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

arrow_forward_ios
19 Strong Place and 161 Warren Street (Google Maps, iStock)

Brooklyn’s luxury market has best week since before the pandemic

Brooklyn’s luxury market has best week since before the pandemic
City Council member Brad Lander and the Gowanus canal (Getty; City Council)

Gowanus rezoning community support hinges on NYCHA funding

Gowanus rezoning community support hinges on NYCHA funding
Brooklyn’s home sales dipped in Q3, but the median home price was above $900K (iStock)

Brooklyn home sales drop by 57%, but prices rise

Brooklyn home sales drop by 57%, but prices rise
1491 Bedford Avenue and 25-98 36th Street (Google Maps)

Muted week for middle of the i-sales market

Muted week for middle of the i-sales market
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
198 Washington Park in Fort Greene (Photos via Compass)

Fort Greene townhouse, 30 feet wide, led Brooklyn luxury sales last week

Fort Greene townhouse, 30 feet wide, led Brooklyn luxury sales last week
1 Prospect Park West and 557 9th Street in Park Slope (StreetEasy; Google Maps)

Park Slope homes lead Brooklyn’s luxury deals this week

Park Slope homes lead Brooklyn’s luxury deals this week
Gov. Andrew Cuomo (Getty)

Judge blocks effort to quash Cuomo’s new Covid restrictions

Judge blocks effort to quash Cuomo’s new Covid restrictions
arrow_forward_ios

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

Loading...