Building upwards seemed to be the most efficient way to jam more people in Manhattan for years. But now, even the sky seems to have reached its limit, and the only place left to build is Brooklyn.
While Manhattan is planning 5,000 new residential units, Brooklyn has plans for more than 14,000 new units, Nancy Packes, a consultant to some of the city’s largest developers, told the The Wall Street Journal.
Packes told The WSJ that the major disparity is because Manhattan is running out of locations zoned for residential use.
While some native Manhattanites might turn their noses up at the idea of living in Brooklyn, the good news is that rent is significantly cheaper on that side of the bridge. In Brooklyn the average rent for an apartment in a full-service building os $2,776, while in Manhattan it’s $3,888 a month.
The average sale price in Brooklyn is $529,640 and Manhattan’s is $1,445,484, both for the fourth quarter, according to Douglas Elliman Real Estate.