D
ozens of once-overlooked NYC neighborhoods have become hotspots, with home prices more than doubling over the past decade. The most dramatic price boom occurred in Two Bridges, nestled between Brooklyn and Manhattan bridges, where median sales skyrocketed 288% from $423,000 in 2014 to over $1.6 million in 2024.
High-end developments like One Manhattan Square, a waterfront skyscraper at 225 Cherry St., have transformed the area with luxury expansion. "Community resistance was overwhelmed by these major projects," says Eliza Theiss, author of the report. Neighborhoods on peninsulas also saw significant price growth, including Queens' Breezy Point and Hamilton Beach, and Brooklyn's Red Hook and Gerritsen Beach.
Breezy Point, an enclave on the Rockaway peninsula, saw median sale prices grow 192% in the last decade, from $248,000 to $725,000. Hamilton Beach, north of Jamaica Bay, saw prices surge 172% from $170,000 to $462,000. The areas were devastated by Hurricane Sandy in 2012 but have since seen investment and flood mitigation efforts improve their appeal.
The shift to remote work during the pandemic also increased demand for waterfront areas like these. Red Hook's median home sale prices rose 150%, from $790,000 to $1.975 million, while Gerritsen Beach saw a 136% increase, up to $520,000 from $220,000. Gentrification and spillover effects from neighboring areas contributed to their popularity.
In contrast, seven NYC neighborhoods saw median home sale prices dip over the same timeframe, including Tudor City in Manhattan, where prices fell 17% due to historical preservation restrictions and limited space offerings.
