New York City’s Kenswood neighborhood has seen a major increase in property damage over the past few months, with the average price of a single-family home now topping $1 million, according to the real estate analytics firm Zillow.
The median price of an apartment in the neighborhood has also skyrocketed by more than $1,000, a Zillower report found.
But it’s the Greenwood apartment complex in Queens that has been the most expensive neighborhood in the city.
The $1 billion, five-story Greenwood is one of the priciest projects in the entire neighborhood, according the report, and is the latest to hit the city in the past week.
The property is home to many of New York’s wealthy and established residents, including movie mogul James Cameron, fashion designer Ralph Lauren and music producer/artist Justin Timberlake.
But for the past two weeks, the property has seen some of the biggest damage to date, according with Zillows analysis.
ZillOW, which specializes in measuring the price of properties and how they perform in the market, says that this latest development is the most costly to date.
“There’s a lot of damage on the lot and in the street and in some apartments,” Zillowski said.
“It’s just kind of amazing.
People are shocked.
People were going to bed on the streets.
And then we got this.”
Zillowitz said that many of the apartments in the area have been gutted.
He said that the damage is particularly significant in the Kensington neighborhood, which has the highest concentration of luxury housing in the nation.
“They were literally on the verge of a house, if not a neighborhood house, because of the damage,” he said.
Zills estimates that up to 30% of the total property value of the area was lost during the flooding, and that it’s likely to be around 30% or more of the overall amount of property damage in the district, which covers most of Brooklyn, Queens, Staten Island, the Bronx, and the Staten Island Ferry.
Zillingow estimates that about $1 trillion in damage has been caused by the flooding in the last six months, though Zillóns estimate could be a bit lower, depending on the amount of damage that’s being reported.
In total, about 3.5 trillion dollars worth of property has been damaged in the United States.
The Greenwood property is one the most high-profile buildings in the New York area, and it has been in the news for years, as the location of the iconic New York Yankees home has been hotly debated for years.
In the 1980s, the area’s wealthy residents were the primary culprits in the flooding.
In 2004, a $100 million dollar flood that destroyed the entire area, including the homes and businesses of some of New Jersey’s most prominent politicians, left the area in shambles.
The area is also home to some of Manhattan’s richest and most prominent people, including former Mayor Michael Bloomberg, real estate mogul John Catsimatidis, and sports mogul Michael Jordan.
Zillerow estimates the amount that’s been lost in the flood is around $200 million, and estimates that the total damage could reach $400 billion.
Zilow’s report, which is being released on Monday, comes just days after another Zilloview report found that the number of properties in Manhattan hit by the storm surge has reached a record high.
The latest ZillOVance report shows that more than 1,300 properties in the borough have sustained damages, and more than half of those properties are located in the Bronx.
The average price is now over $1m, and Zillowing says that is likely to rise to as high as $2.5m in the coming weeks.
The Zillaview report is expected to help the city’s response to the storm, which was triggered by Superstorm Sandy in 2012.
The Superstorm damaged over 3.1 million properties in New York and New Jersey, and caused around $500 billion in damages to coastal areas.
The damage to the neighborhood is also expected to cause a significant dent in the region’s economy, as many businesses and jobs have been relocated to areas like Staten Island.
Zellow estimates about 5.5% of all Manhattan residents live in the areas affected by the flood.
“That is the only neighborhood in New Jersey where the median income is higher than the median household income,” Zellows said.
The real estate data is just one part of the analysis being done by Zillowers on the impacts of the Superstorm, which also caused a huge spike in the number and intensity of flooding across the region.
The New York-New Jersey Chamber of Commerce estimates that an additional $300 billion worth of damage will be incurred as a result of Superstorm Irene, and says that that will likely cost the region $600 billion to $700 billion.