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The Brooklyn Boom; Top Real Estate Developer NRIA says Brooklyn could be the key to NYC’s comeback.

January 6, 2022 GMT
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SEACAUCUS, NJ / ACCESSWIRE / January 6, 2022 / National Realty Investment Advisors (NRIA), a luxury real estate developer with properties throughout the east coast, declares that Brooklyn could be the key to New York City’s comeback post-COVID.

“Brooklyn has a small-town feeling to its neighborhoods,” says Anthony Ulisse, Vice President of Construction Analysis for NRIA. “But it’s also got the kind of culture you might see in Manhattan. So when people were looking to leave the city during the pandemic, Brooklyn became red hot.”

The numbers back up Ulisse’s words. In the first quarter of 2021, Brooklyn saw 2,822 home sales, up 11.8 %. That’s the highest quarter-one total in 14 years for the borough, according to a report from Douglas Elliman, a Manhattan-based real estate company.

On the other hand, Manhattan’s real estate market was hit hard by COVID. As infection numbers rose and restaurants, concerts, theaters, and sports venues shut down, even die-hard New Yorkers left town for the brownstones and tree-lined streets of Queen B.

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Real Estate developer NRIA, studying the trends, looked to capitalize on Brooklyn’s increasing popularity. With a shortage of properties for sale, NRIA chose to get creative with investing in the borough, buying individual brownstones in the desirable Park Slope and Carroll Gardens neighborhoods, and converting them into two and four-unit luxury condominiums and townhomes, maximizing their return.

The choice proved a good one. “They sell as fast as we list them,” NRIA’s Ulisse says.

The three and four-story brownstones that NRIA buys are renovated to include state-of-the-art kitchens, luxury baths, backyard patios, and penthouse-style rooftop decks. The iconic Brooklyn brownstone exteriors, with their brick or stucco and classic stairs and stoop, are kept intact and refurbished.

NRIA’s Brooklyn brownstone properties have been swiftly bought up for between $1.5 and $3.2 million per unit.

Families find Brooklyn especially attractive, says NRIA’s Ulisse. “And added to that, it’s got more open air,” he says. “COVID taught us the importance of the freedom to breathe fresh air. People want that after being masked up for so long. They don’t want to be trapped in 20 story buildings in Manhattan anymore.”

Outdoor space features prominently in NRIA’s renovated brownstones. First-floor units have exclusive access to a modern, high-end patio and generous garden area, while top-floor units include the much-desired rooftop patio. And, of course, the brownstones’ historic grand stoops, with their wide staircases, offer another spot to enjoy the outdoors and take in the fabric of the neighborhood.

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And because of the increased love for Brooklyn, NRIA’s Ulisse believes that the buzz around the city’s outer boroughs could kickstart Manhattan’s resurgence. Brooklyn residents appreciate their proximity to Manhattan, he says, and will want to return to visit the theatres of Broadway and the city’s world-class museums and educational institutions.

“Brooklynites will help lead the pack when it comes to bringing back Manhattan,” he says. “New York City is still New York City. Historically, it’s been up and down over time, but it always comes back and then some. Just look at Manhattan hotels. They are 70 percent occupied for the first time in a long time. That’s just going to build. In actuality, now is the time to buy real estate in Manhattan.”

Real estate investors are counting on the Brooklyn boom to continue, NRIA’s Ulisse says, with the borough and the city each feeding the market of the other.

“Manhattan will always be a draw,” Ulisse says. “Young people will move back for the excitement of Manhattan, taking advantage of the post-COVID prices. Out in Brooklyn, families will move in, searching for that suburban feel but not wanting to leave Manhattan too far behind.”

New Brooklynites don’t have to look too far behind to see Manhattan. A walk over the famous Brooklyn Bridge is a Brooklyn right of passage and a quintessential New York City experience.

“Take a look; the Brooklyn views of the Manhattan skyline are unbeatable,” Ulisse says. “You’ve really got the best of both worlds right here.”

About NRIA

With a history of over a decade of delivering the highest quality in construction, NRIA, headquartered in Secaucus, New Jersey, has earned its reputation as one of the leading real estate developers in the nation.

For more information about NRIA, visit

www.nria.net

Contact Information:

Dawn Ouellette Nixon

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SOURCE: NRIA

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