An affordable apartment in the city? Fugeddaboutit!
That said, Sunset Park, Greenwood and Flatbush will likely be a good place to look this year, according to real estate firm StreetEasy's 10 NYC "Neighborhoods to Watch" list.
The prediction comes after a record-breaking year for the borough in 2023, as both renters and would-be buyers looked farther from Manhattan in search of more affordability, according to a press release.
While Queens remains hot, driven by a boom in new developments in recent years, StreetEasy predicted Manhattan will start to regain popularity among renters this year as its rental prices begin to drop.
The company defines its top 10 NYC neighborhoods to watch in 2024 as those that saw the greatest increases in searches on StreetEasy among buyers and renters from 2022 to 2023. The company said it only ranked neighborhoods that were within the top 30% by search volume and had at least 100 for-sale and 100 for-rent listings on its site between January and November 2023.
Here's what the company had to say about the three Brooklyn neighborhoods:
Sunset Park (No. 5)
Sunset Park is the highest-ranked Brooklyn neighborhood on this year’s StreetEasy list, with a 4.7% annual rise in searches. Located between Bay Ridge, Borough Park, and Greenwood, this waterfront neighborhood had a median asking rent of just $2,400 in 2023 — 27% below the borough median — making it a relatively affordable option for renters. Its median asking price of $1.45 million, however, is 45% higher than the Brooklyn median of $999,000.
Sunset Park’s housing stock includes single- and multi-family rowhouses in various styles. These days, the area is most known for Industry City, a 35-acre, 16-building complex of office and industrial space, in addition to shops, restaurants, and bars — the result of a $450 million redevelopment beginning in the 2010s.
Though Industry City is technically located in adjacent Greenwood, it’s widely associated with Sunset Park given the proximity and blurring boundary lines of the two neighborhoods. Other highlights include a local Chinatown (the fastest-growing Chinatown in Brooklyn), the waterfront Bush Terminal Park, and the neighborhood’s namesake park with killer views of the Manhattan skyline.
Greenwood (No. 8)
Greenwood, Brooklyn, also known as Greenwood Heights, is perhaps best known for Green-Wood Cemetery, making the neighborhood the "permanent home" of the likes of Leonard Bernstein, Horace Greeley, Jean-Michel Basquiat, Pop Smoke, and more. Beyond the history, beauty, and views provided by the cemetery, Greenwood has lots to offer, including numerous bars, restaurants, and cafes along 4th and 5th Avenues.
Nestled just between Park Slope and Sunset Park, the neighborhood is also accessible to downtown Brooklyn, DUMBO, and lower Manhattan via the D, N, and R trains. Greenwood’s median rent of $3,250 is just below the borough median of $3,295, while its median asking price of $1.55 million reflects the diversity of for-sale inventory in the neighborhood — from stunning new development condos to multi-family and mixed-use investment properties.
Flatbush (No. 9)
Just south of Prospect Park, Flatbush has seen a rising number of new developments in recent years, perhaps contributing to its 3.2% increase in searches year-over-year. Because of its lower price point compared to other neighborhoods surrounding the park, we also named Flatbush one of the best NYC neighborhoods for college grads in 2023.
Despite its growth, Flatbush’s median rent and asking price both remain well below the borough medians, at $2,800 and $600,000 respectively. Home shoppers can find a diverse selection, ranging from co-ops with beautiful pre-war details to brand new state-of-the-art condos, as well as single- and multi-family homes in a variety of architectural styles.
