Bicycles help brokers market remote areas

The popularity of cycling has helped drive up prices in neighborhoods that are underserved by public transit

TRD New York /
May.May 24, 2014 05:00 PM

 As rents rise and New Yorkers are pushed deeper into out-of-the-way neighborhoods, bicycles and bicycle lanes are becoming an important part of the real estate game.

Since 2007, the city has added more than 350 miles of bike lanes across the five boroughs, according to Department of Transportation data cited by the New York Times. And all those lanes mean that proximity to a subway stop is becoming less important to renters.

Brooklyn neighborhoods like Red Hook, Greenpoint and parts of Bushwick have seen their popularity — and rents – grow tremendously over the years, and improvements to cycling conditions in those areas have, to at least some degree, facilitated that rise to prominence.

“Your housing options change when you buy a bike and use it,” Lyon Porter, a sales and leasing director of Town Residential, who relied on his fixed-gear Dutch cruiser when living in Williamsburg, told the Times. “People get so much more for their money in this tight, compressed market,” when freed from the need to be near a train line, he said. “Your definable boundaries are different on a bike.”

In fact, of the 27,759 New Yorkers who said they biked to work in a 2008-2012 survey, nearly half lived in Brooklyn, especially in neighborhoods like Fort Greene, Clinton Hill, Greenpoint, Williamsburg, Carroll Gardens, Red Hook, Northern Crown Heights, Prospect Heights and Bushwick.

And brokers and real estate tech firms are catching on. In order to better market remote neighborhoods companies, including StreetEasy.com, AptsandLofts.com and Halstead Property, have incorporated the location Citi Bike stations into their listings. [NYT]Christopher Cameron


Related Article

arrow_forward_ios
Clockwise from top left: 3860 Nostrand Avenue in Brooklyn, 50 Manhattan Avenue and 250 and 254 West 23rd Street (Credit: Google Maps)

Here’s what the $10M-$30M NYC investment sales market looked like last week

329 Broadway and JLJ CEO Jonathan Lewis (Credit: Syndicate Architecture via CityRealty, Google Maps)

Williamsburg developer lands $57M refi to complete 329 Broadway

From left: Rory Golod, Robert Reffkin and 1328 Fulton Street (Credit: Google Maps)

Compass is growing rapidly in UWS and Brooklyn

From left: 845 United Nations Plaza, 145 President Street, 220 Central Park South (Credit: StreetEasy)

These are some recent, notable residential sales around NYC

Among Brooklyn's priciest spots is DUMBO; pictured is the neighborhood's Main Street Park (Credit: iStock)

Why fewer Brooklyn and Queens tenants are moving

Brooklyn luxury market saw 9 contracts signed last week

283 Henry Street and 126 Noble Street in Brooklyn (Credit: Google Maps)

Brooklyn luxury market saw 18 contracts signed last week

135 Joralemon Street in Brooklyn Heights and 48 2nd Place in Caroll Gardens (Credit: Wikipedia)

Brooklyn luxury market saw 15 contracts signed last week

arrow_forward_ios