Want to know which area in New York is the next big thing when it comes to real estate? New York Curbed has a list of the rising new neighborhoods in the city based on criteria given by developers.
The New York Times talked with these developers and theylisted some of the rising neighborhoods based on access to public transportation and real estate values. It is also based on the existing architecture in the area and new rising buildings or places like a new supermarket.
The first on the list is Sunset Park West. According to the developers, it is considered to be the microcosm of the Brooklyn neighborhood which includes the Industry City and brand new Bush Terminal Park. It was reported that there is a chance that the name of the place will change. There is no denying that there are a lot of upcoming developments in the area which includes the Brooklyn Flea and the new Brooklyn Nets training center. Currently, there are not enough housing stocks available in the area, but it is expected to grow once the demand also increases. The Rockaways in Queens has a current median sales of $430,000, and developers think that there will be an increase in sales for young professionals and families since they could be attracted to live in the area.
Another neighborhood in Brooklyn which is the Flatbush is another rising area. It is near the pricier areas of Ditmas Park and Prospect Lefferts Gardens, but there are plenty of homes available in the area for only under $1 million. The location is also near a number of transportation options which adds points to this area.
According to Halstead broker Lauren Cangiano who spoke to the Times, she said that East Harlem is one of the few remaining areas in the city where one can secure a good real estate deal. It was reported that over 20 development sites are in the area recently which includes the massive Extell development on the site of a prior Pathmark at 125th Street.
