Is investing in Brooklyn real estate a good choice?

By Annie Newman

Is Brooklyn the next Manhattan? When you hear of Brooklyn, you may think it’s only one neighborhood but Brooklyn comprises of many different neighborhoods with various cultures, lifestyles and architecture for you to choose from.  Some areas have become very exclusive and expensive. Brooklyn is geographically larger than Manhattan and many areas have wonderful water views and sceneries. Even though some parts of Brooklyn include post war buildings, there are many new developments and high rises that are newly built and offer all the modern facilities that you may need. Brooklyn is a short drive from Manhattan and many people work and commute every day between those two boroughs. One can live in Brooklyn and have an apartment that faces the Manhattan Skyline without the prices of living directly in Manhattan itself. Some Brooklyn apartments for sale may actually be as expensive as some Manhattan condos and some houses for sale in Brooklyn may be even more expensive than some found in Manhattan. Brooklyn is becoming more popular and trendy amongst young people, investors and those who desire to work in Manhattan but prefer the more quiet or affordable neighborhoods of Brooklyn.

Luxury condos in Brooklyn

One Brooklyn neighborhood that is developing quite quickly and is becoming popular among investors and residents is Williamsburg. Some people may not realize that Brooklyn also offers luxury real estate but some homes and apartments are priced and sold reflecting a true luxury market. There are luxury condos in Williamsburg that face the water and have beautiful views of the city and nicely built boardwalks and parks with access to ferries at all times of the day. Some other communities also offer single family homes or semi-detached houses that are surrounded by beautiful nature, good schools, and peaceful settings. Some apartments in Brooklyn are very spacious and you can choose a brand new construction or a completely renovated historical structure. One historic Brooklyn mansion in Prospect Park went on the market for $30 million. Not many suburbs of big cities offer such exclusive properties.

The future of Brooklyn Real Estate

A view of buildings of different styles in Brooklyn, with historic style, red-brick  low-rise building in front, and modern, glass buildings in the background.

During the Covid pandemic, some investors realized that due to certain business closures, some of the Manhattan real estate had temporarily dropped in value or prices but the Brooklyn real estate market maintained a more balanced and stable demand during that challenging period. Over time, Brooklyn homes and townhouses increased in value and the last couple of years have seen an even bigger increase in the value of real estate in Brooklyn. Many millennials keep moving from the densely populated and expensive Manhattan districts to the nearby neighborhoods in Brooklyn that are up-and-coming. Brooklyn has just as much access to public transport and subway systems as Manhattan and it is therefore very easy to reach Manhattan from there. It encourages more people to live in Brooklyn and go to Manhattan for business or entertainment. Brooklyn itself though has enough public places and entertainment venues that are attractive enough to compete with the Big Apple.

How to choose a property and neighborhood in Brooklyn

Brooklyn is one of the 5 boroughs of New York City and is an area in demand when it comes to real estate and purchasing land or residences. Brooklyn is the fastest growing borough in terms of population. There are so many condos in Brooklyn as well large homes and even mansions that offer great views, exciting lifestyles and proximity to the glamor of Manhattan. There are dozens of Brooklyn neighborhoods and choosing the right place to live is an important decision. One has to decide if they prefer to be as close as possible for work purposes to the big City, or if they prefer more quiet areas. They need to decide if they prefer certain cultural aspects of the different regions or if they prefer a certain type of architecture. Brooklyn has many respected and visited museums. Some parts of Brooklyn are definitely older and have typical post war buildings but many are renovated and quite expensive. If you prefer brand new constructions, there are many new buildings that are constantly being built. Just like Manhattan, many buildings are constructed as high rises due to the large population and the desirable real estate market. It is worth taking the time to explore the different areas of this large borough as each neighborhood has a lot to offer to its population.  

Brooklyn luxury condos are now competition to homes and townhouses

The number of luxury contracts for properties is increasing steadily in Brooklyn and many buyers are choosing to purchase luxury condos over traditional houses or townhouses in the borough. The reason for this phenomenon is that these residences are more likely to be newer constructions; they offer more special views due to their high rise nature and don’t need the renovations necessary for many of the Brooklyn homes that were built quite a few decades ago. Some of these condos have more than one floor and can offer a similar or better lifestyle than a house and includes more modern amenities. Some older houses are even included in the luxury real estate market in Brooklyn because many buyers choose to renovate them to a great extent after purchasing them. The median asking price for Brooklyn luxury apartments and condos are often in the millions. Being so close to Manhattan and even having direct views of the city contributes to the value and price range of these homes. Many other big cities in the world can offer exclusive properties and have prices to reflect them, but usually the direct suburbs are significantly less expensive. Not in Brooklyn though because being close to a city such as Manhattan is truly special as it is one of the most popular places in the world.

BARNES New York is at your disposal to guide you and help you choose the right Brooklyn apartment or residence of your dreams thanks to a strong team of experts to assist you in all aspects of your real estate goals and expectations. We look forward to presenting you with the most prestigious and exclusive properties that Brooklyn has to offer.

Contact Us

Dumbo, one of New York’s most desirable neighborhoods, continues to grow

As Dumbo, a hip and rather expensive Brooklyn neighborhood, prepares to welcome a new wave of condos, rental buildings and offices, BARNES New York gives you a quick overview.
New York is used to reinventing its neighborhoods; but the changes already made over the past 5 years, and underway in Dumbo, have propelled the neighborhood into another dimension.

Indeed, when New York artists began to flock to post-industrial Brooklyn of the 1970s, they discovered many abandoned warehouses with sweeping views of Manhattan. Today, those same abandoned streets are full of start-ups, hotels, trendy restaurants and luxury boutiques, while the roofs of old factories have been converted into rooftops with swimming pools, bars and restaurants.

Since the opening of the Empires Stores in 2016 (a transformed warehouse that includes a large selection of restaurants as well as a shopping center), Dumbo’s popularity has exploded. Soho House, a chain of hotels with a worldwide presence and access to a private club reserved for its members only, has opened its latest project “Dumbo House” in the same Empire Stores building. Other world-famous establishments, such as the Cecconi’s or Sugarcane restaurants, have also opened their doors nearby. Just a few blocks away is 1 Hotel Brooklyn Bridge, a luxury eco-hotel that houses the upscale Osprey Restaurant. All of these recent commercial projects have made Dumbo an attractive area for residents and visitors. Mechanically, the developers have invested and continue to invest heavily in the neighborhood, building on the success of recent years.

BARNES New York presents recent and upcoming projects in the Dumbo district:

  • 98 Front Street

Condominium currently under construction, and slated for delivery in Spring 2020, 98 Front offers a variety of 165 apartments, spread over 10 floors, from studios starting at $ 700,000, to 3-bedrooms starting at $ 1,855,000. All with a very nice “amenity” offer, including swimming pool, spa, rooftop, …

  • Front & York

Mixed complex made up of a rental property on the one hand, and condominiums on the other; the whole to total around 800 units, with splendid common areas spread over the entire program. Life Fitness has just signed a lease for the fitness offering. 1-BRs start just under $ 1 million; and the 3-BRs from $ 2.5M. Public sales have just started.

  • 10 Jay Street

Red brick and glass facade, 10 Jay Street was delivered last year. Originally designed for condos, 10 Jay Street was converted into an office building during construction. Indeed, a strong demand for workspaces has emerged in recent years in Dumbo, especially by start-ups that are leaving the chaos of Manhattan for the tranquility of Dumbo.

  • 181 Front Street

Rental building open since 2018.; it has 12 floors and 105 units. Although it is near capacity, there are still units available: 1-BR starting at $ 3,850, 2-BR and 3-BR over $ 6,000 / month.

  • 1 John Street

Since opening 1 John Street in 2016, purchase and rental prices in Dumbo have skyrocketed. This 42-unit micro-project had sold all of its apartments as soon as it opened. Today, you can find a few rentals and units for sale (notably a 1,500 sqft. 2-BR for $ 3M).

  • Pierhouse at Brooklyn Bridge Park

The first structure to overlook Brooklyn Bridge Park, built in 2015, was very successful due to the combination of a hotel program (1 Hotel) and a range of condominiums. All of this obviously in direct contact with the East River.

  • 168 Plymouth Street

And for a charming option, why not turn to these old paint factories turned into condominiums. Delivered in 2020, 168 Plymouth Street is a conversion of a now landmarked building; it offers forty options over five floors with very reasonable prices ($ 1,300 + / sqft.).

Dumbo is undoubtedly one of the most buoyant neighborhoods in Brooklyn today, and is even becoming one of the most desirable in New York City. Benefit from the excellent knowledge of BARNES New York, and all the more so to guide you in the constantly changing offer of New Developments.

Find the Brooklyn neighborhood that’s right for you

Whether you are new to New York or a longtime resident, searching for the best neighborhood to live in in Brooklyn is both an exciting and demanding exercise. With a more relaxed pace of life than Manhattan, thanks to its many parks, greater security, and a general feeling of calm, Brooklyn is very popular with expats, families, but also young professionals for its trendy side. With the growing attractiveness of this “borough”, many micro-neighborhoods have developed there. Here is a short guide to some of them, favorites of the French in Brooklyn, according to BARNES – Luxury Real Estate Agency for more than 10 years. This will help you find the neighborhood that suits you best.

The trendiest neighborhoods

These Brooklyn neighborhoods are very attractive to young professionals thanks to their diversity, dynamism and accessibility. They include a large number of bars, restaurants, museums and art galleries.

Williamsburg

It is undoubtedly the Brooklyn neighborhood that has experienced the most upheaval in the past 15 years. Williamsburg is Brooklyn’s pioneer neighborhood, showing its living potential and real estate value.

Connected to Manhattan by the L Line (which ultimately won’t close after years of doubt), the first stop after the East River is in the heart of Williamsburg. The neighborhood is thus ideally placed and offers a remarkable compromise: comfort, luxury and proximity to Manhattan, while remaining in the relaxed atmosphere of Brooklyn. It is easy to travel between the two boroughs, whether by metro, ferry, or bicycle. Williamsburg has a rich cultural and artistic heritage with upscale restaurants and art galleries.

The popularity of the neighborhood has necessarily been accompanied by a rise in prices. Today it is one of the most expensive neighborhoods in New York City. However, the work in progress on the L line, which could complicate journeys a bit, has tempered this increase for a time. Yann Rousseau, deputy director of Barnes New York indicates that “the announcement of the shutdown of Line L in 2015 caused a drop in real estate prices, both residential and commercial, and many businesses have closed their doors. When two months before the closure scheduled for April 2019, the Governor gave up this measure so devastating for the neighborhood, real estate immediately changed its trend and it is now again attractive to invest ”.

Dumbo

Dumbo, acronym for “Down Under the Manhattan Bridge Overpass”, has been very popular for years both for its proximity to Manhattan and for the views of its skyscrapers. Now one of the most desirable neighborhoods, Dumbo has welcomed New Yorkers who abandoned their apartments in SoHo and Tribeca for lofts, cobblestone streets, and some quiet. Very trendy district with upscale restaurants, it invites young workers and families. Many French parents have made their home in Dumbo, among others for its nursery school (The Language and Laughter Studio) which offers lessons in French. The neighborhood is also very pleasant for children thanks to the many green spaces and other attractions.

The most “family-friendly” neighborhoods

Greenery, parks, attractions, good schools… These criteria are very important for French families (and others) in New York. You don’t have to choose between a great family life or the buzz of New York City because today it is possible to have the best of both worlds in these Brooklyn neighborhoods!

Carroll Gardens

A lively neighborhood with a wide choice of shops, restaurants and bars, Carroll Gardens offers a particularly French flavor to Brooklyn. It is also a district rich in history, which retains its brownstone style with brown stone townhouses, authentic European pastry shops, as well as numerous parks and green spaces. These qualities make the neighborhood an ideal place to raise children, in particular thanks to its multiple teaching options in French: the private bilingual  International School of Brooklyn  and the public school PS58 The Carroll School which offers a French bilingual program. English. If you are looking for a private garden, this is the area of ​​choice, with its offer of brownstones, buildings often divided into luxury apartments but sometimes kept as detached houses. Moreover, “the French are largely responsible for the increase in the prices of goods located in the area of ​​the PS58 school”, confides Christophe Bourreau, director of Barnes New York.

Park Slope

By Mikeruggy – Own work, CC BY-SA 4.0

“Park Slope is a neighborhood highly coveted by families for a multitude of reasons,” says Christophe Bourreau. “The schools there are excellent, there is real diversity, family friendliness, quality parks… The district is also known for its culture and vitality”.

Indeed, many families are leaving Manhattan for the more pleasant life of Park Slope. It is famous for its pretty 19th and 20th century brown brick houses but also for its few modern buildings. “Townhouses”, “condos” and “co-ops” in well-preserved buildings characterize the neighborhood well. There is something for every taste ! Although the supply is limited and the demand for “townhouses” is high, there are many styles and prices to choose from for real estate in Park Slope.

Brooklyn Heights

This quiet and peaceful neighborhood in central Brooklyn owes its historic charm to its architecture and key location. It is the most exclusive area of the “borough”, enjoying a central position (close to Downtown Brooklyn), serene and residential streets, yet adjacent to the dynamic and well-connected main streets. Brooklyn Heights has been attracting new buyers for years, mainly young professionals and young couples looking to be close to good schools, to live in a residential environment, or simply to invest in more spacious accommodation… It also remains a value safe haven investment in the long term, due to limited inventory and strong demand.

Neighborhoods to watch closely for investment

As Brooklyn’s popularity continues to rise, other neighborhoods are emerging and developing. Watch it today as long as the prices are affordable …

Greenpoint

At the northern tip of Brooklyn, above Williamsburg, is the charming neighborhood of Greenpoint. Once a bastion of the Polish community, it has retained its industrial aspect of the end of the 19th century, when factories, glassworks and construction sites were active. Greenpoint has taken advantage of these large spaces by modernizing them. Factories and other warehouses are stylishly transformed into modern and luxurious apartments that prompt celebrities such as Sarah Jessica Parker or Paul Giamatti to move in. The area’s real estate is very attractive at the moment as prices have not yet peaked in more central areas, and are notably much lower there than in Williamsburg. Indeed, Christophe Bourreau confirms that “real estate in Greenpoint has for years been watched by many investors because the gentrification process has already started”.

In addition, another public school with instruction in French is located there, PS110, The Monitor School. The bohemian yet refined atmosphere, art galleries, trendy bars and restaurants make Greenpoint a great option. “Its proximity to Long Island City (LIC), Williamsburg and Manhattan make it an area with great potential. Amazon’s announcement to move to Long Island City immediately resulted in Greenpoint’s prices rising. Amazon has changed its mind, but it won’t be long before other companies create similar moves, ”predicts Christophe Bourreau.

Bed-Stuy

Bedford-Stuyvesant, a district in vogue today, owes its evolution to the beauty of its alleys and its “brownstown” houses. Although the price of real estate there has already risen significantly in recent years, buying and renting in Bed-Stuy is still cheaper than in Manhattan or Dumbo. This pleasant district of Brooklyn charms its visitors with its houses with gardens or its buildings not exceeding three floors. New York City has designated Bed-Stuy as a Historic District, protecting over 800 buildings! Living in Bed-Stuy therefore means that you will be able to enjoy these views every day …

Bushwick

Credit: Nicholas Doyle – nsdoyle.com

An emerging neighborhood ideal for active city dwellers looking for a more lively, evolving, and relatively inexpensive neighborhood. One of the few neighborhoods still in transition, Bushwick is a source of inspiration for artists and writers. The neighborhood remained the same until the mid-1990s, when it has since become a hub for new entrepreneurs and startups. The neighborhood began to gain notoriety when artists and designers seized local real estate opportunities to create trendy lofts and studios. The streets of Bushwick are a veritable open-air museum dedicated to street art: it is one of the few places in the United States where crowds come to contemplate the walls! In addition, the parks add a lot of recreational value to Bushwick.

“People looking for the ‘real’ Brooklyn usually find what they are looking for in Bushwick,” says Feryel Cherait of the house Barnes.

en_USEnglish
Cookie Consent with Real Cookie Banner