By: Serach Nissim
Downtown Brooklyn’s real estate is revitalizing following the devastation caused by the Coronavirus pandemic.
COVID-19 negatively impacted nearly all aspects of New York City’s economy, and real estate in downtown Brooklyn was no exception. But prices for homes in the neighborhood are on the rise again, as the city has gotten some respite from the virus thanks to the successful vaccine rollout. A study by PropertyShark released on Wednesday revealed that median prices in downtown Brooklyn have risen a whopping 79 percent this year compared to the second quarter of last year.
As reported by the NY Post, last year between April and June buyers were able to snag a bargain, with apartments available for about $765,000. Over the last three months, however, the median price has jumped to $1,368,000, the study found. The recovery is apparently underway, and in just one year, the neighborhood has moved from the 42nd most expensive in the borough, to the city’s 13th most expensive.
The PropertyShark study named the top fifty most pricey neighborhoods in NYC. It found that Hudson Yards was the number one most pricey area of the city, with median home prices at $5,710,000. The second top spot was given to Tribeca, with median home prices at $3.25 million, a 13 percent decrease year over year. Soho took third place with median prices of $2.619 million. Manhattan neighborhoods dominated most of the top ten list —with neighborhoods of Little Italy, Flatiron District, Hudson Square, West Village, and Times Square claiming spots four through eight respectively. Brooklyn’s Dumbo came in ninth on the list, and was the most expensive neighborhood in the outer-boroughs, with a median home price of $1,490,000. Manhattan’s Chelsea area was named the tenth most expensive, as per the PropertyShark data.
As per Property Shark, Brooklyn residential real estate prices increased the most sharply year-over-year, out of the five boroughs. The median sales price was $828,000, up 18 percent over the previous year, or 15 percent over Q2 2019 numbers. Brooklyn’s #2 most expensive neighborhood was Cobble Hill with a $1,385,000 median sales price, though that median price was 5 percent lower year over year. Last year, the neighborhood had made it to the top 10, claiming the spot for the city’s eighth-priciest neighborhood in 2020. Downtown Brooklyn, with its impressive jump in prices, made it to Brooklyn’s 3rd priciest area.
Activity was also up in the five boroughs, with 8,343 residential sales closed in Q2 2021, marking an 88 percent increase year-over-year, compared to the lockdown-depressed figures from the second quarter of 2020.
