Introduction to NYC’s Real Estate Hot Spots
Dozens of forgotten NYC neighborhoods have become real estate hot spots, with home prices doubling — or more — over the past decade, a new report revealed.
The Biggest Price Boom: Two Bridges
Two Bridges, nestled between the Brooklyn and Manhattan bridges, saw the biggest price boom, with median home sales skyrocketing 288% from $423,000 in 2014 to more than $1.6 million in 2024, according to PropertyShark.
The whopping growth is from high-end real estate developments like One Manhattan Square, a waterfront skyscraper at 225 Cherry St. where a penthouse rents for a mind-boggling $45,000 per month, according to the report’s author, Eliza Theiss.
Transformation of Two Bridges
“Major high-end projects like this rapidly transformed the area,” Theiss told The Post. “Community resistance was overwhelmed by luxury expansion.”
Neighborhoods with Steep Price Climbs
Neighborhoods with the next steepest price climbs are on peninsulas — including Queens’ Breezy Point and Hamilton Beach, and Brooklyn’s Red Hook and Gerritsen Beach.
Breezy Point and Hamilton Beach
Breezy Point, an enclave which sits on the western end of the Rockaway peninsula, saw median sale prices grow 192% in the last decade, from $248,000 in 2014 to $725,000 in 2024.
Hamilton Beach, on a strip of land north of Jamaica Bay, saw prices surge 172% from $170,000 in 2014 to $462,000 in 2024.
Breezy Point, an enclave which sits on the western end of the Rockaway peninsula, saw median sale prices grow 192% in the last decade, Aurora East Media – stock.adobe.com
Red Hook and Gerritsen Beach
Red Hook, a southern Brooklyn community that reaches into the Upper New York Bay, also saw a 150% increase in its median home sale prices, from $790,000 10 years ago to an eye-popping $1.975 million last year.
Red Hook also saw a 150% increase in its median home sale prices, from $790,000 10 years ago to an eye-popping $1.975 million last year. Felix Mizioznikov – stock.adobe.com
Gentrification played a factor in Red Hook’s booming popularity, said Theiss, as well as that of Gerritsen Beach, located on a sliver of land between Gerritsen and Shell Bank creeks, where the median home sale price climbed 136%, up to $520,000 from $220,000 a decade ago.
The Impact of Price Increases
The impact is “increasingly polarizing,” she noted, adding “affordability is quickly vanishing.”
Neighborhoods with Decreasing Median Sale Prices
On the other hand, seven Big Apple neighborhoods – six of them in Manhattan – saw median home sale prices dip over the same timeframe.
Tudor City
Tudor City, an apartment complex that consumes the area between East 40th and 43rd streets and First and Second avenues, took the greatest hit, with prices falling 17% from $402,000 in 2014 to $335,000 last year.
SoHo and Flatiron
Median sale prices in the ritzy SoHo have shrunk 6% since 2014, from $3.4 million to $3.2 million and, in Flatiron, they’ve decreased 6% from $1.54 million to $1.48 million. Condos in the posh areas cost more in 2024 than they did in 2014, while co-ops grew less expensive over the same period.
Conclusion
The NYC real estate market has seen significant changes over the past decade, with some neighborhoods experiencing tremendous growth in median sale prices, while others have seen decreases. As the city continues to evolve, it will be interesting to see how these trends impact the affordability and accessibility of housing for New Yorkers.
FAQs
Q: Which NYC neighborhood saw the biggest price boom in the last decade?
A: Two Bridges saw the biggest price boom, with median home sales skyrocketing 288% from $423,000 in 2014 to more than $1.6 million in 2024.
Q: What factors contributed to the growth in median sale prices in neighborhoods like Breezy Point and Hamilton Beach?
A: The implementation of flood mitigation and other environmental protection measures, as well as the shift to remote work trends during the pandemic, contributed to the growth in median sale prices in these neighborhoods.
Q: Which neighborhoods saw a decrease in median sale prices over the last decade?
A: Seven Big Apple neighborhoods, including Tudor City, SoHo, and Flatiron, saw a decrease in median sale prices over the last decade.
