NEW YORK CITY-A new report says that new waterfront developments in Brooklyn and Queens are causing rents to dip in some Manhattan neighborhoods.
Nancy Packes, who authored the report with StreeteEasy.com and On-Site.com, a national leasing and tenant-screening company, says young renters are opting for lower rents at apartment developments along the East River in the outer boroughs. The report, she notes is the first to indicate that this trend has begun to affect rents in what she called “value oriented” neighborhoods of Manhattan.
"These newer industry participants prefer the older, gentrified areas," of the other boroughs, she says "to the sleek canyon denseness of Manhattan."
Markets affected by the activity at these Queens and Brooklyn properties include sections of the Upper East Side, Midtown, Midtown East, Midtown West, Murray Hill and Kips Bay. See story in the Wall Street Journal.
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