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Brooklyn’s global ‘brand’ is boosting real estate values

The Brooklyn (l.) and Manhattan Bridges connect two boroughs with skyrocketing real estate values. Bonifacio,Mark,,New York Daily News

The Brooklyn (l.) and Manhattan Bridges connect two boroughs with skyrocketing real estate values. 

“Brooklyn was easy, because we think Brooklyn is the brand. Brooklyn is iconic. It transcends the marketplace. In many respects, it’s a global name and reference.”   – Brett Yormark, the Nets’ chief executive, on why they chose the Brooklyn Nets name.

Brooklyn has become a brand of global prominence. Until quite recently a second-class borough to Manhattan and/or a stepping stone from which one would upgrade to the suburbs, Brooklyn is now a destination in its own right and internationally known.

Oakland is the Brooklyn of the Bay Area. Parisians come to New York City on vacation and head straight to Williamsburg.

The desirability of the borough, combined with the power of its image and brand, have had a huge impact on the real estate landscape. Sales prices of homes in the borough have steadily risen over the past few years, both in price per square foot and absolute terms.

Townhouses in northwest Brooklyn regularly fetch prices north of $ 3 million, and $ 4 million to $ 5 million is quickly becoming almost common for luxurious homes.

Demand has stretched far beyond the most “prime” neighborhoods as buyers have quickly discovered Bed-Stuy, Crown Heights, Prospect Lefferts Gardens, Windsor Terrace, Ditmas Park, and more.

On the new housing front, Curbed.com reported that 22,000 new apartments are on track to be introduced to the Brooklyn market by the end of 2019.

“Brooklyn was a nice way to retain that appreciation of New York without being associated with the evils of Wall Street,” said Ben Hudson, Brooklyn Brewery’s director of marketing.

“In some ways, Brooklyn is the anti-Wall Street. It’s local; it’s dirty; it’s do-it-yourself.”

On the retail front, Bedford Ave. is now the fifth priciest retail strip in the whole country, according to Brownstoner.com.

Current and upcoming retail tenants include Apple, Whole Foods, Trader Joe’s, Adidas, Amazon, New York Sports Club, Century 21, Urban Outfitters, Madewell, American Apparel, and Target.

Companies that have started in Brooklyn, such as Brooklyn Bowl, Brooklyn Industries, Brooklyn Flea and Brooklyn Brewery, have now become known across New York City and beyond.

Many from Manhattan now flock across the river to shop in Brooklyn stores, all searching for that new kind of luxury — Brooklyn luxury.

Williamsburg alone represents clearly the surge of Brooklyn growth. Over the past five years, the average price per square foot has appreciated by almost 50%. In the retail world, the average price per square foot has increased by 30% in the past two years alone.

New development is bringing to the area a collection of new luxury waterfront properties overlooking the unmistakable New York skyline.

So what is it that makes Brooklyn so desirable? As brokers who sell a lot of real estate in the borough, these are some of the trends we’ve witnessed that are driving the market.

1. City / suburb balance

Many of our clients are delaying the move to the suburbs or avoiding it altogether. They don’t want a yard to mow, two cars to maintain, and a long and exhausting commute.

However, they do want a bit more space and a bit more calm and quiet than Manhattan can offer, and Brooklyn represents a perfect compromise.

2. Community

Manhattan is one of the most exciting islands in the world with incredible real estate, but so much of it has been purchased in recent years by those who do not live here full time and prices in many areas have become out of reach. Brooklyn neighborhoods offer a distinct sense of community and character that many seek.

3. Aesthetic

Tree-lined streets, brownstones, waterfront parks, Prospect Park, pre-war buildings, industrial lofts, new glass and steel towers: Brooklyn offers a wide array of unique aesthetic options that appeal to many buyers and renters.

4. Millennials

Millennials across the U.S. are looking to live in walkable, dense environments. Manhattan is out of reach for many due to housing costs and for others it is a bit too urban. Brooklyn represents a perfect alternative just over the water.

5. Locavore / hipster / artsy = cool

When all other explanations fail, Brooklyn is simply “cool.”

Ari Harkov is a real estate broker with Halstead Property and heads up the Harkov Lewis Team, one of the top teams in the nation as ranked by the Wall Street Journal. The team, which focuses on residential sales in Manhattan and Brooklyn, works with both individual buyers and sellers and developers. Ari holds an MBA with honors from Columbia University and currently resides in Park Slope, Brooklyn, with his wife, 2-year-old son, and dog.

For more DAILY VIEWS, The News’ new contributor network, click here. nydailynews.com/tags/daily-views 

Tags:
daily views ,
new york real estate ,
bedford-stuyvesant ,
crown heights ,
prospect-lefferts gardens ,
windsor terrace ,
ditmas park

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