Soaring residential prices in Brooklyn and Queens are now pushing buyers out of these former outer boroughs and into new territory. And the investors are following suit
Back in the mid-2000s, venturing off Manhattan Island and moving into a Brooklyn warehouse would most likely have raised a few eyebrows. Today the same relocation would probably raise even more, but for very different reasons.
Ten years ago, Brooklyn and Queens were dismissed as second-rate Manhattan overspill districts. Last October, average house prices in Brooklyn hit $800,000 (£530,000), with rises in values exceeding those in Manhattan.
The market is a little further behind in Queens, where the average house price is hovering at $450,000. But this has not deterred overseas investors – particularly Chinese buyers, which are swooping in to buy up the sort of large development sites that simply do not exist in Manhattan, where space commands…