Manhattan, Brooklyn Residential Markets Will Thrive in ’15
- Dec 14, 2014
New York—Parts of Manhattan are going to attract a new wave of residential buyers, and despite rising costs, Brooklyn’s going to continue to be a hot residential market, according to a newly release set of predictions about 2015 real estate activity by Voda Bauer Real Estate. The company specializes in residential and commercial real estate in those two boroughs.
In Manhattan, the firm expects Midtown, Tribeca and the Financial District to attract new residential buyers due to the influx of developments in 2013 and ’14. Because of the increased demand, the entire neighborhoods—also including commercial properties—will see record prices.
Avi Voda, co-founder of Voda Bauer, noted that in the last two years have seen the three neighborhoods attract many developers. After spending the past few years under construction, they are now ready to bring their project to market, and fortunately for them, demand is still high. “While these neighborhoods will soar to new heights, we believe Manhattan in general will also continue its upward momentum as demand will still outweigh supply,” he says.
Voda Bauer expects that the new residential real estate developments will cost a minimum of $2,500 to $3,000 per square foot in the three aforementioned neighborhoods, which will also drive up the cost of established properties. Also, the company asserts that there will continue to be high demand for investment sales properties next year, even as more multifamily and commercial developments come to market.
The firm also expects that the Brooklyn real estate market will continue to thrive. As residents and companies are being priced out of Manhattan, Voda Bauer predicts Brooklyn will rise in popularity and in cost, maintaining the trend of recent years. “Bed-Stuy, Clinton Hill and Sunset Park will be the new Williamsburg and Greenpoint by the end of 2015,” added Jason Bauer, CEO and co-founder of Voda Bauer.
That isn’t to say that Brooklyn is cheap, however. Last week, RealtyTrac named the borough as the least affordable housing market in the United States, followed by San Francisco and Manhattan.