The BARNES Miami & New York teams were pleased to host a conference in French on real estate investment in the United States on October 12th, followed by a cocktail at the BARNES Neuilly-sur-Seine agency in Paris.
Partnering with French magazine Valeurs Actuelles,Enzo Rosani of BARNES Miami, and Yann Rousseau, of BARNES New York, presented the state of their respective real estate market and the opportunities for investments. The successful event was followed by cocktails in the recently redecorated Neuilly-sur-Seine office, the very first BARNES office opened more than 25 years ago.
Are you curious on how to buy a house on Long Island? Many people may not realize that the popular boroughs of Brooklyn and Queens are located on Long Island. Over half of New York City’s residents live there, in just those two areas. However, all the eastern part of Long Island, all the way to Montauk in the Hamptons and the North Fork, are not considered part of NYC. But if you’re looking to be close to the city but not in the thick of Manhattan, Long Island is an excellent option.
It’s important to know exactly what you’re looking for, and what you’re getting into. Find your price range, and look at neighborhoods, not just properties. Commutes, schools, job opportunities, and noise levels are all things to consider before buying a home on Long Island.
What should you know before buying?
Depending on where you may be moving from, there are a few factors that may not have even crossed your mind when looking at to buy a house in Long Island. While Long Island has been rated one of the top 50 best places to live in the US, you need to determine if it is indeed the best place for you.
Dress for the Weather
New York is a state with all four seasons. This may seem obvious for some, but not so much for others. What this ultimately means for residents is that the summers are very hot, and the winters are very cold. There are pros and cons to each season, and it certainly gives you a good variety of recreational activities throughout the year.
Summer on Long Island is excellent for beach trips, boat rides, sporting events, camping trips, and more. Winter brings you sledding, ice skating, skiing, and usually, a very white Christmas. Whatever season is your forte, be sure to come prepared for everything the Northeast has to offer.
Cars are not (always) necessary
Like most of New York, Long Island is primed with public transportation in the Western part. In 2020, New Yorkers who drove spent an average of 56 hours in traffic. Finding alternative transportation decreases the time spent waiting in traffic and significantly reduces the amount of pollution in any given area.
In 2020, the Northeast alone saw a 30% decrease in air pollution due to the lockdowns and fewer people being on the road. New York is well on its way to being car-free, with only 46.5 percent of NYC households owning vehicles at all. The Long Island Railroad is a popular alternative means of transportation, along with the Subway, Ferries, and biking.
But if you like to drive, all the Eastern part of Long Island is perfect for driving and much more car-friendly. So you can easily enjoy a short drive to the beach!
Cost of living & taxes
Despite being off the city main, Long Island is still one of the most sought after and coveted places to live in New York. Demand is high, and so are the prices. A single-family house in Long Island, all areas included, costs on average around $750,000 in Quarter 2, 2022. As a comparison, the Hamptons, the most eastern part of Long Island, shows an average sales price of $3 million.* On top of paying a mortgage, Long Island also has some of the highest property taxes in the country.
Nassau County is known for its excellent recreational areas, eateries, and charming storefronts. Neighborhoods such as Great Neck Gardens, Jericho, and Manhasset Hills have a plethora of restaurants, coffee shops, and storefronts but can also give residents a suburban feel.
Suffolk County, the largest county on Long Island, is one of the most expensive places to live in the US. If you are looking for a quiet, suburban feel while still being close to the city, this may be your place. There are many luxury apartments along the coastline with beautiful views and amenities. If your budget is a little higher, there are beautiful mansions and villas right on teh water! Some of the most desired neighborhoods include Lloyd Harbor, Cold Springs, and Dix Hills. Median homes for these neighborhoods range from $700k-$1.5M. Long Island is also an extremely culturally and ethnically diverse area.
What steps should I take toward buying a house on Long Island?
So you’ve done your research, and you’ve determined that you definitely want to buy a house on Long Island. What next? Here are some tips that will help you in your journey.
Organize your finances. Credit score, bank statements, tax returns, W2s, Social security numbers, divorce decrees—these are all things you will need on your journey to buy a house on Long Island.
Get Pre-approved. Determine your budget, what kind of loan you will need, and look at interest rates. You can put in an application before even looking at homes to get pre-approved.
Find a realtor. This is especially important if you’re not from the area and can’t physically go see each home as you search. Instead, find someone local who knows the local market and will be honest with you about your options.
Make an offer. Make an offer on a property that you feel is right for you, whether it was “love at first sight”, or one that took a little while to sleep on.
Get an inspection. Once you have found a home, it’s very important to get it appraised and inspected.
Once you’ve finalized your budget, worked with a realtor, and found your perfect home, the rest is history. Depending on the market, your first offer may not get picked, but that’s okay. Keep looking, and you will find the perfect Long Island home for you. Long Islands’ gorgeous skylines and sunsets, greenery, and seasonal variety are worth the time it takes to find an amazing property. For more information and the best listings in Long Island, contact BARNES New York.
The luxury real estate market in New York is continuing to thrive. The opening and second quarters of 2022 saw more deals signed to add to the already growing count of luxury properties.
The COVID-19 pandemic had a deep impact on the market, which has now recovered, and even risen to higher prices than pre-pandemic levels. There is indeed still an increasing demand for high-end homes, especially in Manhattan.
How high is the interest rate expected to rise?
The interest rate has risen since the beginning of the global pandemic and is expected to continue to rise throughout the rest of the year. Right now, it is expected that the interest rate could increase from5% to as high as 7% by the end of the year.
What is the current luxury market like in New York?
Simply put, the luxury real estate market is competitive, and people are looking to buy. So, with a supply shortage and an influx of demand, the prices rise with the interest rates.
Material and labor shortages add to this as well, making it another case where the demand is greater than the supply. To combat this, some sellers are opting to renovate their properties before listing so that they can charge more in the market. The results vary, but generally, the newly-renovated properties sell for more than similar, non-renovated properties.
As of the second Quarter 2022, the average sales price for luxury residences in Manhattan was around $8,800,000, and the average price per square foot is about $2,814/sq. ft. Overall, this represented a 14.5% increase year-over-year.*
Is the luxury real estate New York market the same all over the city?
Luxury real estate in NYC offers a type of living that is one of a kind and cannot be found anywhere else. Because of this, the market is highly sought after, making the boroughs and neighborhoods surrounding Manhattan just as expensive. Of course, different areas offer different things, which is why BARNES, as the exemplar of luxury real estate in New York City, offers its services as a top brokerage to help you find what you need.
What can I expect in New York luxury real estate?
New York City is a historical city with many historical buildings and homes built long ago. Those interested in living in luxurious, historical buildings will thus find no shortage of options in the big city. Many of them have been completely renovated or revived to their original glory and beauty.
Alternatively, New York City offers plenty of new buildings with picturesque views of the city with all of the modern-day amenities like a workout gym, a rooftop or a swimming pool.
Where are the best neighborhoods for luxury living?
There are so many options around New York City, but perhaps, the most prevalent are TriBeCa, SoHo, and Central Park, to name a few. TriBeCa is in downtown Manhattan. It is home to countless five-star restaurants, landmarks, and celebrities. It’s got the luxurious lifestyle that goes along with its many luxurious living options.
SoHo is an upper-class neighborhood in Lower Manhattan with many high-end shops and designer boutiques. In addition, there are many historical buildings here for luxury living.
The name Central Park says it all. It is indeed the iconic park located in the heart of New York City. The forested space is walled off entirely by high rises, both old and new, and the neighborhood offers a plethora of luxury living spaces. If you want the most picturesque views of New York City, you will find what you need here. Central Park Tower is actually the world’s tallest apartment building, located on New York City’s Billionaires’ Row. One of the most famous street, renowned for its luxury new developments with incredible amenities, is Park Avenue, south of Central Park.
How do I get more information on the luxury real estate market?
New York has a rich and storied history that dates back to the beginnings of modern-day America. It is a city like none other in the world and is host to some of the best luxury real estate options out there. New York City really has it all, from buildings built over a century ago to new constructions with all the amenities one could dream of.
A great place to begin your in-depth search into New York luxury real estate is here, with BARNES New York. BARNES is a top brokerage and can help guide you to finding the best possible option for luxury living.
If New York City was a country, it would have the 10th largest economy in the world. There is such a diverse group of people, occupations, and living situations that there truly is something for everyone. More billionaires live in NY than anywhere else!
Buying a house in New York can be a huge change for many people, especially if you’re not used to city life or are relocating. It can be scary, but it can also be very exciting. Picking the right neighborhood can make or break your experience in NY, so it’s important to know what you’re looking for and do your research beforehand.
With plenty of NYC houses for sale, choosing the right one can be challenging. The five boroughs are all dramatically different, and even more so are the individual neighborhoods within. Here are a few options for those who want to buy a house in New York, whichever side of the coin you’re from, whether it’s in the middle of lush, beautiful skyscrapers in Central Park, or something more modest to get you on your feet.
Where is the best luxury housing in New York?
In New York City, the Upper West Side, as well as the Upper East Side, are a couple of the most sought-after places to live, and most coveted places to buy a house in New York. These two neighborhoods are among the most desirable and wealthiest areas of the city and are also home to some of NYC’s most iconic buildings.
Both are located in the borough ofManhattan. The median sale price between the two neighborhoods is around $1,300,000, but a townhouse is those neighborhoods can cost about $8 million.
What is it like to live in the Upper West Side?
Central Park borders the Upper West Side of Manhattan on the east and the Hudson River on the west. West 59th Street is on its south side, and West 110th Street lies to the north. It has long been the place where the most wealthy New Yorkers have resided, with the median housing price currently at $1.5M. Some of the most luxurious apartment buildings are found along Central Park West, many of which have housed popular celebrities.
There are numerous places for residents to get out and enjoy nature, with Central Park on the east side, along with Riverside Park near the Hudson River. Riverside Park is part of the Manhattan Waterfront Greenway, a bicycle route and walkway that circles Manhattan’s waterfront. The park is a lengthy 4 miles, stretching from 72nd street to 158th street, and reaches right down into the water. It’s a beautiful, scenic area to relax, enjoy the outdoors and get away from the hustle and bustle of the city.
The Upper West Side is a hub for diverse culture, intellect, art, and history. It’s home to the American Museum of Natural History, the Beacon Theater, the Lincoln Center for the Performing Arts, and much more. There are also countless restaurants, cafes, and diners. Some of the local favorites include City Diner at W. 90th street & Broadway, Cafe Luxembourg at 200 W 70th St, and Bar Boulud at 1900 Broadway, to name just a few. There is such a diverse assortment that you will certainly find something for everyone.
How about the Upper East Side?
Yet another of NYC’s most prestigious neighborhoods, the Upper East Side is surrounded by 96th Street on the north side, the East River to the east, 59th Street on the south side, and Fifth Avenue to the west. While pricing is roughly similar, it is slightly smaller than its sister in the west and has a few sub-neighborhoods, known as Lenox Hill, Yorkville, and Carnegie Hill.
Perhaps the most interesting of the sub-neighborhoods is Yorkville, which used to be known as Kleindeutschland, or “Little Germany.” Much of its past is no longer noticeable, but the history remains. There are still a few German restaurants, and markets around that have survived over the decades.
Many famous political names have lived in this section of NY, including the Roosevelts, Kennedys, and Trumps, as well as celebrities such as Woody Allen, Lady Gaga, and Mariah Carey. It has also been the setting for many movies, books, and TV shows.
The architecture is truly something to admire in this area, particularly on 62nd Street, which is filled with brownstone houses, grand stoops, and mansions. For history buffs, the Museum Mile along Fifth Avenue is a must-see. It includes institutions such as the Museum for African Art, the Metropolitan Museum of Art, Cooper Hewitt Smithsonian Design Museum, and many more.
What do houses look like in West Village?
West Village is located west of Greenwich Village, delimited by Greenwich Avenue all the way to the Hudson River. The neighborhood is famous for its Bohemian culture and atmosphere, and was home to historical new movements and ideas, especially political, artistic, and cultural.
Most houses, like the vast majority in Manhattan, are 19th-century townhouses, with typical brownstone, cast-iron stairs and fire escape. As of July 2022, the median sale price for a townhouse in West Village is $8,200,000*.
Where is the most affordable housing in New York?
If prestigious luxury housing is not your forte, you may be looking for something a little more on the down-low. While the overall median price of buying a house in NYC can seem high, there are a few areas where it’s exponentially more affordable. In addition, new developments in New York will eventually lead to more availability in high-interest areas.
If you still want to buy a house in New York, areas a little further away from the city can be explored, such as Brooklyn and Queens, or even Long Island, offering a lot more options such as townhouses and small houses and a little bit more space. It can be a little bit far away from the city, which, depending on your lifestyle, can be an advantage or an inconvenience. Owning a car, for example, might be easier if you get away a little bit from the city center.
Unfortunately, due to the rising costs of construction labor and materials, a lot of companies simply can not afford to build anything less than expensive. This is great news for those looking for top-notch housing but can be a struggle for those trying to make ends meet.
There are also hundreds of older buildings in New York that, with a little TLC, could easily be rebuilt for either affordable housing options or turned into expensive townhomes. The bones of properties from the 60s and 70s, or even older, are still good, although they may feel out of date. However, they are well constructed, and with a little touching up, the possibilities are endless.
On the other side, the luxury housing trend continues to climb, increasing demand. For more information on the best places to find luxury housing, or to buy a house in New York, be sure to contact BARNES New York to talk to a professional.
There are more than 50 neighborhoods to choose from when you want to buy an apartment in Manhattan. Each has its upside and downside, its little quirks, and its own unique vibe. But, no matter where you choose, you’re bound to find a vibrant, thriving community brimming with bustle and life.
Wondering what neighborhood might be best for you? Below is a list of some of the best neighborhoods to consider when you’re looking for an apartment for sale in Manhattan.
Neighborhoods
Bowery
The Bowery was once a neighborhood for those who were termed at the time the “down and out.” The area was known for decades for its bars and flophouses. Since 1990, the area has been reviving and is now home to luxury high-rise condo buildings. Median price: $2 million*.
Chelsea
A primarily residential neighborhood, Chelsea was named after a neighborhood of the same name in London. Chelsea is a diverse neighborhood known as one of the city’s key art centers. The area’s homes consist of pre-war co-ops, historic townhomes, and luxury condo buildings. The High Line, an abandoned elevated railway that was transformed into a park, runs through this neighborhood. Median price: $1.4 million*.
Chinatown
First settled in the 1870s and housing the largest number of Chinese people in the Western Hemisphere, Chinatown is a vibrant neighborhood with restaurants serving fresh, authentic Chinese food. New loft-style apartments are being built on the edge of the area. Median price: $688,000*.
East Village
The success of this neighborhood’s art scene led to its popularity. East Village was home to artists and musicians in the 1950s and is filled with galleries, bars, and small museums. Median home price: $1.9 million*.
Financial District
Popular with those who work on Wall Street, Manhattan’s Financial District has a mix of walk-ups above stores, luxury high rises, and historic buildings. Most of New York City’s historical sites are located in this neighborhood. Median price: $800,000*.
Flatiron
Flatiron, named for the iconic Flatiron Building, is predominantly a commercial area. Housing consists of mostly newer luxury buildings with all the key amenities along with a few walk-ups. Median price: $947,000*.
Gramercy
Famous for its ivy-covered brownstones, Gramercy is an oasis amid the hustle and bustle of Manhattan. Its most famous attraction, Gramercy Park, is open only to members. There is some new construction, consisting mostly of older walk-ups and doorman buildings. Median price: $985,000*.
Greenwich Village
Known as a home for artists and bohemians, Greenwich Village was the birthplace of the counterculture movement on the East Coast. This historic neighborhood contains walk-ups, brownstones, and high-rises on Park Avenue and Fifth Avenue. Median price: $2 million*.
Hudson Yards
Hudson Yards is Manhattan’s newest neighborhood, and also the largest private development in the US. It boasts 18 million square feet of commercial and residential spaces with more than 4,000 homes. Median price: $6.8 million*.
Little Italy
The streets of Little Italy are lined with Italian eateries with their traditional red and white checked tablecloths. Most of the housing in this neighborhood are walk-ups over stores and restaurants, along with co-op buildings. Median price: $1.6 million*.
Lower East Side
One of the oldest neighborhoods in Manhattan, the Lower East Side is known for its immigrant working class past. This affordable neighborhood is filled with mostly pre-war walk-ups and a few luxury high rises. Median price: $1.2 million*.
NoHo
NoHo (North of Houston) was a manufacturing area in the late 1800s. New luxury high-rises are mixed with walk-ups on side streets. NoHo is one of the most sought-after neighborhoods in Manhattan. Median price: $3.8 million*.
NoLIta
Like many neighborhoods in Manhattan, this one was named for its location―North of Little Italy. This four-block neighborhood is home to high-end chain stores, charming boutiques, and vintage shops. Historically Italian, NoLIta is now a diverse, trendy area with well-kept, pre-war walk-ups. Median price: $2 million*.
NoMad
NoMad (North of Madison Square Park) was named in 1996, but the area is much older. Europeans first occupied the area in 1686. Its housing stock includes historic brownstones, walk-ups, and new luxury high rises. Median price: $3.2 million*.
SoHo
SoHo (South of Houston) is one of Manhattan’s trendiest neighborhoods. Known for its cast-iron architecture, it’s home to artists and trendsetters. SoHo was once a powerful manufacturing center, and its former factories now house studios and art galleries. Living spaces are small and consist mainly of walk-ups and luxury co-ops. Median price: $5.4 million*.
TriBeCa
TriBeCa stands for Triangle Below Canal Street and features large lofts in converted warehouses and luxury mid-rise condo buildings along its quiet cobblestone streets. The neighborhood is known for its architecture and beautiful outdoor spaces. Median price: $5.6 million*.
Two Bridges
Another historically immigrant neighborhood, Two Bridges is located between the Manhattan Bridge and the Brooklyn Bridge. Until recently considered a part of the Lower East Side, its housing stock is a mix of tenement-style walk-ups and high-rise mixed-income and affordable rental housing. Median price: $2 million*.
Upper East Side
Among the most affluent neighborhoods in Manhattan, the Upper East Side is a cultural center with some of the most famous museums in the world—the Guggenheim, the Metropolitan Museum of Art, and the Cooper-Hewitt Smithsonian Design Museum. Area housing includes luxury high-rise condo buildings, townhomes, and brownstones. Median price: $1.6 million*.
Upper West Side
Known for the American Museum of Natural History and the Lincoln Center for the Performing Arts, the Upper West Side is one of the greenest areas of Manhattan. It boasts both Central Park and Riverside Park. The current housing stock is made up of townhomes, co-op and condo buildings, and high-rise luxury buildings. Median price: $1.8 million*.
West Village
Once part of Greenwich Village, West Village was home to the American bohemian culture in the 20th century. Now a laid-back neighborhood with winding streets and cobblestone, it sometimes feels like a small European town. The streets are lined with historic brownstones in styles from Romanesque Revival to Greek Revival. Median price: $1.6 million*.
Real estate prices were near record highs in 2021, and it looks like that upward trajectory will continue. If you want to buy an apartment in Manhattan, now is the time. There is pent-up demand and only about five months of housing supply. The median sale price for a condo was $1.7 million in July 2022, up 4.4% higher than the same period in 2021.
If you’re looking for something a little less expensive, think about buying a co-op in Manhattan. Co-ops tend to be less costly and typically offer more space than condos, but the purchase process is a little more complicated. So take a look at both options and decide which is right for you and your situation, and contact BARNES New York when you feel ready to buy an apartment in Manhattan.
New York City consists of five boroughs: Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, and each has its own style and way of life. Sometimes, passing between the borders of each borough can feel like traveling to an entirely different state.
Each borough comes with its own historical significance, urban centers, and array of diversity. And New York remains one of the most popular places to live in America.
With popularity comes luxury living, a category where New York City is in no way lacking. With neighborhoods such as Noho, Hudson Yards, Tribeca, and Central Park, the options are limitless in luxury real estate in New York.
What about Hudson Yards?
Hudson Yards is unlike any other neighborhood in New York City. It is well known for its first time visiting New York experiences and its incredible and artistic architecture. It’s very close to Central Park and borders the Hudson River. Its abundance of luxury townhouses and luxury homes, and skyrise properties offer stunning views of some of New York’s most iconic buildings, the river, and Central Park. Some properties offer views of all three. In any case, you will have an incredible view of Manhattan to take in and enjoy.
Hudson Yards was top on the list in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at $8.5 million.*
What about NoLIta?
NoLIta stands for North of Little Italy, and is a intimate neighborhood with a distinctly, unique charming vibe. You will find numerous boutiques and vintage shops, bakeries and pop-up art galleries throughout the area. Apartments can be hard to find, because the neighborhood is very small, and consists mostly of pre-war walk-ups, although there are a few newer doorman buildings and new developments.
NoLIta was second only to Hudson Yards in terms of median sales price for their luxury spaces, the Manhattan neighborhood coming in at just a shade under $7.5 million as of May 2022.*
What about Central Park?
Central Park is home to some of New York City’s most iconic views, so it only makes sense you will find a lot of luxury real estate around it. And the hundreds of highrises and historically-significant and renovated buildings that line the famous park, especially on its southern border, are the most sought-after properties in the city.
The neighborhood of Central Park South, located on the southern stretch of Central Park, is tiny. It is only three blocks long by two blocks deep, but it packs a lot into that small space. It is home to many of New York City’s picturesque views.
Luxury properties sharing a border with Central Park will be the most expensive in the neighborhood, but, on average, the sale price for properties here was just a shade over $6,645,500.*
What is NoHo’s Style?
NoHo, or north of Houston Street, is a neighborhood within Manhattan and has an incredible view of Manhattan. The area has some of the city’s best critically-acclaimed restaurants and entertainment as well as designer boutiques. It’s been described as laid-back, but with something always going on—you will never be bored.
Housing-wise, NoHo’s well-known luxury buildings are some of the most highly-sought after in the city, and they are chock-full of architectural history or their own unique style.
NoHo is third on the list in median sales price at just over $5,150,000.*
Where is TriBeCa?
TriBeCa is located on the southern tip of Manhattan and is known for its industrial look. This portion of Manhattan has been restored and renovated while maintaining its original, more turn-of-the-century beauty. Historical lovers would be at home here. It has riverside views, notable restaurants, and plenty of sleek bars to fit a luxury lifestyle.
TriBeCa is also well known for its annual film festival, the TriBeCa Film Festival. Properties here, on average, go for a little above $3.2 million.*
Are there any luxury options outside of Manhattan?
Of course there are! The luxury apartments market in NYC is prevalent in more than just Manhattan. Of course, the options are a little bit more limited outside of Manhattan, and the surrounding areas don’t necessarily offer the same prevalence of luxury amenities, like fine dining or theaters, but they are there.
The borough of Brooklyn would be Manhattan’s biggest rival in terms of luxury living, especially DUMBO, with a median sale price of $2 million.
What neighborhood would you recommend?
Any of the neighborhoods mentioned above would be a good starting point when looking for luxury housing. But it’s nearly impossible to beat the views of New York City’s skyline that are available only in Manhattan—not to mention Central Park. With Central Park within commuting distance from anywhere in Manhattan, the area is really unrivaled.
To begin a more in-depth search into luxury real estate in New York, contact BARNES. BARNES New York is an international luxury brokerage that can help you find the best possible option for luxury living in the big city.
BARNES New York had the opportunity of giving a short market update for French-language weekly business magazine Challenges.fr
The high-end real estate market is back in New York. The supply of properties for sale could even still increase thanks to offices being turned into residential housing. While the United States has just reopened its borders to foreigners and international tourists back in November, workers are busy renovating the One Wall Street building. Located in the heart of Manhattan’s Financial District, at the corner of Broadway and Wall Street and opposite Trinity Church, this historic 56-story Art Deco building, which rises to nearly 200 meters in height, built between 1929 and 1931 for the Irving Trust Company and then occupied by the Bank of New York, is the largest office-to-residential conversion project in New York City’s history.
This 90-year-old building will yield 566 new units ranging from studios to four-bedroom apartments and a single penthouse. Residents will benefit from access to the on-site amenities, including a state-of-the-art athletic club complete with a 75-ft enclosed pool, event and entertainment space, and spa services – all with clear views of the Statue of Liberty and New York Harbor.
The project, scheduled for delivery next year, could have turned into a fiasco with the Covid-19 epidemic and the uncertainties surrounding the future of real estate market. But the demand has returned and prices are close to their pre-pandemic levels. But the client’s requirements and needs have changed. Young couple and families with children are looking at neighborhoods offering open and green spaces and a better quality of life.
In terms of price, in new buildings, prices reach 17,000 euros per m² in the Dumbo district of Brooklyn, one of the most popular, and “climb to 19,000 euros per m² in TriBeCa, 20,000 euros per m² in the Upper East Side, 22,000 euros per m² in the Upper West Side and 25,000 euros per m² in Hudson Yards, compared to 11,000 to 19,000 euros per m² in the former, depending on the sector”, indicates Yann Rousseau, Managing Partner at BARNES New York.
The COVID-19 pandemic changed the way we behave and had a deep economical and social impact on societies all over the world. It is thus not surprising that the real estate market was impacted, especially in a megalopolis like New York City, where the housing prices can lead people to live close to each other in cramped apartments. It was also a natural reaction to want to move away from the city, to a suburb or even farther where one could rent a spacious house and enjoy fresher air and greenery.
However, New York will always be New York, and despite a decrease in rent and sales prices during year 2020, prices are now back to a pre-pandemic level, and people are ready to move back to the bustling and lively Big Apple. New York real estate market is still strong and resilient, and there are still great opportunities, especially in new developments.
BARNES accompanies you in all your real estate endeavors in New York and abroad thanks to its international and global network, and its 100 offices in the most coveted destinations and world capitals, and with three expansiosn planned: in Greenwich, Connecticut, the Hamptons and New Jersey.
New York City is one of the most unique places in the world. The bustling economy, the award winning theatres, the big city lights and skyline, the top rated fashion industry and the luxury real estate market are all part of the exciting glamor of the Big Apple. Every big city in the world can include luxury real estate but New York takes it to a whole new level. It boasts apartments and condos that are so elevated within the skyscrapers, that some of them can feel like one is living in the clouds. The high value pricing for New York residences is above the national average, and for good reason, since owning or renting a luxury home there is considered quite prestigious.
Why is the cost of living in New York higher than average?
Buyers can own a home in cities across the United States for reasonable prices but a few American cities such as Los Angeles, San Francisco, Miami and New York can dazzle its residents and tourists with a magic touch as these cities offer a lifestyle that cannot be found just anywhere. It’s not every day in smaller towns that one can experience the lively financial, social and cultural way of life that a big metropolis like New York has to offer. It is no wonder that luxury apartments in NYC are in high demand and their incredible views of Manhattan are even priceless. In New York, there is such a variety of neighborhoods and lifestyle options that choosing a place to call one’s home can be a fascinating journey. One has to choose the right neighborhood, the right location and the type of housing that is appropriate. Luxury apartments in NYC are surrounded by charm, history, and a sense of liveliness that is rare to find in most towns nationwide. For example, a New York penthouse can be so much more alluring for buyers that a penthouse in other cities, because they usually offer views that are breathtaking of the big city and are usually found in very high towers that offer far reaching views. Many celebrities or business owners who own homes in other American cities often choose to purchase a second home in New York as it is a source of pride to own a piece of real estate in one of the most attractive places in the world. Those who live there year round feel a great sense of fulfillment to be able to enjoy on a daily basis the bustling life that New York has to offer.
Luxury real estate outside of Manhattan
For those who want to be close to Manhattan but prefer a more serene and suburban lifestyle, there are many boroughs outside of New York City that offer exclusive luxury homes and townhouses for sale across a wide area surrounding the big city. The New York real estate prices vary depending on the areas but usually the condos for sale outside of Manhattan are less expensive than in the City itself. Yet, bigger houses in the suburbs can actually be more expensive than apartments in Manhattan because they are quite large and have more land. New York is a very populated city and therefore choosing a home outside the region can offer more of a spacious and comfortable lifestyle.
Types of luxury real estate in New York
New York is a city that has a long history and therefore many buildings and homes were built quite a long time ago. The people who invest in those types of constructions can be surprised to see them listed as luxury properties because of the date in which they were built, but a lot of them have been completely renovated and revived. They are considered luxurious due to the location in NYC as well as the fact that they are built with more space than newer condos or apartments in the City. The other type of luxury residences in New York are the brand new constructions, or new developments, often found in high rises that offer spectacular views and modern amenities. They are well located and are prestigious to live in. They usually have a 24 hour doorman and maybe even a gym or pool. Yet, they are often built much smaller since developers or sponsors want to maximize the expensive land they purchased in New York. Every square foot of space in a city like New York is very precious and often has many people bidding for the same properties. It is one of the reasons why Manhattan is known as a ‘concrete jungle.’ Whenever new land becomes available for building, investors prefer to build high rise buildings instead of parks or green areas to increase revenue. Renting or owning a luxury home in New York is not to be taken for granted as it is a very special opportunity.
Expensive neighborhoods in New York
Hudson Yards, TriBeCa, SoHo, Upper East Side, Central Park, Cobble Hill, DUMBO, Park Slope, Williamsburg and Carroll Gardens, to mention a few, are some of the most expensive neighborhoods in New York City. Some of these are in Brooklyn, while others are in Manhattan. Manhattan is the most expensive of all as it is the heart of New York City and State for economic, cultural and social development. Other boroughs can also be expensive due to their proximity to New York City but can be more affordable than Manhattan itself. They can also include larger properties. Whether you are looking to buy or rent in the New York area, you will be spoiled with a wide variety of luxury properties to choose from in and around the big city.
BARNES New York is the quintessence of luxury real estate in the City and offers its services related to sales, rentals and property management for your real estate projects. Its international clientele and worldwide reputation brings you the most exclusive properties and our team of experts is at your disposal to accompany you in reaching your investment goals in New York.
BARNES International is expanding, after being present in the U.S. for more than a decade. With offices in New York and Miami, BARNES is on its way to open a brand new agency in Larchmont, north of New York City.
BARNES, a major player in high-end residential real estate and an ambassador of ‘Art of Living’, supports its clients with all aspects of their lifestyle ambitions. Discover one of the world’s most recognized and trusted International Luxury Real Estate Group, established in the entire New York area, with a prominent presence in Westchester and the Hamptons, as well as Miami. Eventually, BARNES goal will be to expand in the Hamptons and Greenwich, Connecticut.
Established with over 100 offices in about 20 countries, including major international cities and top holiday destinations, BARNES offers an exclusive selection of premium properties in Europe, the US, the Middle-East, the Indian Ocean and the Caribbean. From high-end hotels worldwide, landmarked castles, equestrian properties, vineyards in France’s top winemaking districts and art collections, BARNES offers a wide range of custom services that will suit the client’s specific need. With a truly international team, we welcome all clients and accommodate them in their native language as much as possible.
The brand provides its clients with global expertise through both consulting services in investment arbitration for international real estate and tailored local support, assisting you in any of your endeavors.
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