New York Rents Proceed to Slide, Whereas Gross sales Rebound in Brooklyn

The gross sales market, too, has a protracted method to go, however there are brilliant spots in Brooklyn and Queens.

Each Brooklyn and Queens reached new median sale worth information within the final quarter of 2020, as extra patrons regarded past Manhattan for extra space at comparatively decrease costs.

The median sale worth reached $875,000 in Brooklyn, up 9.4 % from a yr in the past, and $668,000, a 9.5 % leap, in Queens. The median sale worth in Manhattan was $1.05 million, up 5 %, however principally due to an uptick in new luxurious gross sales — the starter and resale markets have been anemic, Mr. Miller mentioned.

Rising curiosity within the boroughs exterior of Manhattan, just like the gross sales surge seen in suburbs surrounding the town early within the pandemic, may counsel a everlasting shift within the shopping for patterns of New Yorkers, a lot of whom now have much less purpose to recurrently journey to Midtown for work — and Brooklyn has been a significant beneficiary.

“It felt like one thing from 2006,” mentioned Kristina Leonetti, a Compass agent who engaged in various bidding wars in Brooklyn final quarter, paying homage to the shopping for rush earlier than the Nice Recession. “We didn’t anticipate this type of response.”

In a brand new report, StreetEasy predicted that eight out of 10 neighborhoods to look at in 2021, based mostly on person site visitors and gross sales and rental costs, will probably be in Brooklyn. The highest markets included Greenpoint, Prospect Lefferts Gardens, Flatbush and Greenwood.

Brooklyn’s recognition has partly been on the expense of Manhattan, the place longtime renters, enticed by close to record-low mortgage charges and comparatively reasonably priced costs, are looking for offers, with much less consideration for commute time to Manhattan.

In Brooklyn, “we noticed heightened exercise within the $500,000 to $2 million vary and, not coincidentally, that’s the place we noticed diminished exercise in Manhattan within the fourth quarter,” mentioned Garrett Derderian, the director of market intelligence for the brokerage Serhant.

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