Dozens of forgotten NYC neighborhoods have become hot spots of real estate, with the prices of duplicates – or more – over the past decade, a new report revealed.
Two bridges, located between Brooklyn and Manhattan Bridges, saw the largest price boom, with average sales of homes growing $ 288% from $ 423,000 in 2014 to more than $ 1.6 million in 2024, by property.
Great growth is from developing high -level real estate such as a Manhattan Square, a water skyscraper at 225 Cherry St. Where a rented pentouse for a mind that cheats $ 45,000 a month, according to the author of the report, Eliza Theiss.
“High -level main projects like this quickly transformed the area,” Thess the Post told. “Community resistance was defeated by luxury expansion.”
Neighborhoods with future climbing the steep prices are on the peninsula – including Breezy Point to Queens and Hamilton Beach, and Red Hook to Brooklyn and Gerritsen Beach.
Breezy Point, an enclave that sits on the western edge of the Rockaway Peninsula, saw average sales prices rising 192% in the last decade, from $ 248,000 in 2014 to $ 725,000 to 2024.
Hamilton Beach, on a land belt north of Jamaica Bay, without prices that flowed 172% from $ 170,000 in 2014 to $ 462,000 in 2024.
These water waters were taken when Hurricane Sandy landed in 2012, wreaking havoc on real estate and environmental protection infrastructure, according to Theiss.
But the implementation of flood mitigation and other environmental protection measures in the areas saw that wealthy real estate investors notice the opportunity, and they went inside, she said.
“Attempts to recover the disaster raised the safety and appeal of neighborhoods,” she explained.
And when the pandemia struck in 2020, the relocation to the distance work trends opened the demand for less accessible transit areas in the waters, noted theiss.
Red Hook, a southern Brooklyn community that reaches New York’s upper bay, also without a 150% increase in average home sales prices, from $ 790,000 $ 10 years in the eye of $ 1,975 million last year.
Gentification played a factor in Red Hook’s flourishing popularity, Theiss said, as well as that of Gerritsen Beach, located on a large land between Gerritsen and Shell Bank Creeks, where the average home sale price climbed to 136%, up to $ 520,000 from $ 220,000 in decades.
And in the case of Gerritsen Beach, its neighbors – the well -known areas of the Sheepshead Naval Park and Gulf – helped in the interest of the coastal Nabe, as a result of what Theiss called “a spill effect”.
The impact is “increasingly polarizing”, it noted, adding “affordability is quickly disappearing”.
On the other hand, the seven major Apple neighborhoods – six of them in Manhattan – saw the average home sales prices plunge in the same time frame.
Tudor City, a complex of apartments that consumes the area between the 40th and 43rd roads of birth and the first and second roads, received the largest hit, with prices that fell 17% from $ 402,000 in 2014 to $ 335,000 last year.
Historical preservation restrictions, relatively small spatial offers and its isolation from the rest of Manhattan are just a few reasons why Tudor City’s popularity among investors has fallen, noted theiss.
The average sales prices in Ritzy Soho have reduced 6% since 2014, from $ 3.4 million to $ 3.2 million and, in Flater, they have reduced $ 1.54 million to $ 1.48 million. Condos costs more in 2024 than those in 2014, while co-op increases less expensive for the same period.
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