Brooklyn Archives | Capital CraftsmenCapital Craftsmen

March 8, 2016

Priciest & Cheapest NYC Neighborhoods for Townhouses

Owning a townhouse in New York City may be the real estate dream for many city livers, but how realistic is that ambition? It all depends on the location you’re after. If you’re one of those who can afford to combine multiple homes into one megamansion, the entirety of the five boroughs is up for grabs; but for the majority of New Yorkers, that’s not likely the case.

But for those who are still chasing that townhouse dream, the numbers were ran on prices during the month of February in more than a dozen Brooklyn and Manhattan neighborhoods, and compiled them into graph which ranks NYC neighborhoods from highest cost per square foot to lowest.

The priciest neighborhoods in each borough are hardly surprising: Greenwich Village comes out on top in Manhattan, with townhouse prices as high as $2,662 per square foot; Brooklyn Heights, of course, takes the no. 1 spot in Kings County (and is fifth on the list overall), with prices reaching $1,516 per square foot. The other top areas are the ones you’d expect: the West Village, the Upper East and West Sides, Brooklyn’s Cobble Hill, and so on.

As for the least expensive, Manhattan’s Hamilton Heights neighborhood offers the best deal for buyers, with homes averaging around $592 per square foot. At $387 per square foot, Brooklyn’s East New York is the cheapest of the neighborhoods that are accounted for, with Mott Haven in the Bronx coming in second to last. Sunset Park and Bed-Stuy are neighborhoods that are currently “on the rise” with average sale prices lower than $600.00 per square foot.

December 2, 2015

6,000+ New Apartments set for Brooklyn in 2016

Around almost every corner in Brooklyn, a new development is rising to bring more apartments to the city’s most populous borough. So it should come as no surprise that Brooklyn is leading not only New York City, but the rest of the country in the construction of new apartments.

According to Forbes, Brooklyn is expected to gain 6,073 apartments in 2016, which is a nearly unfathomable gain on the 979 apartments that hit the market in the borough this year. And 2017 is already off to a running start, too: 2,001 new apartments are already anticipated. Here’s another mind-boggling number to top all of that off: as of October, the borough’s average rent, minus concessions, was a whopping $3,823.00.

All these new apartments are needed, since existing apartments were 97.4% occupied in October and the demand keeps growing. October’s average effective rent in Brooklyn was 4.8% higher than the October 2014 average. Rental revenue impact was 5.4% more than the year before.

Brooklyn’s apartment surge is just the largest part of a New York-area apartment boom in which 24,575 new units have been identified to come to market next year. The metropolitan division, which includes Jersey City and White Plains in addition to the city, is expected to receive the most new apartments in 2016, surpassing Houston and Dallas, which have traded the top spot since 2013. The New York City area as a whole is expecting nearly 25,000 new apartments in 2016.