These 14 neighborhoods are now more expensive than Manhattan

Looking for a deal on housing? You’ll have to slum it in Manhattan — because the outer boroughs now boast some of the most expensive neighborhoods in NYC.

When Stephanie Lipari, a 28-year-old salesperson for L’Oréal, decided to move from Oyster Bay, Long Island, to the city, she thought she would be saving money by looking in Queens.

“We’re ready to spend $1 million and expected to get a good value apartment for that amount,” said Lipari, who is shopping with her boyfriend Anthony Romano, 35, who sells medical devices. “We quickly realized that it’s not even in the ballpark.”

They hoped to get a two-bedroom in Hunters Point (an area that includes Long Island City), but their agent, Jeff Gardner of Corcoran, said that with their budget, all they can afford is “a flexible one-bedroom” where Lipari can have a small office.

“The competition for a great apartment is tough in Long Island City,” he said. “The prices to buy per square foot have gone up to $1,000, and there are multiple bidders going for the same properties.”

The couple was even more surprised to learn that Long Island City is currently more expensive than Manhattan. Today, the median sale price in Hunters Point is $1.25 million. In 2017, it was just $550,000.

Meanwhile, the median sale price for a Manhattan apartment in the first quarter of this year was $1.19 million.

In fact, data provided by real estate appraisal firm Miller Samuel shows that the sales market in 14 neighborhoods in the boroughs are currently more expensive than the city. They include: Williamsburg, Greenpoint, Park Slope, Gowanus, Red Hook, Boerum Hill, Carroll Gardens, Cobble Hill, the Columbia Street Waterfront District (the area sandwiched between the Brooklyn-Queens Expressway and the piers near Cobble Hill), Brooklyn Heights, Downtown Brooklyn, Dumbo, Manhattan Beach and Windsor Terrace.

It’s not much better in the rental market. The median rent in Manhattan in the first quarter was $3,700 a month. But in Red Hook, Vinegar Hill, Dumbo, Downtown Brooklyn and Gowanus in Brooklyn, and Hunters Point in Queens, rents range from $3,075 to $5,000 per month.

“Living in the outer boroughs is what you did to save money, but clearly, that’s not true right now,” said Jonathan Miller, the CEO of Miller Samuel. “It goes to show you how far the luxury market has come to include many areas in the city beyond Manhattan.”

Several factors are driving prices up in these former second-prize areas, according to experts.

Libby Ryan, a real estate agent with Compass who specializes in selling luxury Brooklyn properties, says that the rising number of new developments plays a role. These include One Prospect Park West in Park Slope, and One Clinton and Quay Tower, both in Brooklyn Heights.