New York City | Neighborhoods
Brooklyn Edit
A new way to find and compare similar neighborhoods.
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Purchase (co-op): N/A

Purchase (condo): N/A

Rent (1BR): N/A

Commute to Midtown: 53 mins

Douglaston Edit

Contains: Doug Bay, Douglas Manor, Douglaston Hill, Douglaston Park, Winchester Estates

Purchase (co-op): N/A

Purchase (condo): N/A

Rent (1BR): $1,300/mo

Commute to Midtown: 61 mins

Glendale Edit

Contains: Evergreen, Liberty Park, Lower Glendale, Middle Glendale, Upper Glendale

Purchase (co-op): N/A

Purchase (condo): N/A

Rent (1BR): N/A

Commute to Midtown: 62 mins

Howard Beach Edit

Contains: Hamilton Beach, Howard Beach, Howard Park, Lindenwood, Old Howard Beach, Ramblersville, Rockwood Park, Spring Park

Brooklyn is the second-largest borough of New York City, with 71 square miles. It is the most populous borough, with 2.5 million residents (more than Queens' 2.2 million or Manhattan's 1.6 million), 30.7% of the city’s total population. If Brooklyn were an independent city, it would be the fourth-largest city in the United States after the rest of New York City, Los Angeles, and Chicago.

Brooklyn has gradually evolved from a less-desirable but more-affordable alternative to Manhattan to an equally-desirable (and increasingly pricey) rival. Just as not all of Manhattan's neighborhoods offer the same lifestyle and amenities, Brooklyn's revival has also been equally uneven. The Brooklyn neighborhoods that have seen substantial increases in property values are mostly directly across the river from lower Manhattan or near Prospect Park. A notable exception is Coney Island to the far south.

Brooklyn Heights was the first neighborhood to be designated a historic district by the Landmarks Preservation Commission in 1965, and Park Slope began to recover in __DATE__. The "South Brooklyn" neighborhoods - those closest to Manhattan (including Cobble Hill, Carroll Gardens, and Boerum Hill) - have been among the first to gentrify. (As an aside, "South Brooklyn" is geographically misleading: historically, it referred to an area that was in the southern portion of the city of Brooklyn rather than the entire borough. So, the South Brooklyn neighborhoods are geographically in northwest Brooklyn, and just south of Downtown).

It was not until the mid-1990s that rising housing prices in Manhattan forced people to consider Williamsburg. There had been a psychological barrier about crossing the East River into a different borough, despite the fact that Williamsburg was only one stop on the L train away into Brooklyn. Dumbo did not become hot until ____, and even Greenpoint only began to emerge around 2009. The buzz surrounding Crown Heights, Bedford-Stuyvesant and Bushwick began around 2008-2011.

HOUSING STOCK

Broadly speaking, Brooklyn is developed at a lower density than Manhattan, with Midwood, the appreciation is much more modest, in the single digits.

Investors, not residents, are driving property sales. According to Zero Hedge as of 4Q2013, 70% of Brooklyn property sales were to hedge funds and investors. Only about 30% were residents. In other words, a part of the rise in prices has not been to an improving economy, but has been due the REO-to-Rent program, foreign investors who see NYC real estate as a stable place to park funds, and large private equity and real estate investment firms. The Blackstone Group and Colony Capital have bought billions of dollars’ worth of single-family houses in some of the areas most affected by the housing collapse. The goal for these investors is not to buy and flip the properties for a quick profit à la real estate bubble of the early 2000s. Instead, they are hunting for steady, dividend-like returns they believe can be earned by renting out the homes.

DECLINING NEIGHBORHOODS

The Atlantic noted that more than half of Brooklyn's neighborhoods have actually seen their property values grow much more modestly, or even decrease. Moving east towards Brownsville, Canarsie, and East Flatbush, property values have declined by double digits. The three neighborhoods that have seen the biggest declines are Cypress Hills, East Flatbush, and Flatbush, according to The Atlantic.

Brooklyn's recovery has been uneven - some neighborhoods have seen declining housing prices. Capital New York reported that five of the city's ten poorest census tracts were in Brooklyn, including two in Brownsville. The city's poorest census tract is in <"/neighborhoods/180">Coney island, where the average income was $9,500 in 2011. Neighborhoods including Cypress Hills, East Flatbush and East New York have seen populations grow as residents are priced out of gentrifying neighborhoods closer to Manhattan. A more detailed list of neighborhoods with declining property values can be found here.

Declining neighborhoods may decline further, as they become attractive as centers of social services. The Brooklyn Bureau reported that high-poverty communities have inexpensive spaces that are financially enticing to social-service providers. Most homeless shelters are in low-income, high-unemployment neighborhoods of the Bronx and Brooklyn, East New York had nine shelters in 2011, but six of Brooklyn’s 18 community districts had even more: Bedford-Stuyvesant (especially the Ocean Hill sub-neighborhood) had 25 shelters and Brownsville had 19. There are also a significant concentration of these in Jamaica, Queens.

Industrial zones are preventing conversions to hotel, retail, or residential uses. The industrial zoning was intended to keep real estate prices low, but as of 2009, industrial rents are up to $18 per square foot, which is double the price in 2000, according to the Real Deal. The New York Times noted that hotels, retail, and residential uses are encroaching on the industrial zones established in 2004. A recent New York Industrial Retention Network report says that although residential conversion is prohibited in 16 areas in the outer boroughs LIST THESE (does this have an adverse effect on property values?, non-industrial businesses are setting up shop.
* CREATE A MAP OVERLAY OF THE INDUSTRIAL ZONES TO THE INDIVIDUAL NEIGHBORHOODS, AND ADD THIS TO THE INDUSTRIAL LIST:
http://www.nycedc.com/sites/default/files/filemanager/Resources/Economic_Data/borough_update/BrooklynBoroUpdate_June2013.pdf