Real Estate

Real Estate Alert: Brooklyn Now Just Manhattan With Inferiority Complex

Rent hikes in early 2013 render differences between two boroughs kind of moot, report says.

It was bound to happen eventually.

In a story released last week and only now starting to pick up steam around the fascinating informational tide pool that is the Internet, the Real Deal analyzed home prices in Brooklyn and lower Manhattan and found what you've suspected for a while: Brooklyn ain't that much cheaper anymore. 

The borough of Kings saw its rents hike way faster in the first quarter of 2013 than those in Manhattan — and while there's still a gap in the home prices between the two, it's shrinking fast. 

For those of you looking to buy, the situation is much the same, if moving at a slightly slower pace, the Real Deal wrote.

The increase in real estate prices in Brooklyn has been a bit of a trickle-up situation, said one realtor interviewed for the piece. First the students and struggling artists force up prices on the lower end, and before you know it the corporate raider types are buying multi-million dollar townhouses to feel close to the action.

Oh well, it was about time for the trendsetters to move on to Staten Island or something, anyway. 


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