Manhattan going out of style?

Stache, depends on what building you are in but mostly, Brooklyn & LIC have so much new product out there priced similarly to Manhattan that buyers are looking there first. If you can get better space, new apt w latest finishes, +amenities for the same (or close) price as an old building in Manhattan, why wouldn't you consider it? As far as L train, that wouldn't turn away buyers as much since they have a longer horizon than renters. They will probably use that as a negotiating tool.

Manhattan's been out of style for years...

The L train only really affects Williamsburg. Plenty of other train lines go to other areas of Brooklyn/LIC.

It all depends on how much discount you are getting in BK vs similar product in Manhattan and how convenient it is to get to work.

I think buyers of straight studios are going to focus a lot on amenities (i.e. space they will get to have use of outside of their unit) since there is so little space they get to use inside their unit. In general that points them to newer buildings. Also in general the newer condos in Manhattan are geared away from studios and towards larger units, whereas Brooklyn not as much.
But one sea change we have seen is in the past Brooklyn was mostly where people went as a second choice when they couldn't afford what they wanted in Manhattan, whereas now a lot of people are specifically looking at Brooklyn as a first choice.

I'd say some areas of Manhattan are definitely going out of fashion, most notably the Upper West Side. Buyers looking to spend top dollar to live in 600 square feet want some combination of modern building amenities, being able to walk to work, being close to the best entertainment and dining options, and not being completely out of the way of every other popular neighborhood. With the bulk of jobs being in Lower Manhattan, Midtown, and increasingly Downtown Brooklyn, the housing market is responding accordingly.

I have always thought that future demand for apts. in Manhattan would trend towards well-located studios such as micro-apartments with excellent amenities packages. Carmel Placein Kips Bay is a good example.

I also think demand for pied-a-terres will grow. Demographically, more retirees will seek housing in well located apartment buildings in major cities where cars are not necessary and people can walk to shopping and other activities. They will not need to commute to work but do want the excitement of being in the middle of the action.

Adding to the demographics of aging are the of living habits of Millennials who are now starting to enter the buying market. Not sure exactly how they will change the market but I suspect they will make a pretty material change to buying preferences and will shift demand from larger to smaller sized apartments, increase demand for rentals and amenities.

There definitely are changes in the desirability of certain neighborhoods. Buyers increasingly prefer location to comfort which explains why the Village remains so desirable in spite of the generally poor condition of its housing stock.

Boom Berger, UWS is not going out of fashion. It is becoming mini-Israel with highly educated immigrants working for Israeli companies who want to expand in the US. The quality of restaurants has improved tremendously around Lincoln center.

Not to split hairs but Lincoln Square has become its own area exclusive of UWS.

Indeed. With new developments on 57th to 62nd on West End, and billionaire row moving closer to Columbus circle with 220 CPS, the area around Time Warner continues to improve. However, I do think people in early twenties are looking outside Manhattan.

Ive often said we have better subway coverage and its faster to get into different parts of Manhattan from Brooklyn heights than it is when we lived on the UES.

Within 4 blocks either direction I have 7 subway lines to choose from.....cant ask for more than that.