Recently, Neila Deen, our director of sales and business development, was asked to talk about her “next hottest nabe” for the NY Daily News’ “Ask A Broker” column.
This question made for a great article, and also sparked some intense discussion around the office. While everyone has their personal favorite up and coming area, we managed to stop arguing about the price per square foot in Brooklyn versus the Upper East Side long enough to put together a list of New York City’s next hottest neighborhoods.
Bushwick (Brooklyn) – While most of downtown Brooklyn has already seen new development and price jumps, a good value can still be had in Bushwick. Williamsburg became hot because is was a short ride on the L to the East Village, and the same logic applies to Bushwick’s close proximity to Williamsburg, which has become the new epicenter of cool. With it’s close proximity to Williamsburg and easy subway connections for commuters, Bushwick is well on its way to being the next big thing.
Yorkville (Manhattan) – While first time buyers have been deserting Manhattan in favor of Brooklyn, and with prices skyrocketing in areas like Williamsburg and Dumbo, Yorkville is poised for a comeback for those who want an easy commute and great housing stock. With some of the lowest prices per square foot in Manhattan below 96th Street, and the Second Avenue Subway under construction, now is the time to buy.
Grand Concourse (Bronx) – Recently designated landmark status, a grand history, Yankee Stadium and a huge concentration of Art Deco architecture make the Grand Concourse area of the Bronx a neighborhood ready for a resurgence. Prices are very low and could see a significant increase as the city implements redevelopment plans including a waterfront park, lofts, shops, hotel and recreation. And where else can you get a renovated classic 7 with open views for $300K? With excellent transit options already in place, the Grand Concourse has major “hot nabe” potential.
Red Hook (Brooklyn) – Ikea and Fairway Market have already set up shop here. There’s prime, waterfront property available for luxury development. The biggest stumbling block at this point is the Culver Viaduct Rehabilitation project, which has the subway to Red Hook shut down until 2012. Red Hook’s potential is contingent upon this project wrapping up in a timely fashion and subway service being restored to the area.
Clinton Hill (Brooklyn) – Another favorite neighborhood for families, Clinton Hill is seeing a rapid upswing in retail and residential development as well as renovation on many of the brownstone lined streets. Neighborhood schools have active parent participation, and the area is still relatively quiet and family friendly. With close proximity to trendy amenities in Downtown Brooklyn and Fort Greene, Clinton Hill is well on its way.
Greenpoint (Brooklyn) – Formerly an industrial area, Greenpoint was rezoned by the city in 2005 to provide for conversion to residential and retail. Home to McCarren Park, extensive luxury developments, and proximity to other, well-established areas of Brooklyn (namely, Williamsburg), make Greenpoint an attractive buy.
LIC (Queens) – Long Island City boasts a tremendous amount of prime waterfront, luxury development, studio space and art galleries. Restaurants and retail continue to flood the area and the streets are filled with stroller pushing families. Commuting to midtown Manhattan is a breeze, making LIC a no-brainer.
Sunnyside (Queens) – Nestled between LIC, Astoria, and Woodside, Sunnyside is only a 15 minute subway ride to midtown, but has a very strong residential feel. For those that want quiet residential streets, but to still have close proximities to the funky areas of Long Island City, Greenpoint and Williamsburg, Sunnyside is ideal. And with prices in Long Island City on the rise, it only makes sense that Sunnyside is next.
Rockaway Beach (Queens) – Billed as a lower cost, less bourgeois alternative to the Hamptons, Rockaway Beach is a surf town in New York City. Reminiscent of Williamsburg at the beginning of its upswing, Rockaway Beach has a young, hip vibe, with cheap property. Restaurants, food stands and nightclubs continue to open up as demand increases, and word is spreading that Rockaway Beach is a cool destination accessible by the A train.
Flatiron (Manhattan) – The Flatiron neighborhood is the epicenter of New York’s white hot Silicon Alley, and with the New York Tech scene now overtaking Boston as the second biggest start-up area, this neighborhood is on the rise. Fueled by venture capital, the companies are hiring at a pace that exceeds the rest of the city, and have attracted great services, restaurants and amenities to an area that used to play second fiddle to it’s neighbors Gramercy and Chelsea. As hot as the Flatiron neighborhood has been, it will only get better in 2012.