Goodbye, Brooklyn: Bargain hunting in Manhattan

Some well-heeled Brooklynites are being pushed back into Manhattan

New York /
May.May 10, 2015 04:00 PM

At the top of the market, some Brooklyn transplants are doing the unthinkable – moving back to Manhattan in search of a better deal.

Brooklyn real estate prices have become so high that parts of Manhattan are starting to look like bargains.

According to the New York Times, prime Brooklyn neighborhoods have become so expensive that that sections of Manhattan are starting to look like a deal. The median sales price in Brooklyn hit a record $610,894 in the first quarter of this year — the first time the median has surpassed $600,000, according to a report from Douglas Elliman. And while that is obviously still less expensive than Manhattan’s median sales price of $970,000 for the same period, Manhattan – apparently – still boasts deals.

“If you bought something early on for $500,000 and now it’s $1 million,” Jonathan Miller told the Times, your newfound wealth is just “money on paper” because “everything around you in Brooklyn has also seen that growth.”

“The trick,” he added, is to find areas that haven’t seen the same rapid ascent in prices. “And some of those areas can be found in Manhattan’s outskirts.”

Naturally, the best deals are in Upper Manhattan neighborhoods like Washington Heights, Inwood and Morningside Heights. [NYT]Christopher Cameron


Related Articles

arrow_forward_ios
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Brownstones rule Brooklyn’s luxury market Thanksgiving week
Clockwise from top left: 2875 Morningside Heights, 38-21 12th Street in Long Island City, 46 Nevins Street in Brooklyn (Google Maps)
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Investors flip NYC industrial, hotel, office buildings in pre-holiday frenzy
Feil Organization plans 43-story DoBro tower
Feil Organization plans 43-story DoBro tower
Feil Organization plans 43-story DoBro tower
The Collective's Reza Merchant and 1215 Fulton Street in Bedford-Stuyvesant (NLA, The Collective)
Co-living startup The Collective to lose another Brooklyn development project
Co-living startup The Collective to lose another Brooklyn development project
“Why are we living in such conditions?”: Crown Heights tenants withhold rent
“Why are we living in such conditions?”: Crown Heights tenants withhold rent
“Why are we living in such conditions?”: Crown Heights tenants withhold rent
85 Jay Street (Williams New York)
Condos at 85 Jay Street claimed last week’s 3 priciest Brooklyn contracts
Condos at 85 Jay Street claimed last week’s 3 priciest Brooklyn contracts
Sen. Charles Schumer, President Joe Biden and Mayor-elect Eric Adams with the BQE (Getty, iStock)
Goodbye BQE? How infrastructure bill boosts real estate
Goodbye BQE? How infrastructure bill boosts real estate
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
Brooklyn investors pay $49M for Bed-Stuy rental complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...