Discover various New York neighborhoods and areas in the entire State through our team of experts who bring you their valuable input on the real estate market.
On January 24 & 26, BARNES New York was pleased to host conferences in France on real estate investment in New York, followed by a cocktail. These conferences “Invest in New York” in Paris and Lyon were a great success.
Yann Rousseau, Managing Partner of BARNES New York, Westchester & Connecticut, and Adrien Gouirand, BARNES New York consultant, lead the discussion in Paris and Lyon in order to present the New York real estate market and its opportunities. The following agenda was discussed :
How is the New York real estate market?
Why is it the right time to buy?
What are the opportunities in new developments (and property tax exemptions)?
What is the buying and financing process in the United States?
The New York real estate market
The New York real estate market is witnessing a decline in supply and demand. Despite the U.S. recession, we do not expect a decline in prices for existing properties. On the other hand, the euro is recovering and new constructions represents very good buying opportunities for both resale and rental.
The most sought-after properties
Although more expensive, new developments have many advantages in terms of finishes, amenities, tax exemptions and rental/resale potential. Pre-war buildings are also in high demand for their charm and lower costs. Finally, multifamily buildings are also highly sought after by families or investors looking to rent several apartments.
The most popular neighborhoods in Manhattan are Tribeca, the Upper East Side, Midtown and Soho. As for Brooklyn, the neighborhoods of Dumbo, Caroll Garens, Gowanus or Cobble Hill are very popular.
Events that made a splash
The conferences were followed by question/answer sessions and cocktails that allowed all participants to interact on the New York real estate market in a laid-back and chic atmosphere.
Want to learn more about the neighborhoods of New York?
Read the latest article by LePetitJounal, presenting a series of different neighborhoods of the city through the eyes of French-speaking people who live or work there. In this particular article, let us take you on a walk through the East Village neighborhood of New York with Laurène Hamilton, the founder of “Your New York Story”, an organization that specializes in creating tours of the city that combine theater, history and art.
Manhattan is a beautiful city filled with diversity, vibrancy, and plenty of activities. It is a great home for people of all backgrounds, and there is something for every resident there. But unfortunately, as Manhattan grows and expands, the housing price in Manhattan are constantly on the rise.
Of course, they are subject to the location and neighborhood that the homes are in, but finding an apartment or condo for a low price is usually rare. Still, apartments in Manhattan are beautiful, and finding the right place to call home within the city is important. Depending on the area, the housing price in Manhattan varies.
So if you’re looking for a property in Manhattan, whether it’s a co-op, condo, penthouse, townhouse, or simply something with an incredible view, continue reading to learn and understand housing prices in Manhattan.
What factors determine housing prices?
The housing price of an apartment in Manhattan depends on three main factors: age, type, and location. If the apartment is older and a bit run down, it naturally will be cheaper than buying a brand new and up-to-date apartment. Because of this, it is important to decide what accommodations are important to you and which ones you can do without. In older apartments, the structure of the building may be less sturdy, and, of course, the wood will be much older.
The type and size of the building will also sway the price of the apartment greatly. Apartments that are small and compact will cost less than open and large apartments. Having an idea of how big you would prefer your apartment to be will give you a set goal and a specific range of apartments to look at.
Additionally, co-ops are cheaper options than condos by an average of about $100,000. The average price for a square foot of a co-op is almost $1,800, while the average for a square foot of a condo is well over $2,000. Even so, buying a condo is better for investors as well as renting out your property.
The location of the building is also important in determining the cost and risk of an apartment. What neighborhood is it in? What area of said neighborhood is it in? Is it more residential, or bustling with restaurants, shops and cafés? These are all essential questions that will decide the cost of the co-op or condo for sale in Manhattan. Also, the view outside the apartment’s windows can either make or break its price overall.
What is the price in Tribeca?
Tribeca is a beautiful, chic, and luxurious neighborhood to live in. It is filled with 5-star restaurants, classy shops and boutiques, and high-class residences. In addition, there are plenty of places to work along with beautiful office spaces. Because of this, buying an apartment in Tribeca can be profitable and rewarding when all is said and done.
If you are looking to rent out an apartment here, it is practically guaranteed to fill in quickly. With this luxury, though, comes a high price tag. The median price of a condo here is $3,350,000*, and often you must have over $1,000,000 that is ready to be put down on it first. The median price of a co-op here is $2,740,000*. Apartments in Tribeca are some of the most expensive in all of Manhattan, but are nearly always high-quality and gorgeous.
The East Village is the perfect place for those with a knack for art and nightlife, and the crowd here is a bit rowdier than in other neighborhoods. It is easy to meet people of all different cultures, and just as easy to create long-lasting friendships. It is filled with bars, music venues, lounges, casual cafes, and many more spots to relax and socialize.
With this being said, apartments in the East Village are chic and often have a rustic appeal. The median price of a condo here is about $1,740,000* and the median cost for a co-op is about $815,000*. This means you must have about $200,000 ready to put down.
New York City Manhattan SoHo street at sunset time background
NoHo is known for its free-flowing and fluid atmosphere, as well as its classiness and bohemian style. NoHo has all kinds of apartment styles, ranging from small to big and old to new. NoHo is filled with cute boutiques, small mom-and-pop shops, and casual cafes. Creative people from all over the world live here for their unique style and humbleness. NoHo in Lower Manhattan is one of the most expensive neighborhoods to live in, alongside SoHo and Tribeca. The median price of a condo here is about $5,900,000*, and about $3,200,000* to buy a co-op.
SoHo is famous for its infinite shopping plazas and unique fashion. If you have a love for clothing, SoHo is the place to be. There are plenty of boutiques and shops, both those with major brands and some that you cannot find anywhere else. SoHo takes on a bit of a faster pace than NoHo, but is still a beautiful neighborhood. It costs about $3,790,000* to buy a condo here, and about $2,380,000* to buy a co-op.
If you enjoy NoHo and West Village, you might just love Chelsea. Chelsea is filled with residents that hold art and creativity close to their hearts, and just being in the neighborhood is enough to bring about inspiration.
There is street art, numerous art galleries and exhibits, and unique landmarks, all of which make the neighborhood stand out from those surrounding it. A condo apartment in Chelsea costs about $2,840,000* and co-ops cost about $800,000*
The housing price of a Manhattan apartment depends on the size and type, age, and location of the condo or co-op. Of course, there are many other neighborhoods to buy an apartment in, and making such a big purchase requires thorough research and decision-making.
By finding the right neighborhood that fits your budget and needs, you’re sure to find the perfect apartment that’s right for you. BARNES New York can help with your project!
Are you wondering where you should buy an apartment in Brooklyn? Much like the other cities in New York, Brooklyn is huge, diverse, and has plenty to offer to people from all parts of the world. However, it is safe to say that Brooklyn is completely unique from its surrounding areas, and there is a place for people of all backgrounds and personalities to make a home.
From options ranging from Williamsburg, Bushwick, and Greenpoint to Downtown, Cobble Hill, and Red Hook, there is a neighborhood for every soon-to-be resident to buy an apartment in Brooklyn.
Why live in Brooklyn?
Brooklyn is excellent whoever wants to find peace in serene parks, plenty of sidewalks, and regular family-friendly activities. So much of the scenery in Brooklyn is unique, and many of the attractions, such as the Botanic Garden and Coney Island, are iconic and set the city apart from surrounding areas. Brooklyn is a great place to live as a starting place to build a home in New York and provides a wonderful start for beginners to become used to the hustle and bustle without being overwhelmed.
Additionally, Brooklyn has a rising job market and a strong sense of community that can make all newcomers feel welcome, no matter what they are looking for. Finding a neighborhood to buy an apartment in Brooklyn can easily be made fun and stress-free if you know what to look for.
What is Williamsburg like?
Williamsburg is, by far, one of the most famous Brooklyn neighborhoods. It was once filled with artists, wanderers, and delicious food, but now includes expensive shops and luxury. There is still tons of street art and graffiti that make the neighborhood unique and show off a bit of its past. It is filled with bars, restaurants, and retail shops, and it feels like a city within a city. Its rich history makes it an old-fashioned residential area to settle in. Spots like Grand Ferry Park offer amazing views that make the selling price for condos in Williamsburg high.
Williamsburg is great for young and old crowds alike, and it has plenty of working opportunities for newcomers. An apartment in Williamsburg is great for its views of the Manhattan Bridge and its casual residential atmosphere. There is always an opportunity to buy an apartment in Brooklyn, especially in Williamsburg.
Should I live in Dumbo?
“Dumbo” stands for “Down Under the Manhattan Bridge Overpass.” Dumbo is popular for its old warehouses that have been renovated and transformed into restaurants and shops along the river. Its style can be described as “industrial chic,” and it is one of the most expensive neighborhoods to live in.
Overall, it has a rustic feel with a minimal amount of skyscrapers and other tall buildings. The price is worth it, though, as it is filled with beautiful streets with vintage shops and unique finds. In addition, as more homes are being built, the value of apartments and condos are on the rise, making it a great time to invest.
Dumbo is a popular residential area that does not have too many people or tourists. When you buy a condo or a co-op in Dumbo, you’re setting yourself up with a beautiful apartment in a beautiful neighborhood.
What is in Greenpoint?
Greenpoint is an amazing neighborhood to settle in for less bustle than Williamsburg, which is just south of it. It is filled with artists, youth, and an industrial vibe. It is known for its warm bakeries and coffee shops with delicious pastries and breakfast. It has plenty of parks, nature walks, and greenery around the city so you can still enjoy the trees and plants in the midst of concrete and steel.
The neighborhood is filled with beautiful brownstone apartments and is home to a large Polish community. The food in Greenpoint is incredible and diverse, so it is great for people of nearly all cultures, especially Europeans.
Greenpoint is great if you are looking for a more slow-paced environment with great views, and the city is constantly upgrading and reconstructing. Apartments in Greenpoint are popular, and the timing could not be more perfect to buy a home in Greenpoint.
What about Park Slope?
Park Slope is, by far, one of the most vibrant neighborhoods in Brooklyn. It has everything, including casualty, diversity, history, and dynamic. There are people of every background, and it is practically built for families to reside in. It is the largest historic district in New York and is filled with kind-hearted people who recognize its colorful past.
It became one of the first American suburbs, and it was developed after the Civil War. Soon after, Prospect Park was created and is truly beautiful with plenty of activities, such as horse riding, roller skating, carousels, and a zoo. It has plenty of limestone sculptures, small houses, and small shops that make it charming.
Recently, the value of apartments in Park Slope has skyrocketed. Although it is an expensive neighborhood, it is social, and has amazing food, which makes the price completely worth it.
What’s in Carroll Gardens?
Much like Park Slope, Carroll Gardens is a perfect place for a family to live. It is filled with brownstone buildings, mom-and-pop stores, art, and greenery. It also offers a small-town feel within the big city of Brooklyn. Even though it is smaller than many other neighborhoods in Brooklyn, as it is only about four blocks across, it is an established home to many older groups of people and a new home to the younger crowd.
It has a rich Italian history, but has expanded to become as diverse as it is today. As the name suggests, nearly every business, especially restaurants, has a small garden on the landscape. Everyone knows everyone in Carroll Gardens, and the shop owners and residents there will go out of their way to meet and get to know you.
An apartment in Carroll Gardens is wonderful for those looking for a quiet home in a tightly-knit neighborhood. Everyone is welcome to settle in Carroll Gardens, and it is loved by many.
What are some other neighborhoods in Brooklyn?
Other neighborhoods in Brooklyn, such as Columbia, Downtown, Bushwick, and Boerum Hill, all have unique characteristics that make living in Brooklyn a beautiful experience. Finding a neighborhood best for you will make your experience in New York a hundred times richer.
Whenever you’re ready to buy an apartment in Brooklyn, BARNES New York is here to help with its abundance of informational resources available, alongside the finest listings available throughout Kings County.
Do you want to know more about where to buy a house in Westchester? Westchester County, located directly north of New York City, is home to some of the most desirable suburbs in the United States. Properties here are more spacious and green than in the Big Apple, and are widely known to be quieter while still maintaining some of that big city feel.
What’s great about Westchester is its wealth of living options. The county is home to 45 cities, towns, and villages—some with bustling downtowns while others are quaint—meaning there is a place for everyone.
What’s also great about Westchester is its proximity to Manhattan. While it may be an entire county away, it sure doesn’t feel like it. Many of Westchester’s cities are only thirty minutes away from Manhattan by train or car. So don’t be turned away by the mention of suburbs.
With so many Westchester houses for sale, there are no shortages of good options in iconic suburbs just north of New York City.
What city is best for me?
There are so many cities, towns, and villages in Westchester that it can be overwhelming to decide which best fits your needs. But in reality—with top-rated cities like New Rochelle, Larchmont, Mamaroneck, Rye, Harrison, Port Chester, Mount Vernon, Yonkers, and Hudson Valley—there is little wrong you can do when you want to buy a house in Westchester.
That being said, each place is unique in its own way and tailors to certain tastes more than others.
Why live in New Rochelle?
New Rochelle is a French-settled city situated on the eastern side of Westchester and offers several nature parks along its nine-plus miles of shoreline. It has a busy downtown home to countless highly-rated restaurants, museums, galleries, and shops. With a population of around 77,000, New Rochelle leaves its residents with some room to breathe despite its close proximity to Manhattan.
What about Larchmont?
Larchmont began as a summer retreat for the wealthy of Manhattan but has since transformed into its own thriving space with a walkable downtown and big-city feel. It has waterfront access, and homes with plenty of space and yards. In addition, Larchmont has a large (and growing) French community and is home to the French American School of New York.
Why live in Mamaroneck?
Surrounding Larchmont is Mamaroneck, sometimes referred to as ‘The Friendly Village’. It is a culturally diverse and historical area with plenty of shorelines, beautiful parks to relax and unwind in, and its own vibrant downtown. In terms of housing options, there is something for everyone. From brilliant water-edge houses to historically-significant ones inland, there is something that will appeal to everyone.
Why about Rye?
North of Mamaroneck is the town of Rye, the smallest city in Westchester. But don’t get hung up on its size. Rye is home to loads of fine-dining restaurants, shoreline parks, a golf club, nature centers, and a thriving marina. It also has a diverse housing market that features both water-edge homes and spacious ones inland. Plus, commuting to Manhattan is still a breeze, about 40 minutes by car or a little over one hour by train.
Where does Harrison rank?
Situated between Mamaroneck and Rye is Harrison, one of the most affluent areas in the United States. Harrison has no shoreline, but large homes and spacious yards more than make up for that difference. While the quaint downtown may leave a little to be desired, Harrison’s proximity to Manhattan will not. You can be midtown in under 40 minutes.
What’s in Port Chester?
Just north of Rye and bordering Connecticut is Port Chester, a city full of young professionals and a busy downtown. It has a mix of cultures and a wide array of restaurants that support its wide mix. Located in the downtown of Port Chester is the Capitol Theater, a live music venue that has hosted countless famous musicians over the years.
What about Mount Vernon?
To the west of New Rochelle is Mount Vernon, immediately north of the Bronx. Mount Vernon sports a more urban feel than the rest of its Westchester neighbors because it is so close to the city. Those looking to save some money may find the cost of living here more affordable. Mount Vernon is ideal for those still looking for the city feel without actually being in the city.
Why Yonkers?
West of Mount Vernon is Yonkers, a river-bordered city that overlooks the state of New Jersey. The city offers a casino, a horse racing track, and a large shopping center. Despite its proximity to New York City and its more urban style, it has quite a bit of greenery thanks, in part, to its tree-lined streets and sporadic and sprawling parks. Museum-lovers and foodies will be similarly at home here, thanks to Yonkers’ wide array of both.
What else is in the Hudson Valley?
Westchester is only the southern tip of Hudson Valley—an area known for its beautiful nature-filled parks, retreats, and tourism. It’s where many artists—authors, painters, even photographers—garnered inspiration for some of their most influential works. The further north you go in the Hudson Valley, the more New York starts to feel like a countryside rather than a city. However, no matter how far north you decide to live in Westchester County, you can rest easy knowing that New York City is still within reach.
How do I decide?
New York City is a giant place—it is the biggest city in the United States—and there are so many real estate options. But real estate in Westchester has never been better. So there are countless options on the market today if you want to buy a house in Westchester.
Navigating New York real estate can be challenging, but it isn’t impossible. For expert advice, guidance, and the finest luxury listings available in the city, be sure to check out BARNES New York.
Are you curious on how to buy a house on Long Island? Many people may not realize that the popular boroughs of Brooklyn and Queens are located on Long Island. Over half of New York City’s residents live there, in just those two areas. However, all the eastern part of Long Island, all the way to Montauk in the Hamptons and the North Fork, are not considered part of NYC. But if you’re looking to be close to the city but not in the thick of Manhattan, Long Island is an excellent option.
It’s important to know exactly what you’re looking for, and what you’re getting into. Find your price range, and look at neighborhoods, not just properties. Commutes, schools, job opportunities, and noise levels are all things to consider before buying a home on Long Island.
What should you know before buying?
Depending on where you may be moving from, there are a few factors that may not have even crossed your mind when looking at to buy a house in Long Island. While Long Island has been rated one of the top 50 best places to live in the US, you need to determine if it is indeed the best place for you.
Dress for the Weather
New York is a state with all four seasons. This may seem obvious for some, but not so much for others. What this ultimately means for residents is that the summers are very hot, and the winters are very cold. There are pros and cons to each season, and it certainly gives you a good variety of recreational activities throughout the year.
Summer on Long Island is excellent for beach trips, boat rides, sporting events, camping trips, and more. Winter brings you sledding, ice skating, skiing, and usually, a very white Christmas. Whatever season is your forte, be sure to come prepared for everything the Northeast has to offer.
Cars are not (always) necessary
Like most of New York, Long Island is primed with public transportation in the Western part. In 2020, New Yorkers who drove spent an average of 56 hours in traffic. Finding alternative transportation decreases the time spent waiting in traffic and significantly reduces the amount of pollution in any given area.
In 2020, the Northeast alone saw a 30% decrease in air pollution due to the lockdowns and fewer people being on the road. New York is well on its way to being car-free, with only 46.5 percent of NYC households owning vehicles at all. The Long Island Railroad is a popular alternative means of transportation, along with the Subway, Ferries, and biking.
But if you like to drive, all the Eastern part of Long Island is perfect for driving and much more car-friendly. So you can easily enjoy a short drive to the beach!
Cost of living & taxes
Despite being off the city main, Long Island is still one of the most sought after and coveted places to live in New York. Demand is high, and so are the prices. A single-family house in Long Island, all areas included, costs on average around $750,000 in Quarter 2, 2022. As a comparison, the Hamptons, the most eastern part of Long Island, shows an average sales price of $3 million.* On top of paying a mortgage, Long Island also has some of the highest property taxes in the country.
Nassau County is known for its excellent recreational areas, eateries, and charming storefronts. Neighborhoods such as Great Neck Gardens, Jericho, and Manhasset Hills have a plethora of restaurants, coffee shops, and storefronts but can also give residents a suburban feel.
Suffolk County, the largest county on Long Island, is one of the most expensive places to live in the US. If you are looking for a quiet, suburban feel while still being close to the city, this may be your place. There are many luxury apartments along the coastline with beautiful views and amenities. If your budget is a little higher, there are beautiful mansions and villas right on teh water! Some of the most desired neighborhoods include Lloyd Harbor, Cold Springs, and Dix Hills. Median homes for these neighborhoods range from $700k-$1.5M. Long Island is also an extremely culturally and ethnically diverse area.
What steps should I take toward buying a house on Long Island?
So you’ve done your research, and you’ve determined that you definitely want to buy a house on Long Island. What next? Here are some tips that will help you in your journey.
Organize your finances. Credit score, bank statements, tax returns, W2s, Social security numbers, divorce decrees—these are all things you will need on your journey to buy a house on Long Island.
Get Pre-approved. Determine your budget, what kind of loan you will need, and look at interest rates. You can put in an application before even looking at homes to get pre-approved.
Find a realtor. This is especially important if you’re not from the area and can’t physically go see each home as you search. Instead, find someone local who knows the local market and will be honest with you about your options.
Make an offer. Make an offer on a property that you feel is right for you, whether it was “love at first sight”, or one that took a little while to sleep on.
Get an inspection. Once you have found a home, it’s very important to get it appraised and inspected.
Once you’ve finalized your budget, worked with a realtor, and found your perfect home, the rest is history. Depending on the market, your first offer may not get picked, but that’s okay. Keep looking, and you will find the perfect Long Island home for you. Long Islands’ gorgeous skylines and sunsets, greenery, and seasonal variety are worth the time it takes to find an amazing property. For more information and the best listings in Long Island, contact BARNES New York.
If New York City was a country, it would have the 10th largest economy in the world. There is such a diverse group of people, occupations, and living situations that there truly is something for everyone. More billionaires live in NY than anywhere else!
Buying a house in New York can be a huge change for many people, especially if you’re not used to city life or are relocating. It can be scary, but it can also be very exciting. Picking the right neighborhood can make or break your experience in NY, so it’s important to know what you’re looking for and do your research beforehand.
With plenty of NYC houses for sale, choosing the right one can be challenging. The five boroughs are all dramatically different, and even more so are the individual neighborhoods within. Here are a few options for those who want to buy a house in New York, whichever side of the coin you’re from, whether it’s in the middle of lush, beautiful skyscrapers in Central Park, or something more modest to get you on your feet.
Where is the best luxury housing in New York?
In New York City, the Upper West Side, as well as the Upper East Side, are a couple of the most sought-after places to live, and most coveted places to buy a house in New York. These two neighborhoods are among the most desirable and wealthiest areas of the city and are also home to some of NYC’s most iconic buildings.
Both are located in the borough ofManhattan. The median sale price between the two neighborhoods is around $1,300,000, but a townhouse is those neighborhoods can cost about $8 million.
What is it like to live in the Upper West Side?
Central Park borders the Upper West Side of Manhattan on the east and the Hudson River on the west. West 59th Street is on its south side, and West 110th Street lies to the north. It has long been the place where the most wealthy New Yorkers have resided, with the median housing price currently at $1.5M. Some of the most luxurious apartment buildings are found along Central Park West, many of which have housed popular celebrities.
There are numerous places for residents to get out and enjoy nature, with Central Park on the east side, along with Riverside Park near the Hudson River. Riverside Park is part of the Manhattan Waterfront Greenway, a bicycle route and walkway that circles Manhattan’s waterfront. The park is a lengthy 4 miles, stretching from 72nd street to 158th street, and reaches right down into the water. It’s a beautiful, scenic area to relax, enjoy the outdoors and get away from the hustle and bustle of the city.
The Upper West Side is a hub for diverse culture, intellect, art, and history. It’s home to the American Museum of Natural History, the Beacon Theater, the Lincoln Center for the Performing Arts, and much more. There are also countless restaurants, cafes, and diners. Some of the local favorites include City Diner at W. 90th street & Broadway, Cafe Luxembourg at 200 W 70th St, and Bar Boulud at 1900 Broadway, to name just a few. There is such a diverse assortment that you will certainly find something for everyone.
How about the Upper East Side?
Yet another of NYC’s most prestigious neighborhoods, the Upper East Side is surrounded by 96th Street on the north side, the East River to the east, 59th Street on the south side, and Fifth Avenue to the west. While pricing is roughly similar, it is slightly smaller than its sister in the west and has a few sub-neighborhoods, known as Lenox Hill, Yorkville, and Carnegie Hill.
Perhaps the most interesting of the sub-neighborhoods is Yorkville, which used to be known as Kleindeutschland, or “Little Germany.” Much of its past is no longer noticeable, but the history remains. There are still a few German restaurants, and markets around that have survived over the decades.
Many famous political names have lived in this section of NY, including the Roosevelts, Kennedys, and Trumps, as well as celebrities such as Woody Allen, Lady Gaga, and Mariah Carey. It has also been the setting for many movies, books, and TV shows.
The architecture is truly something to admire in this area, particularly on 62nd Street, which is filled with brownstone houses, grand stoops, and mansions. For history buffs, the Museum Mile along Fifth Avenue is a must-see. It includes institutions such as the Museum for African Art, the Metropolitan Museum of Art, Cooper Hewitt Smithsonian Design Museum, and many more.
What do houses look like in West Village?
West Village is located west of Greenwich Village, delimited by Greenwich Avenue all the way to the Hudson River. The neighborhood is famous for its Bohemian culture and atmosphere, and was home to historical new movements and ideas, especially political, artistic, and cultural.
Most houses, like the vast majority in Manhattan, are 19th-century townhouses, with typical brownstone, cast-iron stairs and fire escape. As of July 2022, the median sale price for a townhouse in West Village is $8,200,000*.
Where is the most affordable housing in New York?
If prestigious luxury housing is not your forte, you may be looking for something a little more on the down-low. While the overall median price of buying a house in NYC can seem high, there are a few areas where it’s exponentially more affordable. In addition, new developments in New York will eventually lead to more availability in high-interest areas.
If you still want to buy a house in New York, areas a little further away from the city can be explored, such as Brooklyn and Queens, or even Long Island, offering a lot more options such as townhouses and small houses and a little bit more space. It can be a little bit far away from the city, which, depending on your lifestyle, can be an advantage or an inconvenience. Owning a car, for example, might be easier if you get away a little bit from the city center.
Unfortunately, due to the rising costs of construction labor and materials, a lot of companies simply can not afford to build anything less than expensive. This is great news for those looking for top-notch housing but can be a struggle for those trying to make ends meet.
There are also hundreds of older buildings in New York that, with a little TLC, could easily be rebuilt for either affordable housing options or turned into expensive townhomes. The bones of properties from the 60s and 70s, or even older, are still good, although they may feel out of date. However, they are well constructed, and with a little touching up, the possibilities are endless.
On the other side, the luxury housing trend continues to climb, increasing demand. For more information on the best places to find luxury housing, or to buy a house in New York, be sure to contact BARNES New York to talk to a professional.
There are many reasons why you should rent a property in Westchester. Immediately north of New York City is Westchester County, a county full of thriving cities, towns, tucked away villages, and plenty of open and scenic areas with parks. Several top-named companies also claim Westchester County as their home, making it a highly sought-after county by many in which to reside.
What also makes Westchester such a great place to live is how many of its cities and towns are near a major train line. Places like Yonkers, New Rochelle, Larchmont, and Mamaroneck are under an hour by public transit to the heart of Manhattan.
Because of its proximity to New York City and more people wanting to reside in less packed and crowded areas, Westchester real estate is booming. Homes, apartments, condominiums, single-family, and multifamily spaces are all experiencing an influx of interested renters in the county.
Should I rent or sell property in Westchester?
Of course there are advantages and disadvantages to both renting or outright selling a property anywhere.
Today, more people are interested in renting properties than buying, and that is for a few different reasons. One reason is the uncertainty of interest rates and taxes. In addition, buyers today are uncertain whether the property they are buying will be worth it a year or two down the line.
Another reason to rent a place in Westchester County is the uncertainty most people have given the current state of the world. People don’t know if they want to stay in the area or pack up and move far away. That uncertainty turns many would-be buyers into renters. They like the flexibility.
And the final reason for renting as opposed to selling is the lack of rental property inventory in the area. The lack of inventory, coupled with Westchester being a desirable living space, could mean that your rental property rents for more than the asking price.
Why are so many people renting instead of buying today?
To put it simply, many people aren’t sure where they want to end up five, ten years down the line. Do they want to stay in the area, or do they want to move somewhere entirely different? The pandemic caused a lot of people to rethink their long-term plans, and many discovered that their future might differ from what they had originally thought. And from that uncertainty comes a transition period where buying property doesn’t make sense—renting does.
So it makes sense that because so many people are in a transition period in their lives, that renting a property would be more beneficial than selling.
Why is Westchester in such high demand?
Westchester County is in such high demand partly because of its closeness to New York City and partly because of what it has to offer.
Even if they work remotely, many people do so for a company with headquarters in the heart of New York City. The world is opening back up, meaning the chance of returning to work is a real possibility for most people, and that makes workplace proximity an important factor when considering property hunting.
In addition to its proximity, Westchester offers a lot of what New York City lacks: namely, open parks, yards, and larger living spaces. With so many people wanting exactly that today, Westchester has become an increasingly desirable place.
Are there really bidding wars for rental properties?
Yes, there are. With the lower-than-usual inventory of Westchester apartments for rent and the influx of movers into the area, there is simply more demand than supply. When demand overpowers supply, the more people are willing to spend.
What other benefits are there to renting a property?
Having a tenant to cover your mortgage expenses is an added benefit when you rent instead of sell. More than likely, you have your own monthly expenses, and having extra income (potentially, even more, depending on how in-demand your property is) can help out tremendously.
Also, taxes. You can write off your mortgage interest, required property maintenance, utilities, and property insurance with renting. You can even deduct the depreciation of your property based on the year it was built.
Renting a property also comes with a known monthly income. Because your renter(s) will be paying you each month, you know what kind of cash flow to expect so that you can plan and spend with less worry.
What are the best areas to rent a property in Westchester?
Westchester County is a desirable place to live for New York City commuters and those that need to be close to the city without wanting to be in the city itself. It offers more space and more greenery while still offering plenty of the big city conveniences like public transit, thriving downtowns, and entertainment.
Along the eastern coastline, from New Rochelle up to Port Chester, are highly sought-after areas for those wanting picturesque waterside views. Similarly, on the western side of Westchester is the Hudson River, and towns like Yonkers, Tarrytown, and Ossining offer great properties.
Really, there is little wrong you can do in Westchester County, but renting in an area near water or public transit with direct access to New York City will yield the best results. To help guide you in your New York City real estate adventure, reach out to BARNES New York for the best advice and listings around.
There are more than 50 neighborhoods to choose from when you want to buy an apartment in Manhattan. Each has its upside and downside, its little quirks, and its own unique vibe. But, no matter where you choose, you’re bound to find a vibrant, thriving community brimming with bustle and life.
Wondering what neighborhood might be best for you? Below is a list of some of the best neighborhoods to consider when you’re looking for an apartment for sale in Manhattan.
Neighborhoods
Bowery
The Bowery was once a neighborhood for those who were termed at the time the “down and out.” The area was known for decades for its bars and flophouses. Since 1990, the area has been reviving and is now home to luxury high-rise condo buildings. Median price: $2 million*.
Chelsea
A primarily residential neighborhood, Chelsea was named after a neighborhood of the same name in London. Chelsea is a diverse neighborhood known as one of the city’s key art centers. The area’s homes consist of pre-war co-ops, historic townhomes, and luxury condo buildings. The High Line, an abandoned elevated railway that was transformed into a park, runs through this neighborhood. Median price: $1.4 million*.
Chinatown
First settled in the 1870s and housing the largest number of Chinese people in the Western Hemisphere, Chinatown is a vibrant neighborhood with restaurants serving fresh, authentic Chinese food. New loft-style apartments are being built on the edge of the area. Median price: $688,000*.
East Village
The success of this neighborhood’s art scene led to its popularity. East Village was home to artists and musicians in the 1950s and is filled with galleries, bars, and small museums. Median home price: $1.9 million*.
Financial District
Popular with those who work on Wall Street, Manhattan’s Financial District has a mix of walk-ups above stores, luxury high rises, and historic buildings. Most of New York City’s historical sites are located in this neighborhood. Median price: $800,000*.
Flatiron
Flatiron, named for the iconic Flatiron Building, is predominantly a commercial area. Housing consists of mostly newer luxury buildings with all the key amenities along with a few walk-ups. Median price: $947,000*.
Gramercy
Famous for its ivy-covered brownstones, Gramercy is an oasis amid the hustle and bustle of Manhattan. Its most famous attraction, Gramercy Park, is open only to members. There is some new construction, consisting mostly of older walk-ups and doorman buildings. Median price: $985,000*.
Greenwich Village
Known as a home for artists and bohemians, Greenwich Village was the birthplace of the counterculture movement on the East Coast. This historic neighborhood contains walk-ups, brownstones, and high-rises on Park Avenue and Fifth Avenue. Median price: $2 million*.
Hudson Yards
Hudson Yards is Manhattan’s newest neighborhood, and also the largest private development in the US. It boasts 18 million square feet of commercial and residential spaces with more than 4,000 homes. Median price: $6.8 million*.
Little Italy
The streets of Little Italy are lined with Italian eateries with their traditional red and white checked tablecloths. Most of the housing in this neighborhood are walk-ups over stores and restaurants, along with co-op buildings. Median price: $1.6 million*.
Lower East Side
One of the oldest neighborhoods in Manhattan, the Lower East Side is known for its immigrant working class past. This affordable neighborhood is filled with mostly pre-war walk-ups and a few luxury high rises. Median price: $1.2 million*.
NoHo
NoHo (North of Houston) was a manufacturing area in the late 1800s. New luxury high-rises are mixed with walk-ups on side streets. NoHo is one of the most sought-after neighborhoods in Manhattan. Median price: $3.8 million*.
NoLIta
Like many neighborhoods in Manhattan, this one was named for its location―North of Little Italy. This four-block neighborhood is home to high-end chain stores, charming boutiques, and vintage shops. Historically Italian, NoLIta is now a diverse, trendy area with well-kept, pre-war walk-ups. Median price: $2 million*.
NoMad
NoMad (North of Madison Square Park) was named in 1996, but the area is much older. Europeans first occupied the area in 1686. Its housing stock includes historic brownstones, walk-ups, and new luxury high rises. Median price: $3.2 million*.
SoHo
SoHo (South of Houston) is one of Manhattan’s trendiest neighborhoods. Known for its cast-iron architecture, it’s home to artists and trendsetters. SoHo was once a powerful manufacturing center, and its former factories now house studios and art galleries. Living spaces are small and consist mainly of walk-ups and luxury co-ops. Median price: $5.4 million*.
TriBeCa
TriBeCa stands for Triangle Below Canal Street and features large lofts in converted warehouses and luxury mid-rise condo buildings along its quiet cobblestone streets. The neighborhood is known for its architecture and beautiful outdoor spaces. Median price: $5.6 million*.
Two Bridges
Another historically immigrant neighborhood, Two Bridges is located between the Manhattan Bridge and the Brooklyn Bridge. Until recently considered a part of the Lower East Side, its housing stock is a mix of tenement-style walk-ups and high-rise mixed-income and affordable rental housing. Median price: $2 million*.
Upper East Side
Among the most affluent neighborhoods in Manhattan, the Upper East Side is a cultural center with some of the most famous museums in the world—the Guggenheim, the Metropolitan Museum of Art, and the Cooper-Hewitt Smithsonian Design Museum. Area housing includes luxury high-rise condo buildings, townhomes, and brownstones. Median price: $1.6 million*.
Upper West Side
Known for the American Museum of Natural History and the Lincoln Center for the Performing Arts, the Upper West Side is one of the greenest areas of Manhattan. It boasts both Central Park and Riverside Park. The current housing stock is made up of townhomes, co-op and condo buildings, and high-rise luxury buildings. Median price: $1.8 million*.
West Village
Once part of Greenwich Village, West Village was home to the American bohemian culture in the 20th century. Now a laid-back neighborhood with winding streets and cobblestone, it sometimes feels like a small European town. The streets are lined with historic brownstones in styles from Romanesque Revival to Greek Revival. Median price: $1.6 million*.
Real estate prices were near record highs in 2021, and it looks like that upward trajectory will continue. If you want to buy an apartment in Manhattan, now is the time. There is pent-up demand and only about five months of housing supply. The median sale price for a condo was $1.7 million in July 2022, up 4.4% higher than the same period in 2021.
If you’re looking for something a little less expensive, think about buying a co-op in Manhattan. Co-ops tend to be less costly and typically offer more space than condos, but the purchase process is a little more complicated. So take a look at both options and decide which is right for you and your situation, and contact BARNES New York when you feel ready to buy an apartment in Manhattan.
New York City consists of five boroughs: Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, and each has its own style and way of life. Sometimes, passing between the borders of each borough can feel like traveling to an entirely different state.
Each borough comes with its own historical significance, urban centers, and array of diversity. And New York remains one of the most popular places to live in America.
With popularity comes luxury living, a category where New York City is in no way lacking. With neighborhoods such as Noho, Hudson Yards, Tribeca, and Central Park, the options are limitless in luxury real estate in New York.
What about Hudson Yards?
Hudson Yards is unlike any other neighborhood in New York City. It is well known for its first time visiting New York experiences and its incredible and artistic architecture. It’s very close to Central Park and borders the Hudson River. Its abundance of luxury townhouses and luxury homes, and skyrise properties offer stunning views of some of New York’s most iconic buildings, the river, and Central Park. Some properties offer views of all three. In any case, you will have an incredible view of Manhattan to take in and enjoy.
Hudson Yards was top on the list in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at $8.5 million.*
What about NoLIta?
NoLIta stands for North of Little Italy, and is a intimate neighborhood with a distinctly, unique charming vibe. You will find numerous boutiques and vintage shops, bakeries and pop-up art galleries throughout the area. Apartments can be hard to find, because the neighborhood is very small, and consists mostly of pre-war walk-ups, although there are a few newer doorman buildings and new developments.
NoLIta was second only to Hudson Yards in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at just a shade under $7.5 million as of May 2022.*
What about Central Park?
Central Park is home to some of New York City’s most iconic views, so it only makes sense you will find a lot of luxury real estate around it. And the hundreds of highrises and historically-significant and renovated buildings that line the famous park, especially on its southern border, are the most sought-after properties in the city.
The neighborhood of Central Park South, located on the southern stretch of Central Park, is tiny. It is only three blocks long by two blocks deep, but it packs a lot into that small space. It is home to many of New York City’s picturesque views.
Luxury properties sharing a border with Central Park will be the most expensive in the neighborhood, but, on average, the sale price for properties here was just a shade over $6,645,500.*
What is NoHo’s Style?
NoHo, or north of Houston Street, is a neighborhood within Manhattan and has an incredible view of Manhattan. The area has some of the city’s best critically-acclaimed restaurants and entertainment as well as designer boutiques. It’s been described as laid-back, but with something always going on—you will never be bored.
Housing-wise, NoHo’s well-known luxury buildings are some of the most highly-sought after in the city, and they are chock-full of architectural history or their own unique style.
NoHo is third on the list in median sales price at just over $5,150,000.*
Where is TriBeCa?
TriBeCa is located on the southern tip of Manhattan and is known for its industrial look. This portion of Manhattan has been restored and renovated while maintaining its original, more turn-of-the-century beauty. Historical lovers would be at home here. It has riverside views, notable restaurants, and plenty of sleek bars to fit a luxury lifestyle.
TriBeCa is also well known for its annual film festival, the TriBeCa Film Festival. Properties here, on average, go for a little above $3.2 million.*
Are there any luxury options outside of Manhattan?
Of course there are! The luxury apartments market in NYC is prevalent in more than just Manhattan. Of course, the options are a little bit more limited outside of Manhattan, and the surrounding areas don’t necessarily offer the same prevalence of luxury amenities, like fine dining or theaters, but they are there.
The borough of Brooklyn would be Manhattan’s biggest rival in terms of luxury living, especially DUMBO, with a median sale price of $2 million.
What neighborhood would you recommend?
Any of the neighborhoods mentioned above would be a good starting point when looking for luxury housing. But it’s nearly impossible to beat the views of New York City’s skyline that are available only in Manhattan—not to mention Central Park. With Central Park within commuting distance from anywhere in Manhattan, the area is really unrivaled.
To begin a more in-depth search into luxury real estate in New York, contact BARNES. BARNES New York is an international luxury brokerage that can help you find the best possible option for luxury living in the big city.
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