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Latest posts by Gea Elika (see all)
- Buying vs. Renting – 13 Reasons on Whether You Should in NYC - March 23, 2018
- Due Diligence for NYC Real Estate Purchases - March 20, 2018
- 10 Things to Know about Buying Investment Properties in NYC - March 17, 2018
Brooklyn is known for its culture of row houses and tight-knit neighborhoods, but that’s changing thanks to an influx of new high-rise apartment complexes across the borough. Rents are soaring, new life is coming to Brooklyn, and the skyline is quickly growing.
What is the Housing Market Like in Brooklyn?
Rents in Brooklyn rose 1.99 percent from April to May in 2014. With the now booming housing market, this is hardly surprising. New high-rise apartment complexes are popping up in the most up-and-coming areas of Brooklyn including Bedford-Stuyvesant, East New York, Bushwick and Crown Heights.
Image via Flickr by Paul Stein
A significant development at the Barclays Center is changing the skyline of Brooklyn for the better, and the New Jersey Nets’ relocation to Brooklyn in 2012 helped the city come alive. The Barclays Center not only hosts NBA games but also all sorts of concerts from superstars like Jay-Z and Barbara Streisand. A high-rise complex worth more than $5 billion is also planned for The Barclays Center, including both residential and commercial real estate.
Why Do People Choose Brooklyn Over Manhattan?
People want to live in Brooklyn because it gets them close to coveted Manhattan. New York City has always been one of the most expensive places to live in the United States, but Manhattan is the most expensive borough. Business Insider reports that the median sale price in Manhattan is more than $2 million. As a matter of fact, a good chunk of homes areis valued well beyond $10 million. In an effort to get close to Manhattan, people turn to the ever-expanding skyline of Brooklyn for more affordable housing. After all, Manhattan is just a quick 30-minute subway ride away.
The fresh bohemia vibe is another reason those looking to live in New York City are flocking to Brooklyn. Overall, Brooklyn is diverse, but there has been a culture shift to art students, tourists, urban farmers, suburban shoppers, indie rockers, vegans, surfers, filmmakers, musicians, and other creative types. Brooklyn is the New Manhattan — it has the same vibe as Manhattan had in the 70s.
Where Are the High-Rise Apartments Popping Up?
According to Zillow, Manhattan is getting 7,000 new apartments in 2014, but that’s nothing compared to the 9,500 new apartments coming to Brooklyn. High concentrations of new high-rise developments are popping up in DUMBO, Downtown Brooklyn, and Williamsburg. They’re expected to expand to areas like Bedford-Stuyvesant and Boerum Hill soon.
Here are just a few of the new high-rise complexes in Brooklyn:- More 800 new rentals on Bergen Street in Crown Heights.
1. More 800 new rentals on Bergen Street in Crown Heights.
2. An apartment tower called, “Avalon Willoughby West,” in Downtown Brooklyn.
3. A third Northside Piers tower along the waterfront in Williamsburg with more than 500 units.
4. The Atlantic Yards project near the Barclays Center.
5. The affordable 774-unit Gowanus Green complex in Brooklyn’s Superfund canal.
All of these new high-rise complexes are breathing new life into Brooklyn. Its skyline is changing fast, and its population is climbing steeply. Now is the perfect time to grab a piece of Brooklyn.