This borough emerges as the place to be
The Brooklyn real estate market is smoldering, brokers say.
The market is “very hot,” said Cornelia H. Van Amburg of Stribling & Associates. “Well-priced apartments sell after the first open house or week.”
Corcoran senior associate Eve Levine agrees.
“The Brooklyn market is on fire,” she said. “Properties are moving left and right, and Brooklyn is becoming a first choice for many buyers.”
Fire seems to be the theme. When asked how she would describe the Brooklyn market, Jamella Swift, Senior Associate Broker at Citi Habitats put it simply.
“FIRE! The people on the island [Manhattan] have found out our secret and are moving here in droves for rentals and for sales,” she said.
Jerry Minsky, senior vice president at Prudential Douglas Elliman, sees it as more of a comeback.
“In conjunction with the New York City market, the Brooklyn market is experiencing a paced and steady comeback,” Minsky said.
“Specific to our region, [the Brownstone and downtown markets] are growing as a result of the population boom that we have been continuing to experience since the early 2000s.”
Libby Ryan, a senior vice president at Brown Harris Stevens, also views the market in Brooklyn as coming back.
“The historic areas of Brooklyn are seeing a resurgence of interest by buyers recovering from the effects of the financial crisis,” Ryan said. “Even in the higher price ranges, we have had bidding wars and seen houses go over the asking price. Also, the difference between Brooklyn prices and Manhattan prices has narrowed.”
Jessica Buchman, a senior vice president at Corcoran, attributes the area’s popularity on amenities and quality of buildings and developments.
“Brooklyn is and remains one of the hottest markets,” she said. “Everyone seems to want to be here. Buyers talk about the wholesome vibe, the low-key pace and the sophisticated amenities. The neighborhoods are as distinct as they are in Manhattan and all have winning attributes. We have gorgeous full-service buildings with water views in Williamsburg, Park block mansions in Park Slope and Fort Greene, prewar cozy co-ops in Prospect Heights and Clinton Hill. The housing stock is remarkable.”
Phyllis Norton-Towers of Brown Harris Stevens Brooklyn names three main attributes for a strong market.
“The market is strong due to the lack of inventory, continued influx of young professionals and international clientele,” she said.
Sarah Burke, executive vice president/director of sales at Prudential Douglas Elliman, said the variety of neighborhood within the borough is another major draw.
“Each neighborhood seems to have its own special something,” she said. “The ever-changing growth of Williamsburg, the tree-lined brownstone streets of Brooklyn Heights, the culture in and around Prospect Park.”
Brooklyn is now serious competition for Manhattan, some brokers say.
“Brooklyn has come into its own and is now a preferred destination,” said Halstead
Property’s executive director of sales for Brooklyn, Roberta Benzilio. “It will soon rival
Manhattan in status, style and maybe even sensibility. There are many different neighborhoods to choose from to fit literally every budget, size and lifestyle.”
In addition to traditionally popular areas, newer luxury buildings are starting to take center stage in this popular borough. The new high-rise Arias, in the heart of Park
Slope, offers a degree of luxury to the borough. This boutique 12-story building features a professionally decorated leasing center and model unit by Cathy Hobbs, founder of apherea inc. and former host and executive producer of Metro Residential TV. Arias is joined by the Residences at the Williamsburg, 175 Kent, Factory Lofts and Olive Park.
Then you have One Hanson Place, also known as the Williamsburg Savings Bank, a historic landmark. One Hanson is surrounded by some of Brooklyn’s finest cultural institutions— the Brooklyn Academy of Music, the Brooklyn Museum and the Brooklyn Botanic Garden.
Historic converts seem to be an emerging trend in the area; Kirkman Lofts was converted from a historic soap factory, Kirkman & Son, at 37 Bridge St. The development features unique floor plans, the original steel silos and even three townhouse units.
Dumbo’s new rental building, 25 Washington, is another new hot spot, firmly establishing the neighborhood as an area that is attracting potential buyers and renters en masse.
Downtown Brooklyn is another hopping area, with developments like the condo towers Oro and Toren, and rental buildings like the Brooklyner, 80 DeKalb and BKLN Gold.
A townhouse listed by Corcoran senior vice president Jessica Buchman at 409 Eighth St. in Park Slope for $3,195,000.
A co-op at 404 6th Ave. in Park Slope, listed by Corcoran senior vice president Jessica Buchman for $849,000.