Brooklyn Apartment Sellers Take the Money and Run -- Back to Manhattan
For decades, homeowners have been selling apartments in Manhattan and buying townhouses in Brooklyn. As the price gap between the two boroughs narrows and Brooklyn becomes a “primary destination,” according to a story in The New York Times, that dynamic is changing. Now owners of apartments in Brooklyn’s most expensive areas, such as Dumbo and…
For decades, homeowners have been selling apartments in Manhattan and buying townhouses in Brooklyn. As the price gap between the two boroughs narrows and Brooklyn becomes a “primary destination,” according to a story in The New York Times, that dynamic is changing.
Now owners of apartments in Brooklyn’s most expensive areas, such as Dumbo and Boerum Hill, are selling and buying apartments in Manhattan’s bargain neighborhoods — which now include the Upper East Side.
This isn’t the first time we’ve heard about this reverse migration, of course. A few years ago, The Wall Street Journal was the first to note renters in areas such as Williamsburg were finding cheaper digs in areas such as the Lower East Side. The New York Times has taken a deep dive into comparing ownership in the two boroughs, talking to five couples who’ve made the reverse move and comparing the options in a map and two sidebars.
What the Times found: If the median price of $911,772 in Boerum Hill is too much for you, try Gramercy — only $750,000! The Lower East Side is cheaper than Williamsburg, with a median of $582,500, vs. $875000. What was mostly left unsaid: Your digs will probably be smaller and lack outdoor space and charming details such as mantels.
The analysis considered only co-ops and condos and did not include townhouses. Price per square foot was not considered, although the median used to compare each location will be skewed by the relative size and number of apartments available in the area.
We did like the sound of one apartment in particular: The owner of a photography agency sold her apartment in Dumbo and bought a two-bedroom near Beekman Place with “windows on three sides, herringbone floors and a working fireplace for $840,000.” She chose the location for its quiet. “It’s almost like the land that time forgot,” she told the Times. Sounds like something you’d find in Brooklyn.
Priced out of Brooklyn? Try Manhattan [NY Times]
Five Manhattan Alternatives to Pricey Brooklyn Neighborhoods [NY Times]
Brooklyn’s Most Expensive Listings [NY Times]
Photo by Megan Cerullo
One thing in the article rang a bit true to me. Brooklyn is now a lifestyle choice, not a financial choice. If you bought in Brooklyn because it was cheaper, things have indeed changed, and depending on what you want, your money may indeed go farther in Manhattan, in a certain segment.
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2BR apartments–Park Slope or UES? UES will probably be your better shot if you don’t care about being in a brownstone.
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LOL at “but no mantels!”
Maybe it’s time for Brooklyn to think about seceding from NYC and once again reincorporating as an independent entity. Secession would certainly provide more control over its destiny, provided that its income were sufficient to address its issues. Not a new idea; the 19th century merger was for decades known as “The Great Mistake.”
I read the article earlier. The title is very misleading as these Times articles often are.
They gist of the article is that some neighborhoods in Brooklyn are more expensive than some neighborhoods in Manhattan. OK, is that a big news flash that’s supposed to surprise us ? Duh ! Sorry, but I’d much rather live on a beautiful tree-lined street in Boerum Hill than on 2nd avenue in the 80s. That’s just me but I suspect that there are many people who feel the same way and are therefore willing to pay up for that. How is that a story ?
The author also mentions neighborhoods like Washington Heights. I used to live up there, and that area is really far, with very little in the way of restaurants and other amenities. My commute to midtown is much more convenient from Brooklyn than it was from Washington Heights. So once again, it’s not a surprise that parts of Brooklyn are more expensive than these areas of Manhattan.
However, the idea that you have to leave Brooklyn to find good deals in Manhattan is laughable. There are tons of areas of Brooklyn that are BARGAINS compared to Manhattan. Despite the run-up in prices in Brooklyn, find me areas in Manhattan where you can buy a 4 story townhouse for under $2 million (like you can in Bed Stuy, Crown Heights, etc.), and be in downtown Manhattan via subway in 25 minutes. Brooklyn overall is still a bargain compared to Manhattan and that’s why there’s so much more growth / construction to come. Don’t be fooled by the nay-sayers: the Brooklyn boom is only getting started. A whole new city is being created.
Not the grammar police but lots of typos in this article.