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Real Estate Prices are Rising Fastest in These Manhattan and Brooklyn Areas

By Amy Zimmer | November 23, 2015 7:30am
 This roughly 1,060 square foot 2-bedroom condo at 1400 Fifth Ave. was recently listed by Douglas Elliman for $925,000.
This roughly 1,060 square foot 2-bedroom condo at 1400 Fifth Ave. was recently listed by Douglas Elliman for $925,000.
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Douglas Elliman

MANHATTAN — Upper Manhattan and eastern Brooklyn are seeing the fastest growth in real estate prices for those boroughs, according to a new report.

Manhattan and Brooklyn reached a record high for sales prices (yet again) in October, according to StreetEasy's monthly report released by the real estate listings site Monday.

Manhattan’s median resale price was $985,144, increasing 6.4 percent compared to the same time last year.

Upper Manhattan — which spans from Harlem to Inwood and Washington Heights — saw the biggest jump at 20.4 percent, growing three times faster than Manhattan’s overall market.

But that’s because there was room to grow: Upper Manhattan’s median price at $658,196 had been significantly less than other parts of the island.

The same thing happened in the rental market.

Manhattan saw median rents rise 5.6 percent to $3,158 a month, StreetEasy found. The median for Upper Manhattan rent was less than that, at $2,333 a month, but again, it saw the fastest growth at 7.7 percent.

Brooklyn saw a similar trend.

The borough’s median sales price hit $548,290, up 10 percent from the year before.

But East Brooklyn — which includes Bedford-Stuyvesant, Bushwick, Brownsville, Crown Heights and East New York — witnessed the biggest jump, up nearly 20 percent to $441,033. It is among the least expensive parts of the borough, according to the data.

Overall for Brooklyn, the median rent in October rose 3.2 percent to $2,672 a month. The median monthly rent in East New York, however, rose nearly 8 percent to $2,573.

“Upper Manhattan and East Brooklyn are having a moment, and affordability is the primary driver,” said StreetEasy data scientist Alan Lightfeldt.

“With the median price in Manhattan just shy of the $1 million mark, value has taken on even greater importance to New York homebuyers,” he added. “They’re taking their search to the neighborhoods that offer more options at a relative deal. As long as price growth continues unabated in the premier areas of Manhattan and Brooklyn, Upper Manhattan and East Brooklyn will attract even more demand.”