“More Manhattanites Buy Brooklyn Condos” – What About the Other Way Around?

calin — Mon, 22 Aug 2011 14:44:51 +0000

We recently released a study, first covered by Brownstoner, which revealed that Brooklyn condos are becoming increasingly appealing for Manhattan buyers, especially those priced at $1 million and above. The number of buyers of Brooklyn condos in the $1 million plus range coming from Manhattan increased by 53% in 2011 compared to 2010. But what about the number of Brooklynites moving to Manhattan? Is this number even higher?

The answer is no – there are about 5 times more people from Manhattan buying Brooklyn condos than the other way around. Brooklyn buyers accounted for only 2% of the condo purchasers in 2011 in Manhattan above the $500,000 price range, and 1.4% in the $1M+ range. There were much more people from Long Island (Suffolk & Nassau Counties) – 4.1% – than from Brooklyn who bought condos in Manhattan.

Leaving Brooklyn aside, it comes at no surprise that the bulk of Manhattan condos (67%) are bought by Manhattanites; about 8% are coming from the New York State (other than the five boroughs), 6% from New Jersey and 3% from California. This holds true (with small differences) for pretty much all price categories analyzed: $500,000+, $750,000+, and $1,000,000+.

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A staggering 224 Manhattan condos & coops currently listed for sale for over $10 million

brian — Tue, 30 Jun 2009 18:57:36 +0000

There are approximately 224 condos and coops currently listed for sale for $10,000,000 or more in the Manhattan borough of New York City, equating to billions of dollars in apartment units on the market during the current recession.

You can browse the full list at:

PropertyShark.com/mason/RFS/index.html?search_id=96240&lcl=nyc.

Examples of some of these properties include:

1) The 7000+ square foot Penthouse unit of 102 Prince Street in Soho, “near completion of its design by renowned architect Richard Gluckman”.

Sothebys has the $14,950,000 listing, featuring 5 bedrooms and 3 bathrooms.

See a floorplan at http://www.sothebyshomes.com?listingnumber=0134800

2) The $45,000,000 penthouse triplex at One Madison Park (23 East 22nd Street), encompassing over 7500 square feet with views over Madison Square Park and the city. Brown Harris Stevens has the spectacular listing.

See a floorplan at http://media.bhsusa.com/floorplans/w719103.jpg