Ibrahim, Judy makes some very good points. I would only add that Brooklyn benefits tremendously from what's happening w/Manhattan real estate. Along with it's powerful attraction of talented people from across the country, Manhattan--for many international investors--is now more than ever serving as a sort of hedge against political/economic disruptions across the globe. Of course, there are things that could set NYC real estate back, including a bad mayor, a global recession, a pandemic, an 9/11 type hit or even a natural disaster (think Katrina). But in most of these scenarios, NYC would ever be less negatively impacted than most other places, or--after a short buy market--NYC would likely bounce back stronger than ever.