Apartment prices in Bushwick have jumped faster than any other New York City neighborhood over the past decade.
The median price of $788,700 in the trendy Brooklyn neighborhood is 84 percent higher than it was in 2008, according to data from Trulia cited by Bloomberg.
As neighborhoods like the Lower East Side and Williamsburg became too pricey, buyers started looking deeper in Brooklyn.
“As Williamsburg flourished, Bushwick was discovered,” New York University urban planning professor Mitchell Moss told Bloomberg. “My students have been priced out of the East Village and they’re priced out of Williamsburg, so now they’re living in Bushwick, and they may buy in Ridgewood.”
Bushwick is now the 90th most expensive neighborhood in the New York metro area, up from the 189th most expensive in 2008.
Ridgewood, Sunset Park and Jackson Heights have also seen large price increases over the past 10 years.
Brooklyn developers like Boaz Gilad’s Brookland Capital are heavily invested in building in the neighborhood. [Bloomberg] – Rich Bockmann