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

Long Island City, Queens (Credit: iStock)

Queens sale prices set record despite signs of trouble

239 Banker Street and, from left: Workable City's Sara Willard, Rabina Properties' Josh Rabina and Workable City's Adam Heller

Workable City, Rabina Properties pick up Greenpoint loft complex for $33M

Clockwise from top left: 2-34 Beach 102nd Street in Far Rockaway, 175 Canal Street West in Mott Haven, 102 Fulton Street, and 71 Smith Street in Boerum Hill (Credit: Google Maps and StreetEasy)

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

Clutter CEO and co-founder Ari Mir, and clockwise from left: 280 Fullerton Avenue, 1 Holland Avenue, 3046 Northern Boulevard and 5601 Foster Avenue (Credit: Linkedin, Google Maps)

Self-storage startup Clutter makes its first real estate play with $152M deal

145-65 Wolcott Street in Brooklyn, 3428 Park Avenue in the Bronx and 20 East 35th Street (Credit: Google Maps)

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

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