Manhattan vs. Brooklyn – The Prices (Q2 2014)

Curious as to how the numbers stack up in Manhattan and Brooklyn? Here’s an infographic to give you a basic overview, based on Corcoran’s most recent quarterly reports for both boroughs. (Click here to view the full Manhattan Report and click here to view the full Brooklyn Report.)

Q2 2014 Manhattan Infographic Test 1

 

Q2 2014 Brooklyn Infographic

As you can see, things have cooled off just a bit in both boroughs in terms of total transactions – closed sales were down 10% in Manhattan versus Q2 2013 and down 16% in Brooklyn for the same period. But the market is still quite strong, as prices continue to increase – the median in Manhattan is $920,000 compared to $865,000 last year this time; in Brooklyn the median price is $525,000 compared to $515,000 last year.

Although overall numbers can be helpful, it’s important to dive a little deeper to get the full story. Let’s see how median sales prices for co-ops and condos stack up in various areas in Manhattan and Brooklyn.

Manhattan

Neighborhood Co-op Condo
East Side $895,000 $1,300,000
West Side $860,000 $1,355,000
Midtown $610,000 $1,223,000
Downtown $727,000 $1,835,000
Uptown $399,000 $508,000
FiDi/Battery Park City *** $935,000

 

Brooklyn

Neighborhood Co-op* Condo
Williamsburg/Greenpoint** $305,000 $925,000
Brooklyn Heights/Cobble Hill/Dumbo/Downtown $579,000 $1,200,000
Park Slope/Gowanus $668,000 $980,000
Fort Greene/Clinton Hill/Prospect Heights $515,000 $787,000
Carroll Gardens/Boerum Hill/Red Hook $800,000 $1,195,000
**One thing to note – although Williamsburg has co-ops, the low number makes them statistically insignificant versus condos.

Downtown Manhattan still leads the pack when it comes to highest condo prices, but surprisingly, it’s not the leader in median co-op prices – the East Side takes that crown followed by the West Side. You’ll also notice that some areas of Brooklyn are now getting very close to Manhattan in median condo prices.

On the whole, median prices are still quite a bit lower in Brooklyn than they are in Manhattan, but increasingly, if you’re trying to decide between the boroughs, it’s more about where in Brooklyn you want to be verus where you’d want to be in Manhattan.

Do you have more questions about the market? Feel free to contact me. I’m always happy to help!

Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group – Village Office
212-937-1647
nikki.thomas@corcoran.com

 

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