Brooklyn real estate poised to gain from pandemic

Brooklyn real estate is booming, thanks at least in part to the pandemic.

As people fled Manhattan, seeking larger living spaces, Brooklyn’s share of private-sector jobs rose faster than any other New York borough, the New York Times reported. Brooklyn added 230,000 residents in the last decade, also more than other boroughs.

The median home price in Brooklyn was $910,000 in the last quarter, according to appraisal firm Miller Samuel. Homebuyers signed almost 600 contracts, a 142 percent increase from two years ago, as new listings rose 6 percent.

Whether Brooklyn can remain an economic engine, for real estate and beyond, isn’t clear. It still lacks office space, and the unemployment rate stands at 10.5 percent, compared with 7.5 percent in Manhattan. Affordable housing is also limited.

Still, Brooklyn’s business outlook is positive, as companies relocated to the borough during the pandemic. Among small businesses that pre-date the pandemic, 67 percent were operating this July, compared with 47 percent in Manhattan.

Vice recently announced plans to move to Rudin’s Dock 72 in the Brooklyn Navy Yard, the latest boost for the borough’s office market.

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[NYT] — Holden Walter-Warner