If you pay any attention to the New York City real estate market, you’re well aware of the skyrocketing prices throughout the five boroughs. But most recently, word on the street is that Brooklyn, which used to offer more affordable housing options, has caught up with Manhattan prices. Let’s take a look at how much or less it costs to live in areas of Brooklyn vs. similar neighborhoods in Manhattan.
Upper West Side vs. Park Slope
One-bedroom co-ops in the heart of the Upper West Side are plentiful, with a variety of options available in the 70s, 80s, and 90s. Most probably fall into the $600,000 to $800,000 range with about 600-750 square feet. Although Park Slope’s prices seem comparable, this Brooklyn neighborhood doesn’t have the same amount of inventory as the Upper West. Average one-bedrooms are in demand in Park Slope, so you’ll have fewer to choose from but pay close to the same price.
West Village vs. Brooklyn Heights
Although the West Village and Brooklyn Heights carry similar storybook charm, most brownstone prices in the Village are undoubtedly higher. With numerous West Village row homes priced upwards of $10 million, you can expect to pay more in the $6 million range in The Heights. According to Streeteasy.com, Brooklyn Heights does boast a handful of larger-scale townhouses (more than 6,000 square feet) above the $10 million price point. Still, the West Village remains the more expensive of the two.
Central Harlem vs. Bedford-Stuyvesant
Two-bedroom condo prices run the gamut in both neighborhoods. Larger, newer units fall in the range of $1 million or higher in Central Harlem, but you can expect to pay well under $1 million in Bed-Stuy. Both sections of town have a good number of listings on the market, but at this time, you’ll score a better deal in Bedford-Stuyvesant. Note: This section of Brooklyn also includes Stuyvesant Heights.
East Village vs. Williamsburg
Prices for a condo studio in these neighborhoods are neck in neck. Expect to pay an average of about $750,000 for a one-room apartment in these hip, happening nabes within walking distance to some of the hottest restaurants and watering holes in the entire city. Studio inventory is limited. Williamsburg takes the lead on larger apartments by a landslide, with many one-bedroom condos coming in just under or slightly higher than $1 million.
Midtown West vs. Downtown Brooklyn
Prices in Midtown West (also considered Hell’s Kitchen or Clinton) are steeper than Brooklyn’s downtown, where you should expect to pay about $500,000 for a one-bedroom co-op. A large market for pied a terres, Midtown offers a few apartments in this price range, but more spacious units exceed $1 million.
Financial District vs. DUMBO
Fi-Di takes the lead with more available listings at higher prices. Most two-bedroom condos in DUMBO fall in the $2 million range (a few hover around the $3 million mark), but the Financial District offers pricier two-bedroom options up to $10 million.