Move Over, Manhattan
Crossing the Willy B is no longer a daily ritual for many Brooklynites, we learned at the second annual Bisnow Future of Brooklyn event last week at the New York Marriott at the Brooklyn Bridge. MNS prez of investment sales and capital advisory David Behin, left, who's been doing residential brokerage in the borough since '02, says people are both living and working in Brooklyn instead. And prices are following. Hot neighborhoods like Williamsburg have peaked, according to TerraCRG prez Ofer Cohen, right, with prices landing at $60 to $65/SF. Now the rest of the neighborhoods are catching up: Bed-Stuy is now in the high $40s/SF.
"Who would have thought that a studio or one bedroom in Brooklyn could be more expensive than units in Manhattan?" asked Invesco senior director of acquisitions Todd Bassen. People once lived in Brooklyn because it was cheaper. But there's a downside: The borough is "under everything," David says. He was only a week late for signing his kids up for swimming and basketball; now they're stuck on a waiting list for over a year to get into those programs. Stay tuned for more coverage of our event tomorrow and to find out what Brooklyn needs to support this influx of residents, as more people move in than out for the first time since 1950, according to borough prez Marty Markowitz. (Perhaps some of them will revive neighborhood games of stickball and ring-o-levio.)