Greenpoint tops StreetEasy’s neighborhoods to watch list
It was hardly a surprise when Williamsburg topped Streeteasy’s 10 Neighborhoods to Watch list for 2020 with its proximity to Manhattan and vibrant culture. But after a life-altering pandemic struck the city, a different Brooklyn neighborhood topped the list for 2021.
With one sole subway line, Greenpoint used to be unpopular for daily city commuters who flocked to Brooklyn to dwell. These days, with a large number of jobs going virtual, Greenpoint became ever more popular amongst movers rethinking their pandemic lifestyle.
Like its neighbor Williamsburg, Greenpoint boasts many dining options and a lively nightlife scene, but the great divide between the two was the fact that Greenpoint is only accessible by ferry, bus and the one subway line that doesn’t even enter Manhattan — the G train.
“A lot of Manhattan residents are moving to the outer boroughs, especially to Brooklyn” says Streetwasy economist Nancy Wu. “Especially with Greenpoint being fairly close to Manhattan at a similar price range.”
Wu and others on the Streeteasy team analyze different data points which include the price growth in house prices and where buyers and renters are searching the most. Wu says that Greenpoint saw a 67% surge in searches on Streeteasy from 2019 to 2020, indicating a higher demand.
The median rent in Greenpoint is $2,899, down roughly 2% from 2019. Despite the price tag not being considerably lower than Manhattan’s, Wu says Greenpoint typically offers more bang for your buck, with larger spaces for folks confined inside for longer due to the pandemic.
Beatrice Genco is a local real estate agent with Triplemint. She has also noticed the uptick in interest in the neighborhood. “For the past two years I’ve had a lot of clients wanting to move to Greenpoint” Genco says. “I’ve helped anyone from young professionals moving above a funeral parlor to expecting parents looking to move to a luxury building to raise a family. Greenpoint has it all and it’s truly a melting pot ”
Other Brooklyn neighborhoods topped Streeteasy’s list as well, including Prospect-Lefferts Gardens which came in at number 2 and Flatbush which was 4th. 8 out of the list’s 10 spots belonged to Brooklyn. Wu says the borough frequently makes the charts. Last year 6 out of the 10 spots were in Brooklyn.
Streeteasy notes the price drop of rental apartments in some neighborhoods, like DUMBO, Brooklyn’s most expensive area. “A 1-bedroom apartment initially listed for $2,800 has dropped to $2,450. A studio for $2,895 is still pricey, but, with three months’ free rent, offers a net-effective rate of $2,171” Wu cites in the report.
Many folks left their office last March for what was supposed to be a few weeks of isolation due to the novel coronavirus and turned into nearly a year of living amongst a virus that encourages reimagination of space. 2021 may bring new trends as far as where New York City residents make their home, but Brooklyn seems to always be a popular option.
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