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In contrast to Manhattan, where larger apartments saw prices give a little, co-ops and condos with three bedrooms or more in Brooklyn jumped 25 percent from last year’s median of $1.28 million to $1.6 million, per Corcoran. (Deals usually close within a few months.) And it took less time for properties to sell, too: 54 days versus 63. “I swear I had to call my agents back from the beach.” According to the Corcoran report, 736 contracts were signed in the third quarter, up 9 percent from 2014 and signaling, perhaps, that the next quarter’s market survey will likely prove as strong as this recent one. “It was frenetic this summer,” says Corcoran’s Frank Percesepe, regional director of the brokerage’s Brooklyn offices. The number of sales in Brooklyn rose 14 percent to 2,368 Queens by 64.6 percent - yes, you read that right - to 3,642. The outer boroughs also laid to waste any hint of seasonality in the real estate market though summer is typically a slow season, it appears buyers didn’t get the memo. “It’s not like anyone’s priced out of Soho and they go to live in Dumbo, it’s that they want to live in Dumbo.”

“I didn’t see anyone in Manhattan T-shirts,” he adds. is a destination.” Miller, who was in Shanghai last month to give a speech, gives this anecdotal, though perhaps telling, evidence: When he and his wife were touring the city, they were struck by how many people they saw wearing Brooklyn T-shirts. “To have the median price grow that much, and no one else grow that much speaks to the change in Brooklyn. “There is no better way to speak to how Brooklyn has changed since the financial crisis,” says appraiser Jonathan Miller, who compiled the Elliman report. Though Manhattan did tremendous business in the third quarter, and Queens did, too - the median in Queens is $450,865, a 14.1 percent jump from the same period in 2014 - Brooklyn is the only borough to best price records set in the heady pre–Lehman Brothers days. The median price of a Brooklyn apartment is now at an all-time high of $676,250 - up 15.1 percent from the year before. After a spate of new real estate market reports, Brooklyn can now definitively say: “What’s good, Manhattan?”Īccording to the Douglas Elliman survey, it’s been a record-breaking last three months for Brooklyn and, to a lesser but still significant extent, Queens real estate. For as long as there have been rivalries, Manhattan has often been presented as the place where people would rather live, and the other boroughs honorable mentions that will do nearly as nicely.

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