Is Williamsburg Eclipsing Manhattan As the Cool New Luxury 'Hood?
With 5,500 new apartments hitting the Billyburg market by the end of next year, wealthy homeowners have plenty of options.
neighborhoods for posh living — especially for wealthy and foreign buyers — but a recent article in the Financial Times really drives home the reality with loads of revealing stats.
"Williamsburg is now an established part of New York's luxury property market," Christine Blackburn, an agent with the Corcoran Group, told the Times. "International buyers, as well as long-time New York investors, no longer see Manhattan as the only place to purchase upscale property."
The Times points out that wealthy homeowners, such as Tumblr founder David Karp, are picking Billyburg over Manhattan. Karp recently left Greenwich Village for a $1.6 million one-bedroom loft in south Williamsburg. Moreover, with 2,818 new apartments about to hit the market this year — and 2,766 more by the end of 2014 — wealthy buyers will have even more inventory to choose from.
If the past few years are any indication, a good portion of high-end investors will come from abroad. According to Halstead, foreign buyers have comprised about one-third of all home sales in Billyburg in the past three years. Look for much of the development to spring up along the East River waterfront, which has already seen a huge spike in growth since the Billyburg boom began in 2005.