manhattan real estate Archives - BARNES New York | Luxury Real Estate in New York

November 1, 2023October 31, 2023

Where to buy a brand new apartment in Manhattan?

New York City is home to more than 8 million people and it’s definitely one of the most exciting and attractive places on Earth. From entertainment to business to travel and so much more, New York City is the center of it all. And Manhattan is the center of New York City, meaning it’s the most popular and important part of the most popular and important city in the country.

Manhattan has it all. Some of the best restaurants in the world, a number of terrific entertainment venues, amazingly historic apartments, townhouses, and homes of all types, and so much more. If you want to have your finger on the pulse of the nation and culture, you should be living in this borough, where you have the opportunity to buy a brand new apartment in Manhattan.

But if you want to plant your flag in this specific spot in New York, you need to know a few things. You need to be aware of how much you’re going to pay, and you’ll definitely need to be aware of what part of Manhattan you want to reside in. Then and only then you will be able to truly start making plans and getting comfortable with the idea of living in Manhattan.

Buying a brand new apartment in Manhattan can be a tricky process, especially if you want to get a 2023 New Dev Manhattan residence. Our guide will help you learn a few important things that you should have in mind before you make the major move.

How much does it cost to live in Manhattan?

Since it is one of the most sought-after parts of New York City, you can bet that buying a brand new apartment in Manhattan won’t be cheap. No matter the state of the economy, people are always flocking to Manhattan looking for new apartments to claim.

The median sales price for New Developments in Manhattan is $1.9 million, with a price per square foot of $1,999 as of September 2023*. That is considerably more expensive than many other parts of the country, of course, but it’s well worth it for a number of reasons. In fact, people are willing to spend much more than that just to make Manhattan their home, in a brand new building.

*Data from UrbanDigs

Why Move to Manhattan?

There are so many great reasons why moving to Manhattan makes sense for millions, including the opportunity to buy a brand new apartment in Manhattan. For many, the location is ideal because of its proximity to the heart of the business world. For decades now, Manhattan has been an industrial powerhouse and many Fortune 500 companies have locations in Manhattan.

Other people want to stay in Manhattan because it is filled with amazing restaurants and the highest-end cafes in the country. Others reside in Manhattan because of their love of Broadway and entertainment.

Where should you live in a brand new apartment in Manhattan?

Hudson Yards

Hudson Yards is a modern and vibrant neighborhood located on the west side of Manhattan in New York City. This recently developed area is known for its sleek, high-rise architecture, making it one of the city’s most contemporary districts. The neighborhood is centered around the Hudson Yards development project, which includes a striking collection of skyscrapers, luxury residences, high-end retail shops, and fine dining restaurants. New Developments are being built at an impressive rate in Hudson Yards, and the Median Sales Price as of September 2023 is of about $8.38 million.

The crown jewel of Hudson Yards is “The Vessel,” an impressive interactive art installation and landmark that offers panoramic views of the city. The High Line, a unique elevated park built on a historic rail line, runs through the neighborhood, adding greenery and outdoor space for residents and visitors. Hudson Yards has quickly become a hub for fashion, culture, and commerce, making it a must-visit destination for those seeking a taste of modern New York City.

Lower East Side and East Village

The Lower East Side of Manhattan is home to the Williamsburg Bridge, East River Park, the Tenement Museum, and so much more. Located right next to the East River, it’s one of the most exciting parts of New York City. Because of this, these neighborhoods have witnessed an influx of new residential developments, particularly along the East River waterfront. If you plan to make your home in a new building in the Lower East Side, plan to be spending upwards of $1.18 million.

Lower Manhattan

This area, including the Financial District and Battery Park City, has seen significant growth with new residential and commercial developments. The World Trade Center complex is a notable part of this redevelopment, contributing to the revitalization and transformation of this historic neighborhood.

Luxury apartment buildings and condominiums have been constructed to accommodate the increasing number of residents seeking a downtown lifestyle with proximity to the Financial District and the waterfront. With a median price per square foot of $1,368, and a median sales price of $1.8 million, Lower Manhattan can be attractive thanks to parks and cultural amenities, making it a desirable waterfront community.

Summary

Manhattan is one of the hottest parts of New York City, one of the hottest cities on Earth. Because of that, finding an apartment in Manhattan isn’t always easy. That is why you should contact BARNES New York if you want to buy a brand new apartment in Manhattan when you are making plans to move to the City. You don’t need the stress of the process and instead should just rely on our experts, who know the ins and outs of the market and will make the entire process painless.

March 22, 2023March 29, 2023

Where should you buy a property in Manhattan ?

Trying to buy a property in Manhattan can feel overwhelming at first. This is because there are so many options and distinct areas to live in, with vibrant neighborhoods ranging from Two Bridge to SoHo and Little Italy to Chinatown.

Luckily, there is a home for every kind of person and personality here, so anyone of any background can easily buy a property in Manhattan.

Why live in Manhattan?

Like much of New York, Manhattan is diverse in its neighborhoods, cultures, and people. It is an amazing way to learn about traditions, languages, and history from all parts of the world. It can give its residents a wider sense of open-mindedness and provide them with unique experiences that you simply cannot find in other cities. Manhattan accepts people from all backgrounds, and it is called home by people from every corner of the earth.

Manhattan also includes many fun things to do, such as visiting Broadway and Central Park. In addition, wanting to buy property in Manhattan offers something new to try out every day.

What is the Financial District?

The Financial District, or FiDi, is generally home to higher class and more prosperous homeowners. This makes it one of the most expensive neighborhoods to live in New York, but it has amazing benefits. The Financial District is a nice area to live in, and it is fairly quiet at night. Although it is bustling throughout the day, it becomes calm and clear as the day comes to an end.

What is in TriBeCa?

TriBeCa is in the downtown portion of Manhattan. Like FiDi, it is expensive and is home to many celebrities today. Additionally, it is full of five-star restaurants and historical landmarks. In TriBeCa, there is space for offices and unique places to live. Because of this, buying an apartment in TriBeCa can be extremely profitable in the long run.

NoHo or SoHo?

North and South of Houston Street (NoHo and SoHo) are located in Lower Manhattan, and are more free-flowing than other New York City neighborhoods in this area.

NoHo has a decent mix between old and new buildings, and many residents look to rent apartments here. It has a classy, bohemian style and is sprinkled with small boutiques, lofts, and theaters. NoHo takes on a much more relaxed vibe and is called home by creative minds from all over the world. It is best to buy an apartment in NoHo over SoHo if you are looking for an environment with a little less hustle and bustle.

On the other hand, SoHo is great as a faster-paced and directly thriving neighborhood to live in. It includes more high-end shops, and many independent designer boutiques settle here. It is one of the most fashionable areas in New York City, and it is perfect for those with a taste for clothing and design. Buying an apartment in SoHo places residents in a perfectly balanced area between calmness and quickness.

Which village is best?

Greenwich Village is divided into two separate sections: East and West Village. Although they are similar, they both have characteristics that make all the difference when buying an apartment in either of them.

West Village has a very different atmosphere from Fidi and TriBeCa. It is home to many small businesses and creative individuals expressing their emotions and ideas through art and music. The buildings of West Village have not changed much over time, and they appear as they did nearly a hundred years ago.

The streets are beautiful with plenty of greenery, and if you are looking for an area with lively night events and hoping to meet tons of new people, West Village is the way to go. Additionally, if you are looking to buy a co-op in Manhattan, they can mostly be found in the West Village.

The crowd in East Village tends to be a bit rowdier than that of West Village, which can either be fun or detrimental to some. During the daytime, East Village can be loud, as well as throughout the night. East Village is filled with coffee shops, fun bars, and lounges to easily meet and connect with people. Buying an apartment in East Village can provide an owner with a similar experience as West Village for a lower price.

What is the Lower East Side like?

The Lower East Side is packed with rich history, incredible nightlife, and affordable housing. An evening will never be spent bored in this part of New York City, and there are constantly night events, including live music, drinks, and parties. The Lower East Side is arguably one of the most charming neighborhoods in Manhattan, and there are plenty of spaces to buy or rent in this area of New York.

Should I buy an apartment in Chelsea?

Like West Village and NoHo, Chelsea brims with art and creativity. There are plenty of art galleries and venues to explore, and a day spent walking around Chelsea is not enough to see it all. It is home to successful artists and those hoping to establish a startup, so there are many styles and mediums to explore.

Chelsea also has plenty of unique restaurants and landmarks that you cannot find in other parts of the United States. Because of this, Chelsea is a distinct area to buy an apartment for residents looking to see something out of the ordinary every day.

Other neighborhoods in Manhattan

Many other neighborhoods in Manhattan are great for buying apartments, condos, and co-ops, such as NoLiTa, Flatiron, NoMad, Bowery, Gramercy Park, and Hudson Yards. The list goes on! There is housing in Manhattan for people of every type, and living there allows room for extreme growth, open-mindedness, and creativity.

To join the beautiful melting pot of cultures and history within New York, you should buy a property in Manhattan. It is best to choose a neighborhood that resembles your needs, whether it’s a drive for creativity or the hustle of work. However, no matter your choice, you’re bound to find a vibrant, bustling community to live and thrive in.

February 8, 2023February 8, 2023

How to buy a brand new apartment in Manhattan?

To buy a brand new apartment in Manhattan can be an exciting but scary experience. As the cost of housing prices rise, finding a new apartment for the best possible price can be time-consuming. Luckily, knowing about an ideal budget, location, and process can make the experience easy and stress-free.

What is your budget?

How much are you willing to spend on your apartment? Generally, a one-bedroom apartment in Manhattan costs about $900,000 to buy. A 4-bedroom apartment can easily cost over $3,000,000. Generally, co-op apartments are less expensive than condos. However, new developments Manhattan homes will cost more than those already well-established. As an additional tip, to buy a brand-new apartment in Manhattan, it is best to save up roughly 20% to 25% of the cost of the apartment before the purchase, if this is possible.

Having a reasonable budget at or above the $1,000,000 range will ensure that you will find apartments and condos for sale in Manhattan that will meet your needs. Of course, with more accommodations, the price rises as well. Depending on what you are looking for, set a limit for yourself to find hidden jewels of homes and avoid overspending. It is best to speak with a mortgage banker or broker to request a preapproval letter to set your budget accurately.

What is the location?

Another huge factor to buy a brand new apartment in Manhattan is the location. The neighborhood that the apartment is located in can either make or break your experience in Manhattan and determine the price of the condo or co-op. There are several different areas that are all great for people of different personalities and backgrounds.

For example, the Financial District and Tribeca are great for wealthy and high-class people with larger budgets. These areas are best suited for people that enjoy living in luxury, eating in 5-star restaurants, and buying expensive clothes from classy boutiques. These areas are home to both old money and new money folks alike. They are busy in the daytime and quieter at night and are home to many large places of work. These districts are also filled with office spaces and other large work buildings.

Areas such as Chelsea, West Village, and NoHo are great for creative spirits with an eye for beautiful art. These areas are highly inclusive of all cultures, and it is much cheaper to buy an apartment here over the Financial District and Tribeca. There is always plenty to explore, including art exhibits, venues, and unique restaurants. Still, you can find lovely homes here as the residents are immersed in exquisite, unique, and vibrant art. These areas are perfect for always being entertained, as well as for those who have a deep appreciation for art and creativity.

The Lower East Side and East Village are best suited for those looking for an exciting nightlife with plenty of activities almost 24 hours a day. These areas are filled with bars, lounges, venues, and much more to enjoy every day. Because these areas can be noisy, they are best for night owls that feel the most alive when the sun is down. There is always someone to socialize with in the Lower East Side and East Village, and always an event to go to.

How does the buying process go?

Buyer’s agent giving the key of a brand new Manhattan apartment to new owner after signed contract.

As a buyer in Manhattan, it is always a great idea to work with an experienced buyer’s agent, which are free to work with because they earn commissions from the home’s sale. By working with a buyer agent, you can save money by helping you find great deals on apartments and condos. At this point, attend open houses for information on each property and specific details about their offers. That way, you have the most chances to buy your brand new apartment in Manhattan.

Additionally, it is important to prepare your offer documentation and find a real estate attorney. Since Manhattan apartments are in high demand, you will have the highest chance of winning the apartment if you submit an offer as early as possible to be ahead of the competition. Because offers are not final until both parties agree and accept all terms, you can submit offers for many different apartments simultaneously with no repercussions.

Once the offer is accepted, your attorney will negotiate and look over the housing contract on your behalf, as well as thoroughly review the building documents, including the first two years of financials. Once this has been completed, you can sign the contract, and a 10% deposit can be made to the condo or co-op.

Once you have a fully executed contract, you can send in the mortgage application and request for an appraisal. The bank will give you a mortgage commitment letter, and you can complete your condo, apartment, or co-op board application. Begin the building application as soon as possible to stay on top of additional letters and information and remain organized with any important information.

If you are purchasing a co-op, you will be called for a board interview, but if you are buying a condo, the building will process its waiver of the right of first refusal to allow you to close on the apartment.

How do I close on the apartment?

If you are approved by the co-op board or condo in Manhattan, you can then close on your apartment. The attorney will schedule this, usually in the attorney’s office or the building’s managing agent’s office. So now, your brand new Manhattan, New York apartment is all yours!

Usually, this process takes 1 to 2 months for a condo and 2 to 3 months for a co-op. If possible, be as prepared as you can to provide documentation such as identification, income statements, and other important files. Having this readily available will help shorten the process of buying the apartment.

Get in touch with our team of experts at BARNES New York to benefit from considerable discounts on the purchase price, transaction fees, and carrying costs when buying a brand new apartment in Manhattan.

August 13, 2021September 10, 2021

Should you invest in Manhattan real estate now?

By Annie Newman

Manhattan is often described as the financial and cultural center of the United States, and even considered by some as a world capital. Historically, it has been a constant attraction for tourists and immigrants from all over the globe and it is now recognized as one of the most desirable and exciting places to live and work. It is not surprising that the value of Manhattan real estate exceeds the sale prices of most metropolitan cities in the United States and around the world.

Why is it special to buy an apartment or home in Manhattan?

Those who call Manhattan their home feel a sense of tremendous pride and even though it is densely populated, people are willing to go the extra length to find their place in the city that never sleeps. The skyline of Manhattan is unmistakably recognized by people all over the world, including those who have never even visited New York. Songs, movies, television and theatre shows have been produced about Manhattan as it captivates the minds of all those who have heard of its bustling business and entertainment life. This massive metropolitan area has a record number of skyscrapers that offer some of the most incredible views in the world.

Owning a property in Manhattan is a prestigious advantage. Almost any apartment there can offer views that even penthouses in other cities don’t offer. Due to the large population, the buildings in the city are known to be built as high rises and skyscrapers and many apartments offer spectacular sceneries since the structures are built with such elevation. Some of the world’s tallest skyscrapers are found in Manhattan.

Manhattan real estate is in high demand

Manhattan not only has a large population, but it has an influx of workers from other boroughs or even states that commute there on a daily basis, creating a landscape that requires constant building and expansion. Every centimeter of land is precious and many in the construction industry have to win over bids to build more properties over those who want to try to maintain green spaces. This is the reason why one may find beautiful and spacious homes or townhouses for sale in Manhattan, but the main landscape can be seen from far as a city with tall buildings and limited space to build large private properties. Owning a home in Manhattan is truly glamorous.

View over Manhattan at night, with the lights from the city.

The city is known for its industrial past and some of the historical factories have been transformed into luxury and spacious lofts that can be found in many districts of Manhattan. The condos for sale reflect the prices of some of the most desired pieces of real estate in the world. Some apartments for sale in Manhattan can actually comprise of multiple floors and have as many rooms as a suburban house elsewhere in the United States. Unlike the suburban homes, these multi-floor condos offer breathtaking views at all times of a city whose lights shine and light up the sky from miles away.

Choosing a neighborhood or district to live in Manhattan is a wonderful experience as almost every corner of the city has special attractions for the local residents. Some people may prefer areas where the entertainment and theatres are world renown, others like the more quiet areas of the city. The city has mass transit subway and buses systems that create efficient and quick access to all areas of interest.

Local and International investment in Manhattan properties

Foreign investment in Manhattan real estate has been desirable for many people around the world who are looking to invest in valuable properties that are always in demand. Aside from investments, some people who reside in other cities who are looking to own a second home often choose Manhattan as their preference. Home owners in places such as Miami, Los Angeles, Paris, London and other big cities pride themselves to own a place to call their home in New York. Manhattan will always be on the top of the list of the world’s most famous and attractive cities.

Manhattan’s luxury real estate market

During the Covid pandemic, prices did fall to a certain degree but the real estate market in Manhattan is now bouncing back and is especially growing in the high end luxury property market. Some of the world’s most expensive homes and apartments have been sold right in Manhattan and it is no wonder that the buyers chose this city as their residence. Not many people would accept to invest over 100 million dollars for properties in other cities but Manhattan is able to attract such great investment due to its special character. A Manhattan penthouse was sold for $238 million in 2019, making it one of the most expensive homes ever sold in the United States. It would be challenging to sell a property of that price range in most other cities across the continent! Real estate professionals know that living in a Manhattan home can be priceless. Having a presence in New York City by purchasing real estate there is exciting, profitable and unique. Every square foot of land and real estate has tremendous value and worth.

Manhattan is not only multicultural in regards to its population, but the actual architecture and buildings that comprise this city can vary greatly in style. Some residents and buyers prefer the more historical look of the typical New York apartment buildings while others are more impressed by the shine and glamor of the new constructions that offer more modern styles of living. Both types are charming because they either represent the long history of a city of opportunities or the new shine of a constantly growing and fast paced world superpower.

The real estate market in Manhattan is booming and experts are predicting that the trend of record sales and contracts will continue in the coming years. BARNES New York has the exceptional resources to provide you with all your luxury real estate interests and can guide you in your search for your dream Manhattan home or project. Our properties are unparalleled in prestige and luxury and we are looking forward to present you with the most exclusive places.

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