Will Everyone Go Running Back to Manhattan?
Crain’s recycles the question (asked by The Times a week earlier) that seems to be on everyone’s mind these days: Do falling Manhattan rents spell the end of Brooklyn? We don’t think so. Clearly some people who work in Midtown and were living in Brooklyn based on price alone (“If it’s as expensive in Brooklyn…
Crain’s recycles the question (asked by The Times a week earlier) that seems to be on everyone’s mind these days: Do falling Manhattan rents spell the end of Brooklyn? We don’t think so. Clearly some people who work in Midtown and were living in Brooklyn based on price alone (“If it’s as expensive in Brooklyn as Manhattan, I’d rather just be in the real thing, says one publicist) will return to Manhattan but, we’d bet, most of the creative professionals who’ve put down roots in the County of Kings are here to stay. Real housewife Alex McCord summed up how we—and, if this poll is to be believed, many others—feel when she told the paper, Even if we had Warren Buffett money, we would never leave.
Can Brooklyn Keep Its Mojo? [Crain’s]
Brooklynites Jumping Ship to Manhattan? [Brownstoner]
Photo by cornell100
Wishful thinking on the part of Manhattan brokers. To buy not rent, Manhattan is still way way more expensive considering coop and condo fees and property taxes. There is still more space for the money in Brooklyn no matter how high prices go here, and for arts/media people who need at-home work space (many times for both spouses like in our case) Manhattan is not an option except for the very wealthy. Even for renters, 20-somethings who need to pay only $900-1,000 a month are still only looking in Brooklyn. Manhattan hasn’t dropped to that level yet and won’t.
Jinx, you owe me a Coke! Or something stronger…
Shop owners are “creative professionals”?? I guess I’m a creative professional too if we’re making this a catch-all.
So who’s not included? Doctors, lawyers, psychoanalysts, bankers, investors, insurance and real estate brokers? It’s a damn good thing the majority of Brooklyn’s property owners isn’t made up of those types!! Keep Brooklyn in the hands of “creative professionals”!!
Wait… probably a lawyer that paints on the weekends or enjoys model airplanes is OK.
That Manhattan is just full of stuffy people that work work work and don’t have any creativity! Don’t they know you can move to Brooklyn and become a “creative professional” and buy a brownstone?
Does anyone really think there will be a mass exodus from any neighborhood if rents in Manhattan go down?
Where in manhattan can you get what Ft. Greene, Park Slope, Williamsburg et all have to offer? You can’t – you’d be sacrificing one thing for another.
I’m not saying that brooklyn rents won’t have to adjust – but I think that will happen thru negotiation with landlords rather then people leaving and making the rental market collapse.
HA me and snark just postgasmed.
*rob*
wine lover —
I have a word you can use for 20-something “advertising creatives, designers, agents of artists, production people (producers, set designers, stylists, lighting techs, etc…), actors, illustrators, musicians, editors, shop owners, etc” who buy apartments in williamsburg.
“dependents”
> “this has shifted out of manhattan and will not shift back.”
Famous last words.
quote:
and will not shift back.
yes keep saying that.
*rob*
tybur6 – what term would you use? how do you describe advertising creatives, designers, agents of artists, production people (producers, set designers, stylists, lighting techs, etc…), actors, illustrators, musicians, editors, shop owners, etc..? really they do not make decisions like yuppies, and many started with art degrees and have artistic hobbies if not making money selling art or performing. pick a different term, i’ll use it!, but i think creative professionals describe a group with money, that works in the city, lives in brooklyn, and never wears a suit. this group makes up the buyers of condos in williamsburg for sure – probably 95%.
this group is way committed to brooklyn, especially williamsburg. because of work, i also know a huge amount of 20 somethings “creative professionals”, and they are only in manhattan for occasional music or art. most shows, parties, bars and restaurants — all greenpoint/williamsburg/bushwick. this has shifted out of manhattan and will not shift back.