Between 2014 and 2024, many neighborhoods in New York City saw median home prices more than double. For example, Two Bridges in Manhattan experienced a 288% increase, rising to $1.64 million. Other neighborhoods, including Red Hook and Breezy Point, also saw significant price hikes due to climate resiliency efforts. Areas in Queens such as Hamilton Beach and Long Island City reported 172% and 132% increases, respectively. Brooklyn's Gowanus became a gentrification hotspot with dramatic tax and price increases.
Manhattan's Two Bridges neighborhood saw tremendous growth with home prices soaring 288%, rising from $423,000 to $1.64 million attributed to luxury developments.
Formerly flood-damaged areas like Red Hook experienced significant increases in median sale prices, with a rise of 192% to $725,000, largely due to climate resiliency investments.
In Brooklyn, Gowanus became emblematic of gentrification with property taxes increasing from $800 in 2014 to over $6,500 in 2024 as median sale prices more than doubled.
Queens neighborhoods like Hamilton Beach and Long Island City also witnessed impressive sales price growth, attributed to their evolving landscapes and appeal to diverse professionals.
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