Outer Boroughs and “The Next Neighborhood”

The Real Deal has word that prices jumped in the outer boroughs in 2005.
I can’t say I’m surprised. More and more of my clients have been priced out of the Manhattan market and have explored options in the boroughs. There’s no ignoring how much further their money goes and what it buys them in Brooklyn or Queens.
That said, certain areas in the boroughs, like Park Slope, are almost on par with Manhattan prices.
People are always asking me what the “next” neighborhood will be. It’s something we’ll be talking at more length in the future on TrueGotham. But the quick answer is: Long Island City is in the midst of a renaissance with a very strong Business Improvement District, the Bronx is on the radar, and the still untapped area in the West 30’s of Manhattan has incredible room for development and growth.

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