Wanna Save Money? Leave Brooklyn For Manhattan
The NY Daily News reports today that some Brooklyn neighborhoods are now more expensive than those in Manhattan (the article looks at neighborhoods below 90th Street, traditionally the pricier part of the island). “The median rental prices in DUMBO, Park Slope and Fort Greene were higher than those in the East Village, Lower East Side,…
The NY Daily News reports today that some Brooklyn neighborhoods are now more expensive than those in Manhattan (the article looks at neighborhoods below 90th Street, traditionally the pricier part of the island). “The median rental prices in DUMBO, Park Slope and Fort Greene were higher than those in the East Village, Lower East Side, Upper East Side, Midtown East and Murray Hill,” they write. Median sales in Fulton Ferry and DUMBO rose above Midtown East, East Village, Murray Hill and the Lower East Side, too. The apartments they looked at were of comparable size, they say. Brooklyn Heights one-bedrooms run a median rental of $2,180, while it’s $1,950 on the Upper East Side and $2,085 on the Lower East Side. What does this mean about our fair borough? “Brooklyn’s hot now, and your pricey rent just proves it.”
Brooklyn Neighborhoods and Homes Outpace Manhattan [NY Daily News]
Photo by raph.v.
“My guess is that since talking about listings – there are many more phony listings by not very reputable rental agencies in Manhattan.”
Very true. The signal-to-noise ratio for Manhattan listings is brutal.
There are a lot of really crappy apts. in Manhattan. I saw some miserable looking holes in the east village before moving to park slope.
So, all things being equal, I’d personally rather live in the East Village or east teens/20s than park slope, but if I have a choice between a crappy apartment in Manhattan or a nice place in Brooklyn, I’ll take the nice place.
That said, the Manhattan market is just faster paced than Brooklyn and prices change more quickly. If Manhattan prices trend downward, Brooklyn will follow.
There may be too many cookie cutter apartments in the Manhattan sample, while the Brooklyn neighborhoods mentioned (ex Dumbo) are Brownstone neighborhoods. Would rather a brownstone apartment with tall ceilings ect. than cookie currer.
Ringo…I live in Bed Stuy now. Thenonly thing I miss about the UES is the ability to walk to work and all the grerat restaurants that I can walk to. The other place was at 54th & Lexington.
Article states that they are talking about current rental Listings….not what current renters pay which would include longterm r/s r/c tenants.
My guess is that since talking about listings – there are many more phony listings by not very reputable rental agencies in Manhattan. This always seemed to be case back when Village Voice classifieds was ‘the source’ for rental apts. TOns of come-on ads for cheap rents in Manhattan neighborhoods from all these shady rental agencies. I think that is what StreetEasy figures are picking up.
DIBS – 765 sq ft is decent size for an nyc 1BR. Many 1BR convertibles are even smaller. Up until a year ago, I paid 1600 to live in a 450 sq ft small 1BR in prime park slope, so 2350 sounds about right unless yours is further east than 2nd ave, and it if its close to the 4/5 at 86th, then its probably a pretty good deal.
As is being said – the median rents for Manhattan seem WAY WAY low.
dave in bed stuy lives on the UES?
some people prefer brooklyn to manhattan. some people prefer queens to manhattan. some people prefer wyoming to manhattan. but still, manhattan prices should be higher generally speaking excluding the exception (brooklyn heights more expensive than the murray hill). when fort greene is more than the UES, something is whack
The trend is interesting in what it says about the increasing desirability of Brooklyn, but the comparison would be much more interesting if you were comparing, side by side, individual apts renting at the same price. You undoubtedly get a great deal of additional square footage and probably a much nicer place in Brooklyn for the same rent.