So what’s the New York apartment rental outlook in Brooklyn. Glad you asked. The NY Daily News did a very nice piece on exactly this questions. Click the link above to read the entire piece, or keep reading here to see some of the highlights…
The Climate For Apartments in Brooklyn:
Where’s Brooklyn at? A pretty darn good place, that’s where. The coming of the Barclays Center at the corner of Atlantic and Flatbush Aves. brings a world-class cultural institution and entertainment venue to the heart of the borough. According to real estate prognosticators and investors, values should rise in the surrounding commercial, retail and residential sectors. No longer will the borough play second fiddle to Manhattan, especially when it comes to real estate prices.
Already some neighborhoods are seeing returns. A floor-thru in a Cobble Hill townhouse rents for $3,000. Prospect Park is seeing record prices and lightning-fast sales. Fortunately, Brooklyn is very big. Emerging neighborhoods offer value as the local schools and infrastructure improve. Crown Heights, Sunset Park, Clinton Hill and Bedford-Stuyvesant haven’t come close to hitting their real estate prime. Further out, Gravesend, Bensonhurst and parts of East New York near Gateway shopping center continue to attract hardworking
Brooklyn is really moving up in price in the rental sector. Rents in Brooklyn Heights are up 23% from this time last year; that’s more than any other neighborhood in the city. Park Slope is next, up 18%, and Williamsburg is reporting a 12% increase.
The Jardin, a 33-unit rental at 142 N. Sixth St., fully leased in three weeks through open houses only. The building has an inner courtyard as pretty as a suburban backyard. One-bedrooms start at $2,769, with large loft-like studios listed at $3,079 per month. Crown Heights and Kensington are emerging as strong rental markets for local students and artists looking for space.
Prospect Lefferts Gardens bordering Prospect Park has strong deals, such as two-bedrooms in two-family homes for $1,600. A surprise in the rental market, studios in Canarsie are up as high as $1,300 per month, less than the monthly payments to own at MeadowWood at Gateway, a condo conversion sold and marketed by Fillmore Real Estate.
New Yorkers with family on their mind look to Queens to start their homeowning experience. The borough with the most green space and strong sense of community continues to hold steady as a safe place to live and put your real estate dollar. Glendale, Middle Village, Ridgewood and Woodside have good public schools, leafy streets and ethnic retail stretches where a gallon of milk is more than $1.50 less than in Tribeca. Other strong areas such as Astoria, Long Island City, Forest Hills, Long Island City and Rego Park have become top residential enclaves for young singles and families looking for the proximity to Manhattan and strong transportation. By the end of 2013, Queens should be as popular a place as Brooklyn was five years ago.
With Manhattan rents fetching all-time high prices, Queens neighborhoods are also seeing an increase in prices. Astoria, where you can rent a two-bedroom for $1,800, attracts young newcomers to New York looking for space, low rent and an international neighborhood without the hip stigma of Williamsburg. A new waterfront rental in Long Island City from TF Cornerstone, 4615 Center Boulevard, rented 220 apartments in six weeks. Studios start at $2,040.
The rental market continues to strengthen in Rego Park, Forest Hills and Woodside. Contour, from the LeFrak family, has one-bedrooms in Rego Park a few blocks from the subway for $2,025. A two-bedroom in Forest Hills near Broadway costs about $1,800. The Queens rental market is very competitive with apartments going fast in the Jackson Heights historic district and other strong neighborhoods nearby, such as Elmhurst and Woodside. If you like what you see, jump on it.