As the L train shutdown looms, and Williamsburg residents and developers are looking for alternative neighborhoods, Crown Heights may be among the top choices, according to a new report released by real estate platform StreetEasy on Thursday.
StreetEasy determined which neighborhoods are most likely experiencing a boom in the upcoming year by analyzing factors such as median asking rent, median sale price, StreetEasy searches and new-construction homes.
As of October, renter demand in Williamsburg fell by one percent while at the same time, demand has risen in every other New York neighborhood.
Crown Heights made the top five of StreetEasy’s list of “Neighborhoods to Watch in 2019”, as it has similar asking rents, resident age ranges and commute times as Williamsburg. Here, developers added 800 new units to the real estate market in 2018, median rentals are $2,400 and sales prices have risen to $1,075,000.
“The looming L train shutdown and continued interest from developers, renters and buyers in more affordable neighborhoods shapes the list,” StreetEasy analyst Nancy Wu wrote. “More than half of our neighborhoods to watch are in Brooklyn.”
Downtown Brooklyn tops the lists which” attracts residents from Williamsburg and beyond with luxurious new buildings, easy access to several subway lines and prices comparable to the ‘Burg,” the report reads. Downtown Brooklyn has also seen more new development than any other neighborhood on the list, with 904 units coming on the market in 2018.
Other Brooklyn neighborhoods that made the top ten are East Flatbush, Bedford Stuyvesant, Cobble Hill and Prospect Heights. These neighborhoods have all seen a surge in units from new buildings this year and they all have relatively lower rents, with median prices ranging from $2,100 in East Flatbush to $2,499 in Bed-Stuy, compared to $2,539 in Brooklyn overall and $2,677 in New York City.
To see the full report, go here