_10 reasons why Brooklyn should be on investors' radars
1. ONE OF NEW YORK’S FASTEST GROWING BOROUGHS
From 2010 to 2017, New York City led the rest of the state in terms of population growth. By absolute numbers, Brooklyn achieved the highest growth of any county in the state, remaining the largest borough by size of citizens.
2. STRONG INVESTMENT GROWTH PREDICTIONS FOR 2019
Brooklyn was ranked second in PwC and the Urban Land Institute’s 2019 ‘Emerging Trends in Real Estate’ Report as the second most desirable place to invest in real estate in the US & Canada – this is the first time in 40 years Brooklyn has made the top 10 rankings.
Prices in Brooklyn compared to those in Manhattan are significantly lower – offering alternative investment opportunities outside of New York’s central urban core. Brooklyn has outperformed Manhattan with median price increases of 37.7% in 5 years. Some 18.9% of Brooklyn's residences sold above list price in Q4 2018.
3. SIGNIFICANT RENTAL DEMAND
There continues to be a significant demand for quality rental stock – this demand outstrips overall supply. Locations such as Cobble Hill and Brooklyn Heights are most sought after from an investor perspective given the current vacancy rates within Brooklyn are 1.6%
4. NEWLY FORMED OPPORTUNITY ZONES
Many parts of Brooklyn now fall into ‘Opportunity Zones.’ A substantial amount of investment capital is expected to flow into these areas in 2019, this offers significant opportunities for further development and regeneration.
5. PUBLIC TRANSPORT ACCESSIBILITY
Brooklyn possesses a wide array of public transport options for an easy commute into Manhattan. Accessible trains are the 4,5,N,R,2 and 3 lines. Cobble Hill to Wall St. is only 10 minutes. Cobble Hill to Fulton St Station is 12 minutes.
6. TECH & START UP CULTURE
One exclusive attribute of Brooklyn is the availability of low-cost commercial space when compared to Manhattan. This paired with a growing population and young, entrepreneurial workforce has made Brooklyn an extremely attractive environment for start up’s, which in turn has contributed to its rapid business growth.
Tech and entrepreneurship in Brooklyn is thriving. New York City is now the second largest tech hub in the world for venture capital investment behind San Francisco.
7. LIFESTYLE & HISTORY
Culturally diverse, Brooklyn has become a dining destination in itself thanks to its critically acclaimed restaurant scene. Home to celebrated galleries, museums, landmark architecture, music and entertainment venues, Brooklyn is an arts and cultural hub which offers a wealth of lifestyle options for all ages. One in four U.S. citizens have ancestors born in Brooklyn.
8. EDUCATION
Brooklyn offers renowned options for both public & private education at all levels. Cobble Hill and Brooklyn heights are home to some of the top educational grade school institutions, such as the Montessori Schools, PS 261, MS 447 and the Success Academy. Brooklyn is also home to leading universities such as the Pratt Institute, Brooklyn College, and St. Joseph’s College.
9. PUBLIC OPEN SPACE
Brooklyn is host to an abundance of parks and public open space. Brooklyn Bridge Park for example, located to the north of Cobble Hill spans nearly 85 acres and sits on the waterfront bordering the East River. The adjacent Piers are home to further recreational facilities such as sports fields, playgrounds and skating rinks.
10. MANHATTAN VIEWS
Brooklyn offers magnificent, iconic views across to the Statue of Liberty, New York Harbor and the Manhattan skyline.
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