Brighton Beach Asking Prices Up 23 Percent, Three Years After Hurricane Sandy

Three years into the recovery from superstorm Sandy, multimillion-dollar north Brooklyn prices are creeping down to southern Brooklyn.

Brighton Beach is known for being the oceanfront community bordering Coney Island, home to a large Russian Jewish immigrant population. The housing stock ranges from mansions to more classic New York apartment building fare to bungalows.

The National Guard distributing blankets, diapers, and other supplies to Brighton Beach residents in the weeks after the storm

Just a few years after the the community was ravaged by property damage from Sandy, the median asking price for the boardwalk bounded square-mile area has risen 23 percent in two years, from $479,000 in 2013 to $589,000 this year, the Wall Street Journal reported.

Median sales in the area rose 32 percent in the first eight months of this year as compared to the same period in the months before Sandy hit in October 2012, according to the Journal. In addition to the increase in price, there has also been an increase in number of sales this year compared to 2012.

While the rise in sales and prices is attributed to the entire neighborhood, the Journal takes note that a small number of sales of million-dollar-plus oceanfront condos can largely be credited for the jump.

A street fair in Brighton Beach. Photo via Brighton Neighborhood Association

[Source: WSJ]

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