In Manhattan, the areas that are most likely to appreciate in the next 5 years would be:
1. The Financial District, as it is the fastest growing residential neighborhood in the city. The new World Trade Center and the new Fulton St. subway hub will continue to make this neighborhood sizzling hot.
2. HellsKitchen/aka Clinton (did you like that segue?) as the extension of the 7 train and the development of the Hudson Yards project will make this area continue its projectory of development.
3. Chelsea near the Highline is not news, but very hot.
4. I see a lot of potential in the area that has begun to be called NoMad, the area above Madison Square Park. When a neighborhood gets a moniker, that tells you something.
I do not agree that the 5 year horizon is the time frame for the Upper East Side. Give it 8-10 years for real appreciation.
In Brooklyn, the boundaries keep pushing.
1. As Williamsburg continues to appreciate, making it less affordable for some, that overflow is going to Bushwick and to Greenpoint.
2. Similarly, the development that went from Fort Greene to Clinton Hill is now pushing into Bedford Stuyvesant.
3. Downtown Brooklyn is exploding with new development, new hotels, an a more upscale Fulton St. When Danny Meyer puts a Shake Shack, as he has done, you know the area has arrived.
Halstead Property, LLC