My Takeaway: Buyers who want new development and more bang for their buck should consider prime Brooklyn neighborhoods, where you can now find properties with all the high-end amenities of Manhattan, but much better per-square-foot prices. Read my article on the Ryans for more on a couple who choose to buy in Brooklyn instead of Manhattan.
A number of high-profile new luxury condo developments have debuted in Brooklyn this year, many with a Manhattan-style design and high-quality aesthetic, including 51 Jay Street in DUMBO as well as the Boerum in Boerum Hill/Downtown Brooklyn. As The Real Deal reports, based on the sales activity of these new developments, luxury, full-amenity condo properties averaging $1,300 to $1,500 per square foot are in great demand here. Given the entry price point for new development in Manhattan ($2,000+ per square foot), the Brooklyn buyer pool is now deep with an increasing number of Manhattanites, West Coast transplants and foreign buyers seeking the borough out as their first choice. Prime Brooklyn—which includes Williamsburg, DUMBO, Brooklyn Heights, Boerum Hill and Cobble Hill—is seeing the majority of this luxury new product to date. These neighborhoods now represent a real alternative to Manhattan.