(Bloomberg) -- Bushwick, deep inside hipster Brooklyn, isn’t the priciest New York neighborhood -- that prize goes to Soho -- but it’s zooming up the list faster than any other.
It’s 90th on a ranking of most expensive neighborhoods in the New York metro area this year, up from 189th a decade earlier, according to an analysis by real estate data provider Trulia. Bushwick’s $788,700 median price, enough to buy only a quarter of a typical Soho apartment, has nonetheless jumped 84 percent since 2008.
Call it the spillover effect. Manhattan was too expensive and so were the gentrified parts of Brooklyn and Queens. So neighborhoods like Bushwick in Brooklyn and neighboring Ridgewood, in Queens, were flooded with young people. The result: co-working spaces, underground raves and neighborhood bars that serve small-batch whiskeys paired with locally made pickles and cheese.
“As Williamsburg flourished, Bushwick was discovered,” Mitchell L. Moss, an urban-planning professor at New York University, said in a phone interview. “My students have been priced out of the East Village, and they’re priced out of Williamsburg, so now they’re living in Bushwick, and they may buy in Ridgewood.”
While the tony Upper East Side fell to 20th from 14th place, several communities outside Manhattan broke into the top 50. The Hunters Point section of Long Island City, in Queens, where luxury towers shade the once industrial landscape, is now 23rd, up from 83rd a decade ago. In Brooklyn, Greenpoint jumped to 36 from 94, and Crown Heights rose to 44 from 89. The South Bronx, once a gritty emblem of urban decay, is way down the list at 252, but has risen in the past 10 years from 283.
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