One of the (very) early signs that new construction is about to start is that old buildings are being demolished. In New York City, the total number of demolition permits issued in all boroughs has been on an upward trend, although it’s a slow rise.
Archives For Brooklyn Real Estate
Articles on Brooklyn real estate. Read distressed properties stats, market trends, neighborhood spotlights and more.
Last year’s waves of sales at Williamsburg’s splashiest development The Edge crowned the building as the top selling NYC building for the second year in a row.
If in 2011 Dumbo took everyone by surprise, ranking 4th in the top 10 neighborhoods, in 2012 another Brooklyn neighborhood grabbed the spotlight. Boerum Hill climbed to 6th place with a median sale price of $950,000, surpassing well known upper class neighborhoods like the Upper East Side, West Village and ultimately Dumbo.
Call it gentrification or “Manhattanization,” several parts of Brooklyn have been going through significant urban changes for more than a decade.
What this means for folks from Manhattan and elsewhere who search for a home in Brooklyn is that they can continue to enjoy life in all its cool aspects south of East River as well. The New York Times’ coverage of certain Brooklyn neighborhoods in its Fashion and Style section testifies to it.
It’s true that generally speaking, gentrification is understood as the revival of urban areas through the arrival of higher-income residents, coffee shops, upscale eateries, artsy galleries and the like. They have been flooding certain less affluent areas in Brooklyn since the beginning of the 2000s.
As home sales and median sale prices across NYC have continued to inch up in Q3 2012, Brooklyn is pulling some aces from its sleeve–Manhattan Beach has secured the #4 place in the list of the most expensive NYC neighborhoods PropertyShark completed for this quarter. Median sale prices in Manhattan Beach have spiked at 143% over the previous quarter to an impressive $1,120,000, quite close to reaching a tie with #3 on the list, the Flatiron District ($1,175,000).
This is still almost half the average price home buyers are paying in Soho, Manhattan ($2,200,000), the most expensive NYC neighborhood for several quarters in a row, and still a far cry from #2 Tribeca ($1,974,800). Dumbo, on the other hand, the other top-favorite Brooklyn neighborhood, didn’t make it on this list this quarter.
The areas with the most intense sales activity this quarter were Park Slope, Brooklyn Heights, and Downtown Brooklyn.Continue Reading...
If you’re interested in expensive homes featured in slideshows and Brooklyn, PropertyShark’s chart of the week provides you the perfect combination of the two. If last week we crowned this $88M pad as the most expensive home sale in Manhattan, this week we’re looking at how high home sales went in Brooklyn from 2005 to mid-2012. As expected, nothing comes closer to any Manhattan residential transaction, yet many of them passed the $10 million mark. Here’s what we’re talking about:
As first reported by The Real Deal, PropertyShark has launched a while back a new business and retail mapping tool covering New York City. Currently, our map covers all Manhattan’s businesses and retail stores and will soon provide those interested with a fast visual grasp of NYC’s entire business landscape.
If before, brokers and real estate investors had to do their own wandering and digging in order to find out the commercial tenants of a particular building, or how an area looks like for their business client, with this tool we’re hoping to help those interested save serious time and effort in this sense.
NYC renters with “high aspirations” (literally!), we invite you to have a look at our chart of the week, featuring the tallest residential towers in each borough in NYC. Unfortunately, the limit is not really the sky, but somewhere around 870 feet or 76 floors high. In Manhattan, at least.
870 feet is how high NYC’s (and the world’s) tallest residential tower goes. 8 Spruce Street, the Manhattan tower designed by Frank Gehry, boasts 76 floors and 890 residential units to choose from. Just be reminded that the higher you want to go, the more money you’ll have to take out of your pockets for the view—at the end of last year, rents in Gehryland were going as high as $60,000/month.