Latest posts by Gea Elika (see all)
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New York City has a reputation for high priced real estate. And while prices still soar high above cities in other parts of the United States, there are still more than a few areas where you can find good deals and affordable apartments. Property Shark has done the math and they have come up with a few Manhattan neighborhoods where investors and homeowners looking for a deal can still find one.
Battery Park City
Battery Park City doesn’t exactly have a reputation for being completely livable. It sits on 92-acre plot of land that’s owned by the Battery Park City Authority, a public-benefit corporation created by New York State. Despite having good schools, a landscaped waterfront and easy subway access, the neighborhood also has a reputation for being a ghost town by night and a construction site by day. However, the building of the World Trade Center is set to change that. In the meantime, homebuyers can find median sale prices at about $771,000, 19% below the Manhattan median. Homeowners in the neighborhood must pay higher monthly charges because apartment owners must pay ground rent to the BPCA. With high end retailers like Hermes and trendy eateries like Shake Shack and luxury gym Equinox moving to the neighborhood, the area is set to take off as the city’s hot new neighborhood.
Lower East Side
The Lower East Side may have had a gritty reputation in the past, but with new condo developments taking over the Bowery and boutiques, trendy hotels, bars and cultural centers moving in, the area is a prime spot for nightlife lovers. While swanky developments are still a little ways in the future and the area’s subway access is a little limited, the affordability of the area can’t be beat. Currently the median price is $576,000 –42% lower than the rest of Manhattan. Zoning laws prevent builders from creating giant towers, but there is Co-op Village, a 4,500-unit affordable co-op complex.
For those looking to live the high life, Gramercy Park is the neighborhood to check out. Gramercy Park has long held a reputation for luxury and is the only neighborhood with a private park—if you live on the edges, you get a key with your purchase. There are also gorgeous townhouses that date back to the 19th century. And while properties on the west side of the park are pricey, if you look east the cost goes down as much as $1million, making the median sale price of the area $852,000—13% less than the rest of Manhattan. For your savings on living in an elite area, you will have to make a small sacrifice on completely easy conveniences like subway access and restaurants and shops. Once the Second Avenue subway is constructed, linking the area to Midtown, prices are sure to change.
Kips Bay borders the East River between East 23rd and East 34th Streets. Many people don’t want to live so far east, as subway access is fewer and farther between, so the median price for the area is around $710,000, about 27% less than the rest of the city. The area is great for first time apartment buyers, as the neighborhood is mainly filled with co-ops, which tend to be less expensive than condos and help to keep prices in the area down.
New York real estate is on the upswing, which means that Harlem is prime for another rebound. The introduction of a Whole Foods Market to the area is set to help gentrify the neighborhood and invite more bars and restaurants to the area as well, including name places like Marcus Samuelsson’s Red Rooster. Currently, median prices in Harlem range between $507,000 to about $611,000, 37% to 49% lower than other spots in the borough. Harlem is still a little ways from central Manhattan and the disparity in prices is because of different housing options on different sides of the neighborhood. While East Harlem is close to South Harlem, it is filled with housing projects that make it hard to find land to build condos. Columbia University campus is on the West Harlem end and brownstones can be found in Central Harlem. Another reason for lower prices is fewer luxury accommodations, like those that might be found in Tribeca.
The full map of affordable housing options in all boroughs can be found at the Property Shark website.