Brooklyn rents skyrocketing

Brooklyn is no longer the deal it once was.

Do some research before bidding ciao to Manhattan and moving to Brooklyn for historically cheaper rents. According to a January rental report by New York City residential sales and marketing firm MNS, some Brooklyn neighborhoods have higher price-per-square-foot rental rates than Manhattan.

“It’s always been the case that certain areas of Manhattan are more desirable; now, certain areas of Brooklyn are more desirable,” says Andrew Barrocas, CEO of MNS. “Williamsburg and DUMBO now have that desirability, whereas there are some parts in Manhattan that haven’t kept up.” Barrocas cites Manhattan’s Upper East Side and the Financial District as having considerably lower rents because of transport and building issues.

Amir Korangy, publisher of New York real estate magazine The Real Deal, agrees.

“While most people assume Manhattan is the most expensive borough to live in, areas like Brooklyn Heights, Cobble Hill, Park Slope and now Williamsburg are all on par with parts of Manhattan. With real estate in New York, neighborhoods tend to impact the price more so than the borough.”

As millions of development dollars flood both the Financial District and the Upper East Side, Barrocas thinks prices will rise there within five years. In Brooklyn, he predicts higher rents will spread out: “Other areas of Brooklyn will absolutely go up,” he insists.

“It’s interesting,” Barrocas adds. “Twelve years ago, people moved to Williamsburg for lower rent. Now people are moving there because they want to live there and are willing to pay premium prices.”

On the up-and-up

There’s no good news for renters in either Brooklyn or Manhattan.
   
MNS predicts rents will rise across the board in 2012. 2011 saw mean increases of 9.6 percent for a one-bed in Brooklyn, raising an average rent of $2,018 to $2,211. In Manhattan, rents generally rose by around $200 per month for a one-bed, too, but in the Financial District, less desirable buildings saw rents drop by around 3.6 percent for one-bedrooms.


News
Entertainment
Sports
Lifestyle
National

Rapper affiliate of Wu-Tang Clan 'cuts off own…

Rapper Andre Johnson, who has performed with New York outfit the Wu-Tang Clan, is in a critical condition after reportedly cutting off his own penis…

National

Cleavage complaint: Disneyland staffer orders curvy mom to…

A curvy mom-of-three says she filed a formal complaint after staff at Disneyland Resort in California ordered her to cover up her boobs. Melissa Behnken,…

International

Canadian charged in 'Heartbleed' attack on tax agency

OTTAWA (Reuters) - Canadian police have arrested a 19-year-old man and charged him in connection with exploiting the "Heartbleed" bug to steal taxpayer data from…

National

Every dog has his day in court, in…

(Reuters) - Call him juror K-9.A computer glitch is likely to blame for a summons that called a German Shepherd to report for jury duty,…

Television

‘Survivor: Cagayan’ recap: Episode 8

Sure, it's called Survivor. But this season should really be called 'The Tony Show.'

Television

Jim Rash talks 'The Writer's Room' and amazing…

For Jim Rash, as the fifth season of "Community" comes to a close, the second season of "The Writer's Room" begins.

Going Out

Tasty chicken and waffles in NYC

Try some soul food goodness around the city.

Television

'Dexter' star Jennifer Carpenter moves into producing role

The actress who played the title character's sister in "Dexter" is teaming up with producer George Stelzner to adapt Erika Hayasaki's book "The Death Class:…

NBA

Knicks wrap up season with win over Raptors

The Knicks wrapped up their season as it began — undermanned — but that still didn’t deter them from ending it the right way.

MLB

Adam Warren closes out doubleheader sweep for Yankees

Adam Warren navigated a tricky ninth inning earn the Yankees a 2-0 victory over the Cubs.

NHL

Marc Staal healthy, eager to contribute to Rangers…

Marc Staal remembers the feeling of helplessness watching his teammates compete for hockey’s ultimate prize and being unable to contribute.

NFL

2014 NFL Mock Draft: Updated, new April version

2014 NFL Mock Draft: Updated, new April version

Wellbeing

This Week in Health: chocolate may prevent obesity…

Can chocolate prevent obesity and diabetes? Location of study: U.S. Study subjects: Mice Results: The positive health benefits of chocolate have been studied increasingly more…

Wellbeing

This Week in Health News: breastfed infants trying…

Are breastfed infants trying to prevent mom from having another baby? Theory: The act of breastfeeding not only brings mom and baby closer together –…

Wellbeing

Unexplained infertility may be caused by lack of…

Researchers have identified a protein on the egg's surface that interacts with another protein on the surface of sperm, allowing the two cells to join.

Tech

5 surprising facts about Google Glass

Your sex life could get more interesting.