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Category: New York Real Estate

Discover everything about New York Real Estate, market updates, trendy properties and new developments opportunities you shouldn’t miss. New York Real Estate can be a rollercoaster, and you need to be on top of it. Read our articles presenting you all the recent developments in tern of Real Estate news in new York and things you should absolutely be aware of.

Where should you buy a house in 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 of Manhattan. 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.

Sunset view with the Hotel Belleclaire, looking at the Hudson River.
View of the Upper East Side from Central Park.

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*.

Typical New York townhouses in a row in a quiet street with trees.
Brownstones with typical cast-iron stairs and flowers.

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.

*Data from UrbanDigs

How can BARNES work for you?

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.

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Why rent a property in Westchester?

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.

View of the pier at sunset in New Rochelle, on the eastern coastline.
Park with benches on the water with sunshine, and a lighthouse in the background.

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.

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Real Estate: Rental prices are skyrocketing in New York. Here’s why

After five consecutive months of rising prices, the average monthly rent stood at $5,058 in Manhattan last June. In the space of a year, real estate rentals in New York have seen prices soar by almost 30%. To understand this phenomenon, Rachel Brunet from LePetitJournal went to meet Yann Rousseau, Managing Partner at BARNES New York.

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Where should you buy an apartment in Manhattan?

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*.

Tiles showing Chelsea Local, located at the Chelsea market, famous food hall in the Chelsea district.
Night view of the High Line, the former elevated rail tracks repurposed as a park in the Meatpacking district.

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*.

Night aerial view of the Flatiron building in the Flatiron district.
View from the water on the Financial District skyline in the south of Manhattan.

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*.

Street sign showing Welcome to Little Italy in the little Italian district, close to Chinatown in Manhattan.
Picture of the Vessel, the famous monument located in the new neighborhood of Hudson Yards.

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*.

Night view of an alley in TriBeCa, with lights illuminating the porches on the sides.
Typical New York residential brick buildings in SoHo

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*.

*Data from PropertyShark

The rise of Manhattan real estate

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.

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Where to find the best luxury real estate in New York?

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.*

View of Central Park and its pond in autumn, with luxury buildings and red trees.
Central Park at The Mall in New York City during predawn, with street lights on and orange leaves and autumn colors on the trees.

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.*

Luxury kitchen, well decorated in a white, beige palette. Two round chandeliers are hanging from the ceiling, an island countertop with two stools is in the foreground.
Luxury bathroom of light brown marble, with a standing shower with glass panels and a bathtub.

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.

* Data from PropertyShark

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What is the housing price in Queens?

Do you want to know more about the housing price in Queens? When deciding where to live, cost is a major factor to consider. Purchasing a home is a massive investment, so getting an idea of the prices for a specific area is important. New York has a reputation for small apartments with high rents, but this isn’t the case everywhere. There are many houses, decently sized apartments, condos, and more for sale in Queens.

Queens traces its roots back to the 1600’s, when it was founded as one of the original counties comprising the Province of New York. From these humble beginnings, it has since exploded in growth and population. Queens is currently the second-most populated county in New York state, also making it the second-largest borough in all of New York City.

What is the state of the Queens real estate market?

In 2020, the Queens real estate market slowed. However, it never fully stopped, which has allowed a quick recovery and rapid growth. In quarter 1 of 2021, the median sale price was half of what it had been a year prior. The market then boomed, with the second quarter of 2021 median sale price being more than twice what it had been the previous year. The median fell by roughly $200,000 for the remaining two quarters, but prices were still much higher than they had been in 2020.

In 2020, there were a total of 9,857 real estate transactions across the entire year. The most transactions occurred in quarter 4, with 3,179, and the fewest number of transactions, 1,610, happened in Quarter 4. In contrast, 2021 saw 14,922 real estate transactions. Quarter 1 saw the fewest, with 3,282, and Quarter 3 saw the most, with 4,350. Even when the Queens real estate market was at its lowest, it managed to outshine 2020’s market.*

As of May 2022, the median sale price in Queens was $545,000, with a price of $615 per sq. ft., and 1,064 transactions, while the second quarter of 2022 saw 4,178 sales, a 18.8% year over year.

The pandemic caused many people to be stuck in their homes for long periods of time. This gave people a new perspective on their spaces and drove demand away from crowded places like Manhattan and toward more open locations like Queens. Small apartments are no longer preferable since being quarantined inside a small space can become uncomfortable quickly. As a result, demand for luxury houses for sale in Queens increased, which drove prices up in tandem. The median house sale price in Queens in May was $798,000, up 6% year-over-year, while coop and condo prices were down 3%, showing a need for more space and less cramped, confined apartments.

Queens is the fourth most expensive borough in New York City. This, alongside its beautiful neighborhoods and cultural diversity, caused the demand for housing in Queens to grow even before the pandemic, and 2021 only saw the demand soar to new heights. As a result, housing prices are up, and rents are climbing.

*Data from PropertyShark

View of the 7 Express train subway line in Queens, with the Manhattan skyline in the background during sunset.
A picture of the Unisphere, a spherical stainless steel representation of Earth located in the Meadows–Corona Park in Flushing, Queens.

Where is the best place to look for real estate in Queens?

When looking to purchase real estate, there are plenty of diverse neighborhoods to choose from. If you’re looking at apartments for sale in Queens, consider looking in Astoria. With its heavy Greek influence, a Little Egypt, and an abundance of family-owned businesses, Astoria proves to be an enticing choice. This is compounded further by the combination of affordable and high-end housing and a growing reputation for fine dining. House prices here range from $250,000 to well over $2 million. There’s somewhere for you here, no matter your budget.

When looking for condos or co-ops, Long Island City and Jackson Heights spring to mind. Jackson Heights has quiet and historic residential areas, such as the Historic District, and busier commercial areas that provide the neighborhood with a bustling nightlife. It can be busy, but there is a variety of different cultural restaurants from places like Tibet and India that make the hustle worth it. Home prices here range from $300,00 to under $1,500,000. Long Island City can be quiet during the day, but also has a vibrant nightlife with concerts, weekend markets, and cocktail bars. With a past of industrialism and newer modern additions, the city’s luxury high-rises each have their own unique flair. The house prices here tend to be closer to $1 million, with most being higher.

If luxury is the goal, Jamaica Estates, a subsection of the larger neighborhood of Jamaica, and Forest Hills Gardens are the best choices. Jamaica Estates is a beautiful neighborhood with a diverse mix of cultures. The stunning sights of the colorful city, elaborate architecture, and stunning tree-lined streets mean that homes here are priced between $1,000,000 and $3,000,000. Forest Hills Gardens is also one of the most expensive neighborhoods in Queens. The quiet residential districts surrounded by parks and gardens have easy access to The West Side Tennis Club, resulting in house prices that can be quite extravagant. While you can find homes of all prices, many are near or over $1,000,000, with some being nearly $4,000,000.

What to consider when looking in Queens?

Vie of Queens and the high rises of Long Island City downtown borough skyline at dusk.

When looking at real estate in Queens, knowing what you’re looking for will help dictate the prices you should expect. When looking at the neighborhoods, homes typically range between over $200,000 and $4,000,000. This large range shows how diverse Queens is.

With more affordable homes found in Jackson Heights and Astoria and much more expensive offerings in Jamaica Estates, Long Island City and Forest Hills Gardens, there’s someplace in Queens for your budget. However, there are many other neighborhoods to consider. Each one provides different cultures, views, amenities, and more.

The western portions of Queens have beaches and beachfront properties. Places like Astoria and Flushing are rich in museums and culture. Other neighborhoods are filled with trees. Every one of them has a unique mix of cultures. Whether you’re looking for a quiet, expensive property or an apartment in a busy city, Queens has something to pique your interest. If you’re looking for a space to call your own, BARNES New York can help guide you.

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How to buy a brand new apartment in Brooklyn?

Buying a brand new apartment in Brooklyn is an amazing and rewarding experience to be had by buyers of all backgrounds and lifestyles. Brooklyn is a city filled with life, color, and culture that shows in nearly every neighborhood and part of the city.

While searching for an apartment to buy and going through the process can be time-consuming, it can be made easy by understanding your budget, each neighborhood, and the overall steps to buying a brand new apartment in Brooklyn. When looking for a space in Brooklyn to call your own, BARNES New York is here to help guide you.

What is your budget?

View of the NYC skyline at the back, with the Brooklyn skyline in front, during sunset.

How much are you willing to spend on your apartment? In Brooklyn, the median sale price of an apartment market-wide, including resale and new developments, is around $980,000 as of July 2022*. When considering brand new apartments in new developments in Brooklyn, the median sale price increases to $1,200,000 in July 2022*. Like other New York neighborhoods, co-op apartments are often cheaper than condominiums, but it’s fairly rare to find a brand new co-op building. In general, homes in a new development in Brooklyn will cost more than existing resale. Important tip: it is best to save about 20% of the cost of the apartment before buying, if possible. This gives you plenty of wiggle room when looking for a brand new apartment to buy and greatly strengthens your offer.

Having a reasonable budget of $1,000,000 or more will ensure you find new apartments and condos for sale in Brooklyn that will meet your needs. But, of course, prices also go up with more accommodations, features, and luxuries available. Depending on what you’re looking for, set yourself a limit to finding hidden gems in your home and avoid overspending. It’s best to talk to your banker or mortgage broker to request a pre-approval letter to help you pinpoint your budget.

*Market data from UrbanDigs

What about location?

The price of the apartment you buy in Brooklyn can vary greatly depending on the neighborhood it is located in. While areas such as Williamsburg and Dumbo tend to be more expensive, Greenpoint and Carroll Gardens can be much cheaper options.

Williamsburg

Williamsburg is one of the trendiest area in Brooklyn, filled with bars, restaurants, and retail stores, feeling much like a giant city within an even bigger city. An apartment in Williamsburg is ideal for Manhattan Bridge views, easy access to luxury shops, and a comfortable residential feel. Although there are also plenty of work opportunities in Williamsburg, it is great for many residents to settle in as well. There’s always an new apartment to buy in Williamsburg thanks to several solid new development programs.

Dumbo

Dumbo is priced similarly to Williamsburg, emerging as a hotspot in recent years as former industrial spaces are converted to cozy residential homes. However, the price is worth it, as it is filled with lovely streets lined with vintage shops and unique pieces, and it’s a popular spot for older groups. Several new development programs offer beautiful housing options in the neighborhood. Whether you are buying a new condo or co-op in Brooklyn, Dumbo’s vision is sure to make it a stunning home.

Greenpoint

Greenpoint is a great area to settle in as there’s less hustle and bustle than Williamsburg, which is just south of it. The area has many beautiful brownstone apartments and is home to a large Polish community. The food at Greenpoint is excellent and varied, so it’s great for people of almost every culture, especially Europeans. New buildings in the area offer brand new condos with good amenities and easy access to the subway.

Carroll Gardens

Carroll Gardens offers a small selection of brand new apartments, but provides a small-town feel from within Brooklyn’s big city, and even though it is smaller than many other neighborhoods in Brooklyn, the close-knit community can make any newcomers feel welcomed. An apartment in Carroll Gardens is not only beautiful, but it is also great for those who are looking for a quiet house in a smaller neighborhood.

What is the buying process like?

As a potential buyer who wants to buy a brand new apartment in Brooklyn, you should work with an experienced buyer’s agent. By working with a buyer’s agent, you can save money by helping you find great deals on apartments, working with your best interests in mind, and help you navigate the different neighborhoods in the city, especially with agents specialized in new constructions in Brooklyn and its different areas.

In addition, it is important to prepare documents for your offer and to find a real estate attorney. Once the offer is accepted, your attorney will review the offering plan before you enter a purchase contract.

Because it can be difficult to get a mortgage on a new development, you might want to consider working with the “preferred lender” for the building, who is usually familiar with the construction and able to give loans more easily. Start building requests as soon as possible to stay on top of additional messages and information while staying organized with important information.

How do I secure the apartment I want?

Once the offer is accepted for your Brooklyn apartment, you can begin the process of closing on your new home. After signing off, your brand new apartment in Brooklyn, New York, is now completely yours!

The process usually takes about up to 2 months for condos and up to 3 months for co-ops for resale, but for brand new homes and buying off the floor plan, the timeline can greatly vary, especially when some apartments are being sold before the construction even begins! If possible, provide documents such as IDs, tax returns, and other important records to be as thorough as possible. Buying an new apartment in Brooklyn can be a long but highly rewarding process, and having these resources available will help streamline it. Owning a home in a beautiful city filled with color, friendliness, and diversity is a huge step forward in life. Contact BARNES New York to start looking for your brand new apartment in Brooklyn!

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What is the real estate market like in the Hamptons?

Like most residential areas outside of big cities, the Hamptons have seen a tremendous influx of home buyers and residences since the beginning of the COVID-19 pandemic. People want to live outside the city more than ever while still remaining somewhat close, and the housing market reflects that.

Like most of the world, the Hamptons has a competitive housing market where buyers enter bidding wars against other buyers to land the house. Because of that, areas of the Hamptons that have been harder to sell in have suddenly become a buyer’s destination. And with some revitalizations of shopping districts and nearby downtowns, those areas have become even more desirable.

About How Many Residences Are on the Market Today?

At the time of writing, over a thousand homes were for sale or rent in the Hamptons, with listing prices ranging from approximately $400,000 on the more inland properties up to $78,000,000 for the oceanfront properties. When considered over the entire year, rental prices start at around $14,000 annually and go up from there.

The listings, as described above, are located throughout the Hamptons, from the westernmost stretch (Westhampton, Westhampton Beach, and Eastport) to the eastern tip (East Hampton, Amagansett, and Montauk).

Where is the best place to live in the Hamptons?

Of course, this leans a little on personal preference: do you like oceanfront properties more than wooded inland ones? Or do you prefer properties closer to restaurants, shops, and museums? But, with that being said, and with so many real estate options in the Hamptons, there is something that will fit within your ideals.

What is the upside to Westhampton?

Of the Hamptons, Westhampton is the closest neighborhood to New York City. By car, it is just under 1 hour and 30 minutes to Midtown Manhattan, making it the ideal location for those who would like to commute to the city frequently. Because of this, Westhampton has seen some upswing in the amount of purchases lately.

Couple that with a revitalized downtown, its proximity to the water, and it’s clear that Westhampton will continue its upward trajectory.

What is the upside to East Hampton?

Montauk

Farther away from New York City is East Hampton, a quieter area in the Hamptons. For reference, by car, it is just under a 2-hour drive from Manhattan (near Central Park). It has a thriving downtown with plenty of charm and accommodations and is perfect for those wanting to experience New York without all of the crowds and business of the big city. It also has incredible views, plenty of parks with hiking trails, and long, scenic beaches.

Of course, with such features and accommodations, East Hampton real estate has seen an uptick in buyers lately and can be competitive.

How competitive is real estate in the Hamptons?

According to the Hamptons Real Estate Report by Hedges, the Hamptons real estate market has declined in terms of the number of sold listings. However, the amount of each sale had increased over the previous year, meaning that even though fewer properties were sold, the amount they sold for was higher.

The reason for the increase in sale prices can be pinpointed to two reasons. The first reason being that it costs construction companies more money to build properties due to the uptick in labor and material costs throughout the world.

The other reason also relates to construction. Again, because of the cost to build (and the material shortage), companies just can’t build new properties as frequently as they had before. And for that reason, there are fewer properties for potential buyers. That means for those that are on the market, the lack of properties make it ultra-competitive, and potential buyers often have to enter bidding wars against other buyers.

Any recommendations for property buying in the Hamptons?

Beautiful brown mansion with a driveway and a fountain.

There are many property and real estate opportunities in the Hamptons despite the decline in the number of sold listings—almost every village, town, and hamlet within the Hamptons has property for sale. It then becomes a matter of where you want to live; or where you can afford to live. For those looking to spend upwards of 10 million dollars, the oceanside properties of East Hampton, Amagansett, or Montauk would be of interest.

Those hoping to spend less than 10 million dollars but still desire an oceanside property should look to Westhampton, Westhampton Beach, Eastport, or the areas around those villages. And for those not wanting to spend a million dollars, looking at the villages and hamlets more inland would lead to desirable options.

What does the future of real estate in the Hamptons look like?

Because of the pandemic, the Hamptons has seen an influx of buyers gobbling up their real estate supply at record rates. Rates which, largely due to material shortages, construction companies and contractors haven’t been able to keep up with. As a result, not only had the Hamptons seen a decrease in the number of sales, but it had also experienced a decrease in supply.

However, with many companies leaning more on remote workers than ever before, several agencies and real estate heads are predicting a more stable and ‘normal’ market for the Hamptons in the future. To check out all the finest luxury listings available, alongside expert advice and guidance, be sure to contact BARNES New York.

What kind of housing and properties are available in Westchester?

Westchester County, located immediately north of New York City, has been an increasingly desirable place to live. More than ever, the lure of living outside the heart of New York City has grown, and interested buyers are turning their attention to the surrounding areas. According to a report by the New York City Comptroller, the population in Westchester has risen more than 9% since the start of 2020.

Westchester County is perfect for those who want to be close to one of the greatest cities in the world without being right there in the thick of it. Many of the houses in Westchester are under 30 minutes away from Manhattan by car or under one hour by train, making commuting and staying in touch with the New York City scene extremely easy.

Plus, Westchester offers a wide array of living options, from luxury apartments to homes to villas, and pockets of its cities even offer affordable housing programs. There’s a little something for everyone in Westchester.

What comprises Westchester County?

There are 6 cities, 19 towns, and 23 villages throughout Westchester County. The county is the second most populated county in New York (the first is Bronx County). But if you exclude New York City, Westchester becomes the most populated. The county has an area of 450 square miles, roughly the size of Rhode Island.

What are Westchester’s cities like?

Westchester’s 6 cities are Peekskill, White Plains, Mount Vernon, Port Chester, New Rochelle, and Yonkers. Peekskill is located at the northwesternmost tip of the county along the Hudson River. White Plains and Mount Vernon are located inland, whereas Port Chester, New Rochelle, and Yonkers are located along the eastern shoreline of the county.

What kind of property is available in Peekskill?

Peekskill has a plethora of living options and is home to some of the best villas in Westchester. Homes here typically range from $250,000, on the low end, to $1 million on the high end. Most homes offer multiple bedrooms as well as two or more bathrooms.

Its villas, which are expansive and often riverside, typically fall under the $300,000 price tag and similarly include multiple beds and baths. However, some villas are offering less space for cheaper.

There are no shortages of luxury apartments in Peekskill. Most are strategically placed so that each room offers picturesque views of the Hudson or one of the area’s surrounding parks.

What is Peekskill like?

Peekskill is just under 50 miles north of New York City. It takes around an hour, by car or train, to reach Grand Central Station in Manhattan.

Peekskill is heavily invested in its art scene and is where many of New York’s artists live. It is home to a thriving performing arts center and several attractive nature parks, historical sites, and museums. There is a diverse array of restaurants in the city as well as a Farmers Market located in Peekskill’s beautiful downtown.

What kind of property is available in White Plains and Mount Vernon?

Larchmont Aerial Drone Photos of Marina and Premium Point

White Plains offers a more suburban feel despite being just 33 minutes away from New York City by train. As a result, it has a wide array of homes priced from around $500,000 on the low end to over a million on the high end, all of which typically yield multiple beds and baths. White Plains also offers luxury apartments in its downtown high rises.

Mount Vernon is the southernmost city of Westchester and touches New York City’s Bronx borough. Being so close to the city, homes can easily surpass $1 million, and the travel time to New York City’s Grand Central Station is under 30 minutes by car or train. As a result, there is a spattering of luxury homes and apartments in Mount Vernon.

What are White Plains and Mount Vernon like?

White Plains ranks among the best suburbs of New York. It has a strong downtown scene, small neighborhoods, and its own thriving economy. Over 100 businesses have their headquarters in White Plains, and because of that, the suburb is ever-growing. As a result, there is always something going on in White Plains, from performing arts to museums to nature parks to recreational activities like golf, blading, or kayaking.

Despite being in Westchester County, Mount Vernon has a strong New York City feel to it. It is one of the county’s most diverse cities and offers an array of restaurants, shops, and parks that support that diversity. Its homes will be more compact than Westchester’s other cities, but that is to be expected given its proximity to New York City.

What kind of property is available in New Rochelle, Larchmont, and Yonkers?

New Rochelle and Larchmont are located along the eastern shoreline of Westchester County, and their housing options range from $300,000 on the low end to over $5 million on the high end. Condominiums can fall under $150,000 in either city. They also offer waterside and luxury villas.

Yonkers is located on the western side of Westchester along the Hudson River. It offers villas and luxury apartments/condominiums. Its housing options range from $400,000 on the low end to over $1 million on the high end.

What are New Rochelle, Larchmont, and Yonkers like?

Yonkers began as an industrial extension of New York City but has since been transformed into its own thriving community. The developers kept the city’s history intact, and many of its living options are in newly-renovated historical buildings. The city has a wide array of culturally-diverse restaurants and shops in its booming downtown, as well as a host of walkable parks.

New Rochelle and Larchmont border each other, and both are chock full of everything water-related. Between the two cities, they share sailing schools, yacht clubs, and rowing clubs, plus play host to sprawling nature preserves, top-rated museums, and fun beer gardens. Each city has its own downtown and offers everything you need, so you don’t need to make the trip to New York City if you don’t want to.

What other property is out there?

There are over 1,000 Westchester homes for sale throughout the county’s 450 square mile area. Plus, there are an array of villas and luxury apartments in Westchester, NY, which means there is bound to be something for everyone.

Westchester is a growing and thriving county just north of New York City that offers all of the same conveniences while stretching your money. Its properties yield more land, bigger homes, and a quieter lifestyle all while remaining easily accessible to the heart of New York City.

Read more on Westchester’s real estate and let BARNES guide you to the right house, villa, or luxury apartment in Westchester, NY.

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Pied à Terre: A Home Away From Home – Redfin

BARNES New York was recently featured in Redfin article “Pied à Terre: A Home Away From Home”. A pied à terre is a luxury apartment or condo in a big city that someone uses as their second home. People generally invest in pieds à terre for convenience, proximity to work, to visit a particular city, or as a home away from home.

There are many advantages to owning a Pied à Terre, especially in New York City, the city that never sleeps. Read on to learn about where you can find pieds à terre and how you can choose one that makes the most sense for you.

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