Apartments for very wealthy New Yorkers have remained mostly within the city’s smallest borough. Until now.
The record price for a Brooklyn home broke the $15 million threshold this summer, and by now it’s widely accepted that New York’s outer boroughs are not much of a bargain, growing further out of reach for the aspiring homeowner. The rush of new construction in gentrifying neighborhoods has pushed up the price of land, and that’s caused construction costs to rise, too. Eventually, to make a profit, developers have to build luxury buildings, according to Jonathan Miller, the president of New York appraiser Miller Samuel.
“We have this perfect storm,” he says. “Everybody gets the same idea at the same time, so materials and labor are at a premium. Throw in the high price of land at each locale, and you’ve got to build a luxury product.”
In the second quarter of this year, the average price of a condo in Long Island City, a neighborhood in Queens, rose 28 percent, to $1.06 million; in Brooklyn, the average sales price rose to $788,529, according to a report issued by Miller Samuel and Douglas Elliman Real Estate. The cause, Miller says, is (relatively) affluent people looking for more space and better deals. “This is that outward radial pattern that is happening across the rental and sales market,” he says. “It’s the Bushwick phenomenon. It’s the Bed-Stuy phenomenon.”
It’s also often difficult to believe. Are there really houses in the Bronx or condos in Queens that can compete with Manhattan’s luster? For anyone who’s tried to buy an apartment in Brooklyn recently, the answer will (sadly) not surprise you. Here are 10 of the city’s top non-Manhattan listings:
1. $32 million, Brooklyn Heights
Located in front of Brooklyn Bridge Park, this 11,000-square-foot duplex condo has six bedrooms, six baths, and two partial baths on two floors at 360 Furman St. The apartment includes a fitness room, home theater, sauna, and 3,500-bottle wine room. Via Sotheby’s.
2. $13.75 million, Brooklyn Heights
Located on an idyllic block in historic Brooklyn Heights, this five-story, five-bedroom brownstone has 11 rooms spread across 6,340 square feet. The entire second floor is a master suite that includes three walk-in closets. There’s an elevator, a roof garden with outdoor kitchen, and three gas fireplaces. Via Sotheby’s.
3. $18 million, Dumbo, Brooklyn
There are three bedrooms and three and a half baths in this triplex aerie on top of the Clock Tower building in Brooklyn’s Dumbo (Down Under the Manhattan Bridge Overpass) neighborhood. A private elevator entrance opens onto the main floor, which features four 14-foot-tall glass clocks overlooking the city. Via Corcoran.
4. $7.011 million, Dumbo, Brooklyn
There’s almost 3,000 square feet of interior space and 1,215 square feet of terrace and rooftop spread between two floors of this Dumbo apartment, which includes four bedrooms, four full baths, 10-foot ceilings, and a gas fireplace. Via Sotheby’s.
5. $8.6 million, Dumbo, Brooklyn
If giant glass clocks and an $18 million price tag aren’t for you, there’s a (slightly) more affordable apartment in the Clock Tower building. This one has 3,200 square feet, three bedrooms, and two and a half baths, plus copious views of the Manhattan Bridge and skyline. Via Sotheby’s.
6. $6.2 million, Riverdale, the Bronx
This 10,450-square-foot Riverdale mansion was built in 1911 and features six bedrooms, six and a half baths, two fireplaces, an elevator, and a 40-foot lap pool. Via Corcoran.
7. $5.399 million, Dumbo, Brooklyn
This apartment takes up three levels—two main floors and a loft—and has a balcony made of wood from the Coney Island boardwalk. Its three bedrooms come with floor-to-ceiling windows looking out over the city. Via Sotheby’s.
8. $2.2 million, Todt Hill, Staten Island
This 9,500-square-foot house is located on the highest natural point in New York’s five boroughs and includes four bedrooms and seven and a half bathrooms, a carriage house, gym, three-car garage, and swimming pool. It’s within walking distance of the Richmond County Country Club, the only private golf course and country club in New York City. Via Corcoran.
9. $1.485 million, Long Island City, Queens
A top-floor, one-bedroom condo with 1,339 square feet is for sale in the old Eagle Electric factory building in Long Island City. It has 14-foot-high ceilings, a rooftop terrace, and views of the Manhattan skyline. Via Corcoran.
10. $6.975 million, Brooklyn Heights
This four-bed, four-bath town house has 5,664 square feet, is 25 feet wide, and sports a drive-up garage. Each of the bedrooms has its own terrace, and there’s also a large garden and roof deck. Via Douglas Elliman.
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