NYC Condos: Manhattan vs Brooklyn

New York City, proclaimed by some as the greatest city in the country and arguably the world, has five boroughs and each has its own character.  The choice of living in either Manhattan or Brooklyn can be a difficult one, but it should be based on your own personality and style of living.  NYC condos are a great choice for affordable living whether it be in funky Brooklyn or trendy Manhattan.

According to a 2011 study, NYC condos are dropping prices faster in Manhattan than in Brooklyn, most likely in response to the housing crash and current economic climate.  Since Brooklyn condos tend to be lower priced than their Manhattan counterparts, the prices have only dropped 7% on average.  While many realtors say that Brooklyn neighborhoods are being rehabilitated and remodeled thus creating newer condos with modernized spaces, the risk is still there.  There is a chance your property can fetch a larger profit during resale in a few years due to the up-and-coming status of a neighborhood, but there is also the risk of the property losing value due to unforeseen factors.

As a Manhattan dweller, you can enjoy the convenience of having the vibrant city right outside your front door, but those who live in Brooklyn are not far off.  Brooklyn is a borough designed for people who commute, with subway systems that can transport them to pretty much anywhere in the city.  Those who live in Manhattan have little to no commute at all.  Between subways, buses, and cabs, the public transportation system is highly efficient.  While Brooklyn condo owners are usually commuters, Manhattanites are usually pedestrians.  They enjoy walking or biking the city and being in the middle of everything.  In Manhattan, world-renowned restaurants (the city boasts five 3-Michelin star ratings), 24-hour bodegas and shopping, and an excellent night life.  A car will be a bit of an inconvenience if you own a condo in Manhattan, but there are always places to rent them if you need to get away.

Manhattan pedestrians also get the benefit of the best people-watching in the world.  People from all over the world are constant visitors.  Manhattan has seen an influx of people moving to the area from all over the world.  It is truly a melting pot of cultures and diverse people. NYC condos in Brooklyn have a diversity of a different kind.  There is a unique culture that is specific to Brooklyn.  An old-world style Italian bakery may be next to a new business.  Many fine restaurants from young chefs who cannot afford to rent spaces in Manhattan to serve the public have taken residence in Brooklyn.  Then there is DUMBO, which stands for Down Under the Manhattan Bridge Overpass, which is home to a bustling creative, artsy scene.  There is a waterfront, art galleries, shops, boutiques and cafes.  This area also boasts one thing that Manhattan does not have, and that is the best view of the cityscape that you can get without leaving New York.

With the convenience of NYC condos within Manhattan, the one thing you will sacrifice is space.  Brooklyn condos tend to be more spacious, in simpler and quieter neighborhoods, and overall more affordable, especially taking the size of the condo into consideration.  More condos in Brooklyn will also have rooftop terraces.  On a nice day, a robust walker can traverse the bridge into Manhattan for a unique commute into the city.