Is Greenpoint the New Williamsburg?
Williamsburg has proudly been Brooklyn’s rock star for a couple of decades. While other more stately Brownstone-dominated neighborhoods host scores of strollers along their landmarked leafy streets, Williamsburg is, for well-heeled millennials, where the action is at. The former industrial enclave turned hipster neighborhood is now probably beyond the reach for any genuine hipster — without a trust fund. Renowned for restaurants, bars, and glitzy gleaming amenity-filled condos overlooking the East River and Manhattan, it’s where foreigners and out-of-towners looking to date, dance, and devour international cuisines head to. In recent years, however, Williamsburg’s quiet neighbor to the north, Greenpoint, a former quiet, poorly lit, tightly knit Polish working-class area, has, remarkably, been giving Williamsburg a run for its money with a deluge of shimmering condos and the nightlife to match.
Why Greenpoint, Why Now?
Greenpoint’s change began in 2005 when large swathes of former industrial land were rezoned for residential development. With waterfront views and close proximity to Manhattan, Greenpoint has been a developer's dream for years. Without the chain stores and Eurodisco vibe of some of Williamsburg, there’s still a lot of pre-hipster Brooklyn authenticity to the area. Long-term residents are hoping it remains amid the staggering number of condo developments taking to the skies.
Massive Luxury Development
A 2018 Curbed article highlighted 19 new Greenpoint developments, many of which are now completed. Among the most notable is The Greenpoint at 21 India Street. Towering a mammoth 40 stories, the ultra-hip building is unique because it features both condos and rentals in its studio to three-bedroom unit mix along with 30,000 feet of amenities (including a 24-hour parking garage, basketball court, gym, yoga studio, co-work lounge, private gardens and more) along with a ferry to whisk you into Manhattan almost outside your front door.
According to StreetEasy, its 73 previous sales averaged $1,569 per square foot, although current active sales average $1,888 per square foot with a current home in contract averaging $1,789 per square foot. Those numbers would certainly put Greenpoint alongside premium new condo developments in Williamsburg such as 215 North Tenth Street, where unit #4B, currently on the market averages $1,694 per square foot.
Greenpoint and Williamsburg are Neck and Neck
The stats are backed up by realtor.com's data which cites the median listing home price in Greenpoint as of October 2021 to be $1.3 million, which is the same as Williamsburg. However, Greenpoint’s median sold home price was slightly cheaper at $1M compared to Williamsburg’s $1.2 million.
The New York Times, however, added another plot twist with a recent StreetEasy compiled list that showed Greenpoint’s median sale price to be more than Williamsburg.
Both neighborhoods saw meteoric gains this year over last according to data in Mansion Global, with values jumping almost 30% for an average of $1.5 million.
Summary
Decreasing amounts of daylight exist between Williamsburg and Greenpoint. Both neighborhoods are filled with high-end condos, restaurants, and nightlife options. Interestingly, Greenpoint leapfrogged its southerly neighbor to claim the top spot in StreetEasy’s list of up-and-coming neighborhoods in NYC for 2021 with its more laid-back character a definite plus. With remote working gaining traction, its limited public transport was deemed no longer such an important factor as it once might have been. Certainly, Greenpoint’s rapid appreciation has seen homeowners reap the rewards of investing there. Whatever your choice may be — Williamsburg or Greenpoint — is largely a matter of taste. What’s undeniable is that if you’re after a sparkling new condo with all the trappings, you’ll be spoilt for choice.
