2016 was a big year for NYC real estate, from the resurgence of the Lower East Side to the opening of the first office building at Hudson Yards, and even a final debut of the Second Avenue Subway line, almost one hundred years in the making. Outside of Manhattan proved rather vibrant as well, or more, in a lot of ways. Of course Brooklyn continued its rapid growth, and new development in the borough’s downtown include a Century 21 location as well as the groundwork for a Target and Trader Joe’s.
Yet Brooklyn wasn’t alone. Queens also had some highlights from the last year, which I discussed in a blog post from January 2016. Neighborhoods like Jamaica, Woodside, Elmhurst and Kew Gardens saw rapid growth and a rise in home prices, with far more demand than in previous years. I also highlighted the $300 million mixed-use project, Crossing at Jamaica Station, which is scheduled for completion next year, and will bring a whole new crop of New Yorkers to the east side of the city’s largest and most diverse borough.
Yet the hottest neighborhood of 2017, in other words the place most likely to attract New Yorker’s desperate for something affordable and hip, is neither of these places. Many New Yorkers will set their sights on Kingsbridge, a neighborhood in the Bronx, this year, according to Streeteasy.
Historically, the Bronx has gotten a bad rap due to high crime and its relative distance from the most common parts of the city, but that has changed over the last few years, especially as the city’s population grows, crowding areas in Manhattan and Brooklyn and driving up rents. Thus, growth in the Bronx is not at all surprising, rather it should be expected.
Streeteasy had the following to say about why Kingsbridge took the top spot this year:
Kingsbridge has long been overshadowed by Riverdale in the Bronx, but with new city funding allocated to expand an already robust shopping district and initiate neighborhood clean-up, this is an area that’s primed for growth and people are taking notice.
Still, that doesn’t mean Brooklyn will be any less popular in 2017 (in case you were betting on it). Neighborhoods in the borough occupy 6 of the 10 spots on Streeteasy’s list, a sign of it continued dominance in real estate, even as more people turn to buying over renting.
The sole Manhattan neighborhood that made the list was on the city’s Upper East Side, as expected. The Second Avenue Subway line certainly has something to do with that. For the full list, checkout Steeteasy’s blog and their findings.
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