Goodbye, Brooklyn: Bargain hunting in Manhattan

Some well-heeled Brooklynites are being pushed back into Manhattan

TRD 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

Michelle Williams and Tommy Kail and their Brooklyn Heights townhouse (Credit: Getty Images, Google Maps)

Michelle Williams, Tommy Kail buy $10.8M home in Brooklyn Heights

Investment sale dollar volume in Brooklyn fell 30% in 2019, the biggest drop since the financial crisis. (Credit: iStock)

Brooklyn i-sales see biggest drop since financial crisis

The sites at 1900 Shore Parkway, 1894 Shore Parkway along Bay 41st Street in Gravesend (Credit: Google Maps)

Abraham Fructhandler’s FBE buys South Brooklyn sites for $58M

Heritage Equity Partners Toby Moskovits and Michael Lichtenstein

Lawsuit: Toby Moskovits, Michael Lichtenstein owe investor $3M

CenterPoint CEO Bob Chapman, 101-01 Avenue D (top) and 103-00 Foster Avenue (Credit: Google Maps)

Warehouse frenzy continues as newcomer makes $134M Brooklyn buy

ART: 51 Jay Street and from left: Martin Nussbaum, Dvir Cohen and David Schwartz

Condo owners at 51 Jay sue Slate Property Group, Adam America

(Credit: iStock)

More bidding wars for Brooklyn and Queens homes last quarter

Council Member Antonio Reynoso and a map of Bushwick Planning Framework (Click for more info)

Bushwick rezoning faces deadlock amid local opposition