A few years ago, Michael Graves, a broker with Douglas Elliman, had a young client who’d made a fortune selling his tech company and decided to invest in north Brooklyn real estate. He took a stack of pennies and threw them on a map, and wherever a coin landed, he bought.
“He has made so much money,” Graves says, “because those neighborhoods only go one direction. They only go up.”
Of course, not everyone has millions to throw around. If you're looking for a more scientific approach to determine where to buy, we’ve enlisted the data experts at PropertyShark to crunch the numbers.
By comparing median home sale prices in specific neighborhoods in Manhattan, Brooklyn and Queens to prices for the boroughs overall in 2013, PropertyShark created an interactive map (screenshot above; click here for the full interactive experience) that shows where price gaps are the widest. So, for example, the median price in dark red Tribeca is $2.7 million, or 179 percent of the median in all of Manhattan, which is $975,000.
To help you narrow down your search, BrickUnderground has taken a deeper look at nine New York City neighborhoods where sale prices are substantially lower than other parts of their borough.