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brooklyn

Brooklyn on the Rise

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Brooklyn on the Rise

While things are moving slower in the Manhattan luxury market, Brooklyn’s market is rising. One should note that what defines the luxury market in Manhattan is a price of $10 million plus and in Brooklyn is a price of $2 million plus.

In October alone, 34 contracts were signed for condos, co-ops and townhouse in Brooklyn, priced at or over $2 million. What is interesting to note about October, was the sales market was predominately dominated by brownstones. They tend to sell at a lower price per square foot than their condo counterparts. The average price per square foot is approximately $1200. The stretch of brownstone from Brooklyn Heights to Cobble Hill were the borough’s rising star. Brooklyn Heights led the charge with an average asking price of $3.8 million and a total of $26.6 million in sales. Cobble Hill not to be outdone followed with 18.6 Million in sales.

Even though the L train is shutting down, Brooklyn is still on the rise.

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Queens Becoming Brooklynized

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Queens Becoming Brooklynized

Long ago, Brooklyn was the refuge to those who couldn’t afford he sky high Manhattan prices. But not anymore. Queens is in the process of becoming “Brooklynized” by young professionals, hipsters and individuals trying to escape Brooklyn’s high rent. The shut down of the L train has also added to the influx of people headed to Queens. Woodside, Sunnyside, and Astoria have all had an increase to population according to U.S. Census Bureau. In 2015, Queen’s population grew by 16,700.

The median rental price for a Long Island City studio apartment is $2,425, a 1 bedroom is $2,889, a 2 bedroom is $3450. These prices are all more practical than the ones in Brooklyn, where the average monthly rent is nearly $3000 and above.

The trade off for cheaper rent is a slightly longer commute. Jackson Heights has seen an influx of people who can’t afford to live in Manhattan or Brooklyn. Jackson Heights is very convenient as there is a mass transit hub located there, and getting into Manhattan is relatively fast. Jackson Heights also has older building stock. Many of the apartments and co-ops in their extensive historic district feature private gardens.

With the influx of people heading into Queens, and gentrification landing on their shores, what will become of Queens? 

Image from momentcaptured1

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How will the L Train shutdown affect us?

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How will the L Train shutdown affect us?

The MTA’s plan to shut down the L train in 2019 for repairs has sent those living along the line in Brooklyn on a quest to find new places to live. A report by Ariel Property Advisors states that search will take them to Queens, especially along the 7 line. The “L train effect” saw residential growth along the line in Brooklyn, is predicted to happen in Queens.

Long Island City is already established as an in demand neighborhood.  The report states the city’s next hot spots are going to be Sunnyside, Woodside, and Jackson Heights. Rent and home prices have already increased according to the report. Home prices in Sunnyside increased from $168 to $426 per square foot during the last 4 years; in Woodside prices increased $132 to $306 per square foot; Jackson Heights $170 to $302; Elmhurst $204 to $258; and Flushing $190 to $293.

With each of these upcoming neighborhoods, each one has a very distinct sound, flavor and feel. Just like the artists who went to Williamsburg seeking cheaper places to live, these neighborhoods each offer something different.  Sunnyside is incredible diverse, with a population of Armenians, Romanians, Indians, Bangladeshis, Chinese, Koreans, Colombians, and Ecuadorans living there. It’s quite and safe neighborhood with better than average schools.  Woodside has a diverse population of Asians, and Hispanics, and a plethora of Irish bars, giving it a bit more nightlife. Jackson Heights also incredibly diverse, boasts a large Indian, South American, and South Asian community, and one thing that the other areas don’t have, an older building stock. Many of the apartments and co-ops in their extensive historic district feature private gardens.

With an increase in residents, there will be an increase in subway ridership as well. Long Island City saw the greatest growth, 18% increase since 2011. Other neighborhoods see an increase in ridership as well.

Another factor adding to residential growth in Queens is the opening of Cornell Tech on Roosevelt Island. There will be an influx of students, and those working at the school.

Other experts expect prices to drop in areas serviced by the L line, but rise in other areas such as Greenpoint and Bed-Stuyvesant, which have other train options.

Much of Western Queens is already dense with existing housing, unlike Williamsburg and Bushwick which had a large number of industrial buildings perfect for residential conversion. Queens won’t see the same kind of new developments as Brooklyn did. There won’t be any huge towers but a lot of upgrades to existing buildings. Will Queens become the go to spot?

Where do you think the next hot spot will be? Queens? Brooklyn?

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