More To Cities Than CBDs
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Manhattan may be the center of the universe (at least according to New Yorkers), but its center of gravity is shifting slightly to the east, as renters, and thus investors, are not just tolerating but embracing Brooklyn.
Take Brooklyn, the first place people moving to NYC look for an apartment, says MNS's Dave Behin (at the Brooklyn Bridge Park carousel with daughter Marley). Manhattan apartments rent at $75/SF (and can go to $100) while Brooklyn averages $45/SF and sometimes ambles up to $75, he adds. Plus, many Brooklyn neighborhoods offer tree-lined streets and late-1800s brownstones (albeit now subdivided into five apartments). And retail is following the residents; when coffee costs $3, you know a neighborhood has made it, he says (in which case, say hello to Harlem, too).
Investors are following residents, too. Dave says five years ago, he'd have to explain to any investor why it should look at Brooklyn. Now heavy hitters like Sam Zell and Invesco own multifamily there, and Dave gets hundreds of calls per property from Russia, China, Brazil, et al. (His long distance bill must be staggering.) He's working with a Colombian buyer now. "Brooklyn," it seems, has become a household name. How 'bout them Brooklyn Nets?