BARNES New York can help you with your Real Estate projects, but also assists you with any part of your Lifestyle! Read our various recommandations, in New York and beyond. We will tell you about great addresses in the city, things to do, activities to join, and much more!
For aspiring homebuyers, New York is an ideal place to invest in. Besides being known for its incredible sights and sounds, New York also offers an abundance of historical estates for those who want their homes to have character and charm. On the other hand, a previous look at ’Buying New Real Estate Development in New York’ has also shown how brand new buildings and modern apartments come with the advantages of convenience and upgraded amenities. In this article, we will learn more about housing prices in Brooklyn.
Regardless of which type of property you want, Brooklyn is a particularly popular option among the five boroughs in New York. Its residential areas are characterized by a blend of history and modernity, while still retaining the strong sense of community that’s otherwise lost in urban living. As such, here’s what you need to know and expect about housing prices in Brooklyn.
What is the current housing market like?
Since New York is a densely populated city, many find the housing market to be fairly daunting. However, as an article by Curbed on housing market expectations for 2023 notes, home prices in New York have fallen slightly to 6.3%*. Compared to the previous year’s record-high rates, interest rates are also forecasted by real estate expert Jonathan Miller to fall just below 6%*.
Specific to Brooklyn, data from PropertyShark states that the median home sale price is $769K, indicating a 3.8% year-over-year decrease. Meanwhile, the median price per square foot saw a 7.4% year-over-year change at $890.*1
One of the main factors which affect housing prices is the age of the property. While older, more run-down apartments are generally cheaper, it’s a different story when the apartment that you’re eyeing is landmarked for historical preservation. Brand new apartments will of course be relatively more expensive, but the price increase may vary depending on the upgrades.
Another factor that can significantly influence the cost of an apartment is its location. Prices can be steep when properties are close to shopping centers and public transit, and Brooklyn is connected to Manhattan by several rapid-transit tubes. Appraisers also look at the neighborhood comp and nearby employment opportunities when determining housing values.
Which Brooklyn neighborhoods can I look into?
The right Brooklyn neighborhood for you may depend on your budget and the type of apartment you’re looking for. For example, DUMBO (Down Under the Manhattan Bridge Overpass) has several industrial and warehouse complexes that have been transformed into luxury residential lofts over the years. It’s a trendy neighborhood where business, art, and leisure meet, and where 1-bed, 1-bath condos start at $995,000.
For those in search of an area that’s rich and brimming with history, try looking into Brooklyn Heights. The New York Times has written about how this neighborhood is becoming increasingly coveted these days — not only due to celebrity sightings but also because of its picturesque streetscapes and historically rich architectural styles. If you go through our official property finder for Brooklyn Heights, you’ll find that 1-bed, 2-bath condos start at around $105,000. However, large houses along Fifth Avenue that boast over 15,000 square feet of living space can go up to $80,000,000.
While median prices in Brooklyn are slightly higher than median prices in New York as a whole, BARNES New York is here to help you find the best possible offer for the apartment that meets your budget, needs, and lifestyle ambitions.
You can choose to view the website first for our wide range of property listings before our agents who are equipped with real estate knowledge and negotiation skills reach out to you. We can also help clients locate properties with cost-efficient utilities in order to maximize their investment and save costs in the long run.
What is the real estate market like in New York and its surrounding areas in 2023?
Read this article on the current state of the New York real estate market by French Morning. In this article in French, Yann Rousseau, Managing Partner of BARNES New York, gives his insights on the state of the market as well as the most sought-after neighborhoods in the city and the financial stakes behind a purchase.
New York City is bustling with opportunities for the buying and selling of property. It can be overwhelming to navigate the market, and finding the right real estate broker for you may prove to be a challenging task. Buyers want to ensure they are receiving top-quality service from their real estate agent and getting the best return on their investment. BARNES New York has some of the best real estate agents in New York City and offers a plethora of services to our valued clients.
The luxury real estate niche is booming in NYC. Buyers looking to invest in high-end properties should consider finding a real estate broker specializing in luxury properties, as there are factors to consider that may not be as relevant with other types of transactions. We are a real estate company that assists clients with buying, selling, and managing luxury properties in the New York area as well as all over the world, and we offer a multitude of experienced real estate brokers to assist you with navigating the market.
BARNES is an international, multicultural company equipped to assist buyers living in France, the United States, and other nations with the complex needs of working with luxury properties. We offer the best real estate agents in New York because we have a specialized team with diverse backgrounds, education, cultures, and experiences worldwide.
What types of experiences do BARNES real estate agents have?
Our BARNES New York team has been established in New York City for over 10 years. Although this branch is relatively young, many of the team members have extensive experience with property transactions around the world. For example, our managing partner, Yann Rousseau, has completed over 350 transactions since 2013, and some of our agents have over 20 years of experience working in real estate. Our long-standing dedication to the field helps us to provide outstanding service to our clients.
In addition, our BARNES New York & Westchester team brings a wide variety of educational backgrounds and experiences to real estate transactions. Several of the team members have graduate-level degrees in subjects such as law, environmental engineering, and international affairs. These diverse backgrounds inform our negotiations and provide a unique framework for approaching real estate.
BARNES values relevant experience outside of the field of real estate that can directly impact the quality of a transaction. We believe that we have some of the best real estate agents in New York because we offer services from professionals with a variety of experiences who are well-traveled and well-versed in luxury fields. In addition, our team members have lived in and traveled to many different countries and are used to being engaged in multicultural environments.
We have team members who have worked with international organizations consistently for the past 25 years. We also have agents with experience in luxury product sales, finance, and travel consulting. Having a diverse range of knowledge and experiences allows BARNES to provide optimal service to our clients.
How does BARNES provide outstanding service for clients?
Our agents are passionate about their work and are focused on keeping our clients satisfied. While some real estate brokers solely focus on property transactions, BARNES associates are concerned about all aspects of property management that are important to our clients. We take pride in helping the client get the most out of each investment and have the specialized experience to excel in the navigation of international luxury properties.
BARNES is not simply a company of real estate brokers—we also offer additional services for the acquisition and management of luxury items, such as yachts or private aviation. A major benefit of choosing BARNES is the ability to utilize multiple services without having to be involved with more than one company. BARNES is here to assist you with buying, selling, and managing your luxury properties as well as other high-end investments so that you can feel secure.
What makes BARNES unique compared to other real estate brokers?
New York is a big, thriving city with thousands of residents and countless real estate brokers. BARNES New York is unique in that we have a relatively small team of specialists. We believe that quality is more important than quantity, and we have chosen our team of 26 agents based on their passions, education, and experience with international luxury real estate.
Buying property internationally can be really stressful, especially if you live quite far from the property you want to purchase. At BARNES, you’ll be able to find a real estate agent who understands how to work with people from all over the world. Many of our real estate brokers are multicultural and have lived in several places around the world in addition to New York City. For example, several of our agents were born in France, and many of them are multilingual. In fact, the many languages spoken at BARNES New York include French, English, Spanish, Italian, Portuguese, Russian, Greek, Serbian, Croatian, Hebrew, and Mandarin Chinese. The comfort of communicating with your real estate broker in your native language is sure to ease some of the stress of making such a significant transaction.
While we know there are many options when it comes to real estate agents in New York, BARNES is the perfect choice for your international luxury needs, as we offer real-world experience, multicultural and multilingual competency, and a variety of educational backgrounds.
Many of our real estate agents have lived in New York City for 10 or more years and are passionate about serving the community. We have experience with investment in our own communities and are dedicated to providing service that meets each client’s individual needs. We are ready to support you with your luxury items and are here to provide professional guidance so that you can reap the greatest rewards from your investments.
Want to know more about the New York real estate market ?
Read this article or listen to the podcast by MySweetImmo. In this article/podcast in French, Yann Rousseau, managing partner of BARNES New York, gives his insights on the state of the market as well as the most sought-after neighborhoods in the city and the financial stakes behind a purchase.
Read the article or listen to the podcast on MySweetImmo:
Want to know more about the neighborhood of Hell’s Kitchen ?
Read this article by LePetitJournal, presenting the history of Hell’s Kitchen as well as its most famous residents. This vibrant neighborhood is full of trendy restaurants, coffee shops, stores and clubs which are all presented in this article. Finally, you will find a sum-up of the area’s real estate prices.
What impact did the fall of Wall Street have on the real estate market ?
This question is answered in a recent article by Les Echos. Véronique Le Billon is presenting the challenges faced by the New York real estate market in regard to the financial turbulences which are causing a rise of the interest rates and an undeniable risk of recession. In this particular article, real estate specialists, including the Managing Partner of BARNES New York, Yann Rousseau, give their insights on the current situation and the opportunities to come.
With its shining lights, skyscrapers, and mix of cultures, New York surely is the place to live. There are plenty of NYC apartments for sale currently, so choosing which to buy is up to you! Buying a new property in New York can seem daunting, as it is a long process with many obstacles throughout. However, this process can be made easy by being aware of all rules, regulations, and steps to take when buying a property in New York.
Being aware of the regulations that come alongside buying and selling a new house can make the proceeding go much smoother. Knowing what is expected for you and the seller will get you closer to reaching your new New York home with less trouble. Also, following all regulations can help you to avoid extra fees and costs that you would not have paid otherwise.
What are the important steps when buying a new property?
As a buyer, it is always a good idea to work with a buyer’s agent who has plenty of experience, especially if you are a novice when it comes to buying homes. Therefore, the first thing you should do when you decide to buy a home is to find a buyer’s agent.
Prepare all of the documents you will need for an offer and find an attorney specializing in real estate. You can ask your buyer’s agent for local recommendations. Having all of your documents in order will allow you to find any required information quickly and check that all regulations have been followed properly, especially when you’re buying a property in New York.
If you submit an offer for a property and it is approved, your attorney will look over the housing contract on your behalf. They will also scrutinize construction documents, including the first two years of financing the property. Once this operation is completed, you must then make at least a 10% down payment. This is one of the most detailed steps of the process, so it is important to review the listed rules and cautions to be aware of when making the down payment.
Once you’ve signed the full contract, if financing, you will apply for a mortgage and request an appraisal. The bank will provide you with a mortgage commitment, and you can complete an application to buy the new property.
The process and regulations for buying a cooperative property in New York are quite different from the regulations of other properties. For example, if you buy a cooperative, the board will first call you in for an interview. If you buy a condo apartment or a house, this process is skipped, and the building will consider the waiver of the right of first refusal, thus allowing you to begin the closing process on the property.
Many details within the buying process must not be looked over, as this can result in penalties, extra fees, and can add to the time you must wait before owning your new property.
What is a seller’s disclosure?
When a homeowner puts their house on the market, they must collect a packet of documents with information about the property. Seller’s disclosures can vary from state to state and county to county depending on their requirements, otherwise known as disclosure obligations. For example, in New York, the seller’s disclosure obligations are divided into 5 different categories: General Information, surrounding environment, mechanical systems, structural elements, and defects.
The general information that sellers must include in the disclosure would be details such as the age of the house, the property title, and the utility surcharge. In addition, the environment around the property can significantly impact the maintenance, and it must be stated in the disclosure. For example, if the property is located in a floodplain, a wetland district, near a landfill, contains asbestos, or if other toxic substances have been spilled, the seller must report them.
It must include information about the mechanical systems, such as the utilities, water sources and quality, and the presence of sewers. All defects in the house must be reported as well. Any issues with the plumbing, air conditioning or heating, security, the foundation of the walls, chimney, and patio terrace must be described in detail on paper to the buyer.
It is your right to receive a full and detailed seller’s disclosure as a buyer. Sellers who cannot provide adequate disclosure can owe money in fees, but the buyer may pay extra money for repairs later down the line.
Are there regulations for down payments?
Regulations and rules about down payments may be one of the most important that you come across as a buyer. Many co-ops or condos in New York will require a 20% down payment, although you might be permitted to put only 10% of the purchase price in a few instances. Of course, the more money you initially put down, the less you have to pay by the month.
Any down payment less than 20% of the price will require the buyer to pay for extra private mortgage insurance. Private mortgage insurance is a type of insurance that any buyer will be required to have to take out a conventional mortgage loan. Unlike most types of insurance, private mortgage insurance will protect the lender’s investment in the home rather than the borrower of the loan. On the other hand, private mortgage insurance makes it possible for some buyers to own their new homes sooner. This is because those who put down less than 20% as a down payment on their home will be allowed by the private mortgage insurance to obtain financing.
PMI is not on the cheap end, though, and it can come with additional monthly costs outside of loan payments. Until the buyers have enough equity in the home and are no longer considered high-risk, they must continue to make large payments to the private mortgage insurance. These can be between 0.5% and 2% of the total cost of the house in a given year. The lower the down payment, the higher the percent of the total cost the buyer will pay to the private mortgage insurance.
How can I abide down payment regulations?
The best way to ensure that you will meet the 20% requirement for a down payment on a new property in New York is by having a set budget and plenty of savings before entering the market.
It is important to decide how much you are willing to spend on your apartment, as well as which accommodations are most important to you. In New York, a one-bedroom apartment costs about $1,110,000 to buy on average in November 2022. A new 4-bedroom home for the family can cost over $3.8 million, making this a high initial down payment.*
Although putting a bigger down payment is generally advised, be sure to save at least 5% more than the down payment you wish to put down to help with repairs that you may need. Always set a limit with yourself and secure your expectations regarding financing. Additionally, it’s best to plan out your financial plan with an experienced mortgage broker to figure out your budget.
As stated above, working with real estate professionals can help you build confidence and guide you throughout the process and the regulations of buying a new property in New York. Unfortunately, many buyers and sellers may think that they are saving money on a real estate transaction by not hiring a real estate agent, and this could not be further from the truth.
An experienced real estate agent knows the New York market, has excellent negotiation skills, and offers great advice about choosing a home that will help you save money in the long run. Having a real estate agent by your side can help you find new properties that you may not have found otherwise, caution you of regulations you may be missing or unaware of, and assist you throughout the process to help you understand each step of the way.
Having a brokerage firm that you can trust is crucial when buying a home in New York. BARNES New York is available to help you in all of your real estate endeavors, whether you are buying a home, investing abroad, looking for private aviation and yacht services, and much more.
BARNES New York will assist you in all of your needs, especially when it comes to luxury living and new developments in New York. Contact us today for more information!
Do you wonder which luxury real estate agencies to contact in New York? Now that the world is beginning to reopen, the real estate market is finally on the move again. While most industries suffered through the first year of the pandemic, the buying and selling of real estate became particularly challenging.
New York City is now returning to its typical place as a city to consider when purchasing a luxury home. Properties in New York City offer excellent long-term value and can be utilized for various purposes, such as vacationing or renting to tenants.
While real estate agency companies are fairly easy to find in most cities, it’s important to be choosy when selecting your agent and choosing wich luxury real estate agencies to contact in New York. Many agents are simply in the business for the commission and do not fully consider the buyer and seller’s needs. These needs may differ for individuals managing luxury properties, and some agencies are not equipped to assist these clients effectively. This can be frustrating, as buying a home is a gigantic investment that should not be taken lightly.
BARNES New York is here to provide you with elite services as you navigate the market in NYC. With over ten years of experience in New York City and agents from all over the world, BARNES offers a multicultural team to help guide you through the numerous opportunities available in the big city. Now is the time to take advantage of the market and continue to grow your investments with luxury NYC properties.
Why should I consider real estate companies in New York that specialize in luxury homes?
Buyers looking for high-end homes will want to contact luxury real estate agencies in New York that work with expensive homes daily. Because this is a niche field, these agents will be much more well-versed in desired neighborhoods, more aware of properties that are currently available, and more familiar with potential buyers of these properties.
Since luxury homes tend to be within the top 10% in terms of price, clients would benefit from utilizing real estate agents who are skilled in navigating this competitive, fast-paced market. BARNES provides specialized services for those looking to buy and sell luxury items and is, therefore, able to effectively support their clients throughout the process.
In addition, luxury properties tend to include particular features that are very expensive, scarce, and desired. The location of a property, as well as its amenities, can significantly impact its value. Two homes with the same square footage will not be worth the same amount of money when they are in two different locations. This is why it is important to find a real estate agent who is extremely well-versed in the neighborhoods of interest and who can alert you to opportunities promptly.
At BARNES New York, we have agents and brokers who speak various languages to partner with you on your real estate journey. Since we are an international company, we have connections in countries worldwide. As a result, our clients are able to effectively manage their properties from their homes without having to travel internationally, as BARNES agents can take care of the logistics on-site.
BARNES New York provides agents and brokers knowledgeable within their specific NYC borough. In addition, these agents are matched with BARNES agents in other countries, such as France, to provide the best service and most thorough knowledge of the property.
Scenic view of a classic Brooklyn brownstone block with a long facade and ornate stoop balustrades on a summer day in Clinton Hills, Brooklyn
Why consider luxury properties in New York?
In particular, NYC is an excellent choice for luxury home buyers to explore. New York City offers a wide variety of property types, such as apartments, condos, and penthouses. While some buyers may be looking for a vacation home, others may be looking to sell or rent their properties to tenants.
Since New York is a bustling city that can be quite expensive to live in, tenants are always looking to rent. We also provide property management services for rental homes, such as collecting rent, responding to maintenance issues, and conducting yearly property inspections. Clients can rest easy knowing that BARNES has it under control and that their investment is being taken care of accordingly.
Additionally, New York offers a lot of luxury real estate agencies to contact, not least because of the atypical architecture that the city offers, value in its history and cultural attributes. Historic buildings can offer prestige and charm that contributes to their overall price value, while newer buildings often offer updated features that are highly desirable to wealthy clients. Amenities such as access to a pool or stunning rooftop views may impact the pricing of the property.
In NYC, each borough and neighborhood has its own distinct personality and attributes. For example, Midtown Manhattan offers properties close to major attractions, such as Times Square, and is also in close proximity to other desired neighborhoods, such as Chelsea. This provides excellent opportunities for renting, given the prime location for tenants who work in the area or travelers wanting to see the city’s sights.
On the other hand, you may be looking for an area that is more residential in orientation. For example, uptown Manhattan offers beautiful views of the city and is close to some of the most unique shops and galleries that New York has to offer. BARNES New York is prepared to guide you through the properties available across the city based on your preferences and intended use for the property. We currently offer Manhattan, Brooklyn, Queens, the Hamptons, Westchester, and Upstate New York listings.
What constitutes a luxury property?
BARNES is available to assist with numerous types of luxury properties, including not only homes but also additional high-end purchases. We can help you buy, sell, and manage your purchases, regardless of the location of your primary home.
Luxury homes are unique for numerous reasons, and their uniqueness is part of what makes them expensive enough to be considered “luxury.” In NYC, luxury homes often have excellent views of the city, are conveniently located, and provide amenities that are not easily accessible in many big-city apartments, such as in-unit washers and dryers.
These properties may also be unique in how they are designed (compared to the typical square-shaped apartments commonly seen in the city) and tend to be more spacious than typical homes in the area. Because the features of these properties are unique, we focus on the details of these homes and can provide updated information regarding their availability.
In addition, BARNES New York is also available to assist with the acquisition and selling of large luxury items, including yachts, private jets and art advisory services. While many real estate agencies only offer services directly related to housing, BARNES is here to help you buy, sell, and manage these additional luxury assets. Some of the services provided include management of the construction of new yachts based on the client’s preferences as well as the purchasing and selling of yachts.
Furthermore, BARNES offers assistance with fine artwork, including the transport and installation of pieces in addition to sales and purchasing. A strong benefit of choosing BARNES New York is the ability to utilize the same company to manage numerous luxury investments.
What types of properties does BARNES New York have to offer?
When you want to contact a luxury real estate agency in New York, you need to be hypervigilant as listings change frequently, and brokers need to know exactly what their clients are looking for to not miss out on the perfect opportunity. At BARNES, we organize properties by larger borough or neighborhood and then further classify them into smaller neighborhoods within the larger sections. This allows the buyer to focus on some of the property’s most important features, such as location and size.
While BARNES real estate agents are happy to assist you with finding your perfect home, we also provide a website that is easy to navigate so that you can search on your own, as desired. In addition, buyers can filter for amenities, such as the number of bedrooms, outdoor space, and community doorman services. Whether you are looking for a cozy condo in Manhattan or a gigantic vacation home with a pool in the Hamptons, BARNES New York is ready to assist with agents who have specialized knowledge of these areas.
At the end of the day, when selecting a real estate agency to utilize for your luxury property in NYC, you will want to make sure you go with a company that is reliable, knowledgeable of the area, and savvy enough to identify new opportunities promptly, as the market is very competitive. We are an excellent choice because we specialize in managing luxury properties and offer services beyond that of a typical real estate company.
Furthermore, our multicultural staff offers services in numerous languages, such as French and Spanish, and can effectively assist buyers worldwide. For these reasons, we hope you’ll consider utilizing BARNES New York as you navigate the luxury market in New York City.
The Hamptons is a grouping of towns and villages on the far eastern side of New York’s Long Island and borders the Atlantic Ocean. It is easily accessible by car or bus from the city, and travelers should expect an approximately 2-hour drive from the center of Manhattan. If you wonder where you should buy a house in the Hamptons, keep on reading!
Many people—celebrities, the wealthy, and well-to-do travelers—use the Hamptons to get away from the hustle and bustle of New York City for a while. So buy a house in the Hamptons is a very good choice. With its scenic ocean surroundings, more rural setting, and historic landscapes, it’s easy to see why. Spend enough time in the area, and you’re bound to run across someone famous.
But the Hamptons offer much more than just resorts for a short stay or extended summer get away. It, too, provides an array of condominiums and single-family homes for year-round stays.
Which area is best for me?
Depending on whether you want an ocean side getaway, an inland home with plenty of yard space, or even a modern condominium, the Hamptons have you covered. With so much open space and plenty of options available, there are so many great areas to choose from when considering buying real estate in the Hamptons.
Exactly where are the Hamptons?
The Hamptons are located in Suffolk County, which is directly east of Nassau County, the county that borders the New York City borough of Queens. As stated previously, it is accessible from New York City via a 2-hour car drive or a trip by commuter bus. For those wishing to take a train, that option is available, too. The Hamptons are just 3.5 hours away from New York City by train. At the 2020 United States census, Suffolk County listed a population of over one million spread between its cities and towns.
Which areas are best in the Hamptons?
When considering to buy a house in the Hamptons, options in Suffolk County’s cities, there is little to complain about, especially as you drift toward the Hamptons. Being in the narrow-most stretch of Long Island, the Hamptons offers plenty of housing with immediate access to water. Even the housing options that don’t come with water access still come packed with amenities like land, greenery, and cozy surroundings.
It then becomes a pick of preference. Do you want an ocean side getaway? Or do you want a tucked away escape? Then, consider exploring Southampton and East Hampton for real estate options.
What is in Southampton?
Southampton consists of many towns and hamlets and a thriving community full of food, shops, a strong community, and activities. It has a closed-off bay protecting it from the waves of the Atlantic Ocean and is the ideal place for a relaxing environment. Perhaps the most popular area of Southampton are the Hampton Bays.
What are the Hampton Bays?
The Hampton Bays are technically a hamlet, which, in New York, simply means a populated space not defined as a city or town. Think of a hamlet in the same way you would a neighborhood within a large city—a populated part of the city, but not a city by itself. Three bays border the Hampton Bays—the Great Peconic, Shinnecock, and the Tiana—meaning there is plenty of waterfront real estate to go around.
What options are there in the Hampton Bays?
As stated above, The Hampton Bays are surrounded by water, even more so when you consider the creeks and ponds that extend inland from the ocean. There is a little something for everyone here, ranging from quaint 2 bed/ 1 bath homes to extravagant 5+ bed/ 5+ bath ocean side homes. And don’t worry, the architecture in the Hampton Bays is aesthetically pleasing, and there is no wrong answer for house buying here.
The southern section of the Hampton Bays is where most of the housing is gathered. It’s also where many of the restaurants, bars, and shopping centers are located, too. Oceanside dining is Hampton Bays’ forte, and there are no shortages of options. With plenty of indoor and outdoor dining options, crafting a scenic and memorable dining experience is effortless.
Does Southampton have a downtown?
Situated a little inland from the ocean, on the tip of Agawam Lake, is a quaint downtown area for Southampton. It offers all of the necessities like schools, shops, dining, hotels, and hospitals while also offering cultural adds like an arts center, museums, parks, and sports fields.
What options are there in East Hampton?
East Hampton offers a more spread-out, suburban feel when compared to the popular Hampton Bays in Southampton. Its long coastline cuts right up to the Atlantic Ocean and offers some breathtaking scenery. There is a downtown similar to that of Southampton and, perhaps, bigger and more frequent nature parks complete with hiking trails and wildlife.
Where can I find more information about real estate in the Hamptons?
Options to buy a house in the Hamptons are exploding, with more and more people moving away from the city, in part because of the global pandemic and others wanting to branch away from densely-populated areas. The cities and counties surrounding New York have really blossomed—and a lot of that New York City culture is moving along with it.
Meaning that if you crave buying a home and getting that New York City lifestyle, you don’t have to look into Manhattan solely. Now, more than ever, real estate in the Hamptons is on the rise. To check out the best listings that the Hamptons offers, along with guidance and expert advice, check out BARNES New York.
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.
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