raging Realtor

    He’s right though. I see condos now below a 1000 psf in manhatan and 1000 and over in parts of brooklyn. So in some cases, brooklyn has surpassed manhattan. But when it comes to taxes, thats another story.

  • justjones

    I realy wish The Real Deal would require that people who post these comments use their legitimate names so we can see who posts these comments and for what gain. Andrew Barrocas is correct in his data. If any one of the people who posted the above knew the Brooklyn Market and specificaly the hottest submarket of Brooklyn which is the Williamsburg/Greenpoint market they would know this to be correct. I have dealt with Mr. Barrocas on several levels and know him to be not only a man of intergrity but a shrewd educated business man who is quite generous and charitable. It really is a shame that this kind of false commentary and bashing exists on such a forum. It bring down the image and integrity level of the entire industry.

MENU