Let’s face it: Bushwick’s days as an affordable alternative to Williamsburg are numbered, and real estate research site NeighborhoodX is here to prove it. As a part of their new series that sniffs out the most affordable apartments in different areas of New York City, the site has landed on the pseudo-industrial swath of northern Brooklyn.
Stats for Bushwick follow those for Manhattan, where last week the mini borough’s most affordable market-rate apartment was a $229,000 studio in Inwood. Not even Bushwick has such an obtainable offering; the least-pricey market-rate property up for grabs in Bushwick is a $399,000 one-bedroom at 116 Covert Street. Granted, it’s a nicely-outfitted apartment in a brand new building whereas the Inwood studio is, well, not.
The priciest of the ten most affordable properties in Bushwick—contradiction much?— is a modern two-bedroom, two-bathroom condo at 137 Eldlert Street that’s on the market for $679,000, down from $699,000.
The price-per-square-foot basis for the properties ranged from $439 for a 1,307-square-foot one-bedroom at 309 Cooper Street to $908 for a 743-square-foot one-bedroom at 318 Knickerbocker Avenue. That fact in its own isn’t all that enlightening, but what the price-per-sqaure-foot guides for the properties turn out is that the least expensive property overall, the $399,000 one-bedroom at 116 Covert Square, is actually among the most expensive in terms of price per square foot.
While the price ranges for Bushwick’s most affordable market-rate properties are higher than the range for Manhattan’s, the price per square foot for Manhattan’s most affordable apartments goes far beyond Bushwick’s to $1,118. Is that, then, a better demarcator of value?
NeighborhoodX principal Constantine Valhouli offers a little insight into the group's process, "We've always held that no single metric tells the complete story. Looking at several metrics in tandem can offer a more complete picture of the hyperlocal real estate market."
- 10 market-rate Manhattan aparrtments that are actually affordable [Curbed]
- NeighborhoodX [official]