A socioeconomic shift has led to Brooklyn becoming “Manhattanized,” according to a Massey Knakal third quarter recap and two reports we received in our inbox last night. This is not the first time the real estate firm has used that word, but now it goes into much more detail about it and forecasts the trend will continue.
The firm doesn’t see any slack coming at the end of the year. “We expect dollar volume in 4Q14 to exceed 3Q14,” and rents and prices to continue to increase, said one of the reports.
The reports outlined three reasons for the continued “Manhattanization” of Brooklyn:
• Big time institutional investors jumping into the market
* New, higher quality, bigger building stock
* Price appreciation in Williamsburg and other areas has closed or exceeded the Manhattan gap (more…)