PropertyShark<\/a>.<\/p>\nThe 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\u2019s author, Eliza Theiss.<\/p>\n
Two Bridges, nestled between the Brooklyn and Manhattan bridges, saw the biggest price boom, with median home sales skyrocketing 288% in the last decade. Alamy Stock Photo<\/p>\n
\u201cMajor high-end projects like this rapidly transformed the area,\u201d Theiss told The Post. \u201cCommunity resistance was overwhelmed by luxury expansion.\u201d<\/p>\n
Neighborhoods with the next steepest price climbs are on peninsulas \u2014 including Queens\u2019 Breezy Point and Hamilton Beach, and Brooklyn\u2019s Red Hook and Gerritsen Beach.<\/p>\n
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.<\/p>\n
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.<\/p>\n
These waterfront areas took a hit when Hurricane Sandy landed in 2012, wreaking havoc on real estate and environmental protection infrastructure, according to Theiss.<\/p>\n
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 \u2013 stock.adobe.com<\/p>\n
But the implementation of flood mitigation and other environmental protection measures in the areas saw wealthy real estate investors notice the opportunity, and they swooped in, she said.<\/p>\n
\u201cDisaster recovery efforts raised the neighborhoods\u2019 safety and appeal,\u201d she explained.<\/p>\n
And when the pandemic hit in 2020, the shift to remote work trends opened up the demand for less transit-accessible, waterfront areas, Theiss noted.<\/p>\n
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.<\/p>\n
Gentrification played a factor in Red Hook\u2019s 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.<\/p>\n
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 \u2013 stock.adobe.com<\/p>\n
And in Gerritsen Beach\u2019s case, its neighbors \u2013 the popular Marine Park and Sheepshead Bay areas \u2013 helped to funnel interest in the coastal nabe, as a result of what Theiss called \u201ca spillover effect.\u201d<\/p>\n
The impact is \u201cincreasingly polarizing,\u201d she noted, adding \u201caffordability is quickly vanishing.\u201d<\/p>\n
On the other hand, seven Big Apple neighborhoods \u2013 six of them in Manhattan \u2013 saw median home sale prices dip over the same timeframe.<\/p>\n
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.<\/p>\n
Historical preservation restrictions, relatively small space offerings and its seclusion from the rest of Manhattan are just a few reasons why Tudor City\u2019s popularity among investors have plummeted, Theiss noted.\u00a0<\/p>\n
Median sale prices in the ritzy SoHo have shrunk 6% since 2014, from $3.4 million to $3.2 million and, in Flatiron, they\u2019ve 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.<\/p>\n","protected":false},"excerpt":{"rendered":"Dozens of forgotten NYC neighborhoods have become real estate hot spots, with home prices doubling \u2014 or more…\n","protected":false},"author":3,"featured_media":60664,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[5229,1121,43851,43852,5418,5249,5248,405,403,5226,5225,5228,5227,4413,4329,10204,67,586,132,5230,68,2969],"class_list":{"0":"post-60663","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-america","9":"tag-brooklyn","10":"tag-gentrification","11":"tag-hurricane-sandy","12":"tag-luxury-real-estate","13":"tag-manhattan","14":"tag-metro","15":"tag-new-york","16":"tag-new-york-city","17":"tag-newyork","18":"tag-newyorkcity","19":"tag-ny","20":"tag-nyc","21":"tag-queens","22":"tag-real-estate","23":"tag-residential-real-estate","24":"tag-united-states","25":"tag-united-states-of-america","26":"tag-unitedstates","27":"tag-unitedstatesofamerica","28":"tag-us","29":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/114842590588365913","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/60663","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=60663"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/60663\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/60664"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=60663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=60663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=60663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}