Brooklyn Is “The New Manhattan” According to Realtors

brooklyn-bridge.jpg
  • Photo via Frank Winters

We may still be just the second most expensive city in the entire country but hey, you know what? Brooklyn’s doing ok. And, per a not-particularly-timely report from Fox Business, real estate here is not just “hotter than Manhattan,” it’s actually “the new Manhattan.”

At least, it is according a bunch of crazily unselfconscious soundbites courtesy of Barbara Corcoran, who told the site, “Brooklyn is hotter than Manhattan. Manhattan pales in comparison to what is going on in Brooklyn—it’s the new Manhattan. If you want to be cool, you can say you’re living in Manhattan, but if you want to be cooler, you say, “Yeah, I am living Brooklyn.”

Yeah! I am living in Brooklyn! Alright, so that’s out of the way. Though feels moot, if Brooklyn actually is the new Manhattan? Anyway, Corcoran also tidily summed up the fast-paced, predatory housing market, explaining, “Developers of tomorrow are scooping up dilapidated homes in non-historic areas of the borough, including Bushwick, and putting up six-story condominiums,” adding, “this market has turned around, and it’s like a train coming down a track that’s fueled with cheap money and tremendous demand. There is no way it’s going to be a buyer’s market for a long time coming.”

Fox’s writer also helpfully noted that “Bushwick is experiencing a major influx of members of both the gay and creative communities,” which, okay, but what I’m mainly interested in here is that so-called “cheap money” Corcoran’s talking about. Where do I find it, and what does that even mean, if we’re getting specific? If someone would like to wire some into my bank account (maybe enough to buy a house with?), that can be arranged in the comments.

Follow Virginia K. Smith on Twitter @vksmith.