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Tag: new york city

What is the average house price in the Hamptons? 

Even if you have never visited the area, you are surely well aware of the Hamptons and their place in upper class society on the east coast of America. People from all over the country and the world are familiar with the Hamptons and its preeminent spot in culture. 

There is a high volume of mansions in the Hamptons and the several waterfront locations that consist of it. The mansions vary in size and style but they are all top of the line, the best of the best, and very expensive. In fact, the Hamptons is one of the most expensive regions in the country. 

There are countless celebrities populating the Hamptons year round. From retired politicians to CEOs, business people, and Hollywood elite, you’re really somebody if you own a spot in the Hamptons. And while some people do in fact own their property in the area, other people only rent out summer houses, which also cost a pretty penny too. 

If you are one of the lucky few who would like to buy a house in the Hamptons, you need to be aware of a few things, most importantly, the average house price in the Hamptons. Hamptons real estate isn’t always necessarily easy. The good news about the Hamptons is that you are getting a lot of great value for the money you spend. You can rest assured that you’ll invest in a very nice, cutting edge property that will be far nicer than any other home you’ve lived in.

How expensive is it to live in the Hamptons? 

If you are looking to buy a home in the current housing market in the Hamptons, you need to be aware of the median property price in that region.

According to the yearly Town & Country Market Report, the average house price in the Hamptons were up 1.71% since last year. The median average price of a house in this part of the country was about $1,780,000. That is a definite increase from the years before, although the price of a home in the Hamptons varies and you can find something that is both more and less expensive.

The price of housing across the country faced a downward trend during the recent COVID-19 pandemic but that wasn’t the case for housing in the Hamptons. In fact, it was one of the few locations where the price point for most property actually went up during the epidemic. That is because there were many wealthy people from nearby New York City who wanted to escape the hectic, scary situation in the big city and moved to the Hamptons for safety and peace of mind.

What neighborhood should you live in?

One of the best things about the Hamptons is that there are several popular neighborhoods in the area and each of them are well worth your money. They don’t come cheap, of course, but they are all packed with wonderful architecture, terrific amenities, and beautiful views too. 

The most popular neighborhoods in the Hamptons are Southampton, East Hampton, Montauk, and Sag Harbor. Each of them bring their own benefits and, thankfully, the home prices in each area are usually fairly similar.   

What is the average price of a Hamptons single-family? 

Imagine being able to visit the Hamptons during the popular, gorgeous summer months. You’d be just a few minutes away from the beach and your days would be spent in the sun while your nights would be spent around a yummy barbecue and fire pit in your backyard. 

If you’re looking to spend a good amount of time in the Hamptons, buying a single-family house might be a great approach for you. 92.4% of all sales are single-family homes, showing how high the interest is in that region for a more private and spacious living environment compared to condo living closer to the city center.

You can find single-family in the Hamptons for a median sales price of $1,542,000. These will come with the great location that people desire when they move to the Hamptons. It is important to note, however, that they don’t always stay on the market for too long since demand is always high. 

What is the average price of a Hamptons condo? 

The average price of a condo during the last quarter of 2023 was $774,000, with prices on a downward trend from the previous year. Condos sales represented about 7.6% of all the property sales, showing a net preference for single-family housing in the area.  

What is the average price of a Hamptons luxury property? 

The median price of a luxury property during the last quarter of 2023 was $6,195,000 with an 18.5% decrease from the previous year. About 6.6% of all sales in the Hamptons during Q4 2023 were over $5 million dollars.

Summary 

If you are living in the Hamptons, you can be proud of the fact that you’ve finally made it and reside in one of the nicest parts of the country. The area is worth it if you have the desire to live in this luxurious region with easy access to the beach and a quiet living environment. If you are serious about moving to the Hamptons, you should contact us at BARNES New York. We understand that luxury real estate can be complicated but we know the ins and outs of the industry and are ready to find a home that fits you perfectly. 

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What is the average home price in Queens? 

If you’re flying into New York City, one of the first places you’ll encounter is most likely Queens. This New York City neighborhood features two of the largest airports that greet people in the area. So, if you’re looking to move to an area that’s the epitome of the New York City lifestyle, Queens is the place for you. Plus, Queens is rich with history and American icons. 

Finding a home in Queens can be pricier than looking at other big cities in the United States. Unfortunately, New York City is known for exorbitant prices whether you’re eating out or looking for a place to stay. The housing market in this area is no different from the rest of the higher living costs. However, you can balance this out by finding a job in New York City that pays enough to live comfortably. 

So, are you interested in finding a place to live in Queens but don’t know where to start? We will discuss the average home price in Queens based on location, size, and home features. Our guide can help you make a seamless move to New York City. 

How expensive is it to live in Queens? 

The reasons for getting a property in New York City are obvious. There are plenty of places to work, eat, and hang out in the city that never sleeps. You can get apartments, condos, townhouses, and penthouses when you live in Queens. There’s no limit to the type of investment properties you can find while looking through realtor listings. It’s also important to pay attention to the neighborhood you choose, so you and your family feel comfortable in your new home. 

The location of your Queens home can have a huge impact on how much you’ll pay for the purchase. For example, if you’re looking for a house that’s close to the action, then you’ll spend much more than a house on the outskirts of the city. Many people are looking for a house that’s within walking distance from New York’s finest attractions, or at least close to a subway station.

As of September 2023, the median sale price for homes in Queens is $478,000* but varies significantly based on the features that come with the home. For example, if you want to purchase an apartment that’s high up, so you have a beautiful view of the city, that will cost you more. Neighborhoods like Malba, Queensboro Hill and College Point, as well as Hunters Point, right across from Manhattan, are among the most expensive areas in Queens.

*Data from PropertyShark

What neighborhood should you live in? 

Whenever you choose a place to live in New York, it’s important to consider all of the neighborhoods in the area you’re interested in. The neighborhood you choose should be suitable to your home life and close to places you enjoy. For example, you might prioritize living in a neighborhood close to work over neighborhoods offering other features. 

Plenty of people live in Queens and seek the suburban lifestyle. Having a relaxing place to start a family is a great way to feel confident about life ventures. However, no matter where you live in Queens, there are plenty of ways to access the urban parts of NYC. So, you can enjoy the peace of living in a quiet neighborhood, like Forrest Hills, or choose a neighborhood close to Manhattan, like Astoria. 

The Queens neighborhood that works best for you depends on your financial situation and the places you visit most often. Astoria is one of the most popular neighborhoods in Queens because it’s the easiest way to access the big city parts of New York City. However, plenty of people prefer a quiet environment over convenience. Finding a property for sale in Queens is easy, depending on your neighborhood. 

What is the average price of a Queens penthouse? 

So, are you looking to buy a property in Queens? One of the most popular options for Queens real estate is the penthouses. You can enjoy the beautiful views offered by these penthouses as soon as you wake up in the morning. This type of property overlooks some of the most vibrant places in New York City and nearby. 

The median sales price in Queens for a penthouse fluctuates depending on the neighborhood. Some neighborhoods go for higher values than others in New York City, which isn’t too surprising. However, the most expensive Queens condo listed as of early 2023 was almost $5 million. They can get pricey depending on the features they offer, especially for luxury living. 

* Data from The Wall Street Journal

What is the average price of a Queens townhouse? 

Another popular way to enjoy living in Queens is to get a townhouse. People enjoy these types of properties because they can feel more traditional than other types of NYC properties. The amount you’ll spend on a Queens townhouse is usually around $752,000, but the price changes a lot depending on features and location. People feel comfortable living in a townhouse because it offers classic suburban living. 

What is the average price of a Queens condo or coop? 

People who value convenience over other aspects of Property buying love living in a condo. It’s common for condos to offer a local gym, meeting halls, and central locations. However, you can purchase a luxurious condo in Manhattan or one that has the bare minimum for your comfort level. The median cost for Queens real estate that surrounds condos is $685,000 as of September 2023, while the coop market started at around $293,000.

Summary 

So, are you ready to buy a property in Queens based on this information? There is no shortage of things to do in Queens, and you can reap the benefits of a suburban lifestyle. There are several neighborhoods you can choose from, and are our team of experts will gladly assist you with the decision. We are familiar with the Queens area and dedicated to helping our clients. Contact us today for a consultation so we can help you get the Queens real estate property of your dreams. 

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What is the New York City real estate market like?

Even if you have never been there before, you are surely aware that there are few cities in the world like New York City. The biggest city in America is also one of the most beloved and recognized on all of Earth. From business to nightlife to culture to restaurants and more, New York City has it all.  

It is one of the most popular places in the world and that means that it has one of the most famous real estate markets too. The real estate market in New York City is known as a good barometer for the entire country and world. When real estate in New York City becomes more expensive, it often signals a trend that will impact other major cities worldwide.

There is a lot to know about buying real estate in New York City. It’s unlike any other city on Earth because of the various things you need to keep in mind. Just saying you want to move to New York City isn’t enough. You should know the location, type of residence, benefits, and more.

But investing your money in the New York City real estate market is almost always a good idea. It has pushed through some of the toughest world events ever – including over the last few years. This proves that, even in the worst of times, the New York City real estate market is strong and will always bounce back. The resilient New York City market is a compelling reason to consider investing in it, whether you seek a home for sale or apartments for sale. 

Let’s take a deeper look into the current state of the market in the city that never sleeps. Is now a good time to buy into New York City real estate, either as someone wanting to move there or someone wanting to invest? What other things should you be aware of when you are contemplating a move as big as this one? 

How much does it cost to buy into New York City Real Estate? 

According to UrbanDigs, Manhattan’s median home prices were down about 3.3% in the month of September 2023 compared to the previous year. The median sale price for a house in Manhattan was $1,152,066 and was on the market for about 75 days. The median sale price per square foot in Manhattan is $1,438, down 0.7% since last year. 

Brooklyn is seeing a different trend, with a per square foot of about $976 in September 2023, showing a 2.2% increase from last year. The median sale price also rose to $961,000, a 0.9% increase year-over-year.

The market is primed for someone, even a first time buyer, to make a mark on the New York City real estate market. With prices dropping, you will be able to spend less money. And with the amount of sales reaching a ten-year low, the market place is filled with locations that are ready to be grabbed up. It is important to note, however, that the supply of homes right now is historically low. 

From luxury apartments, single-family buildings, condo, townhouses, penthouses, and beyond, New York is ready to offer something at the lowest prices it’s had in ages.

Why should you buy homes in New York? 

Besides favorable pricing, there are numerous reasons to invest in the current New York City real estate market, not solely due to affordability.  

New York City is a cultural mecca that has something to offer just about anyone who moves there. Whether you’re a theater-goer, a business person, a family man or woman, or just someone trying to set off on your own and live your life, you will have plenty to do and enjoy in New York. This is one of the reasons why it’s the most populated city in all of America – people love living there. 

Here are just a few things that should convince you that moving to New York or buying property there is a great idea. 

The Location

It goes without saying but New York City truly is at the center of everything in many ways. 

New York City is home to Broadway, where the finest plays in the world are performed to adoring crowds. It is also the center of the business world, with many Fortune 500 companies making their homes in NYC. But beyond that, New York is a place where cultures from all over the world mix together and live in harmony. With this, you are able to witness events that you wouldn’t see anywhere else, try cuisine that is mouth-watering, and experience different world views.  

Plus, one of the best things about living in New York City is that you can enjoy these things from any part of it. Because of the great public transportation system in place, you can visit any part of the city with ease. 

The Resale Value 

Right now, the prices and demand for houses in New York City are at a low. However, it won’t always be that way. As it always does, the New York City real estate market will rebound and the prices will go up in time.  

That will help you in the long run because your resale value will grow in the next few years. A home that you buy now will be worth even more, and will garner you an even higher price point. For those who look to buy real estate as a smart investment choice, buying in New York City right now might be one of the smartest. 

The Strength of the Market 

New York City has been through a lot since its founding hundreds of years ago. From world wars, terrorist attacks, pandemics, and more, New York City and its real estate market has always stayed steady and held fast and then grew again. 

There are few cities that have proven their resilience like New York and few real estate markets like theirs too. Despite worsening market conditions in New York, the city’s strong history and evidence of resilience instill confidence.

Summary 

There are very few cities in the world like New York City. From the offerings of food, culture, public transportation, business, and more, there really is something for everyone in the Big Apple.  

The truth is that the New York City real estate market is going through a period of change. Some of the biggest indicators of the market are at decade lows, which raises the alarm for some people. Despite surface appearances, there’s a significant opportunity in the New York City market, particularly for investors.

If you feel that now is the right time for you to buy into New York, you should call upon our expert team at BARNES New York. From New York City and beyond, we know the most intricate and minute details that should be paid attention to. 

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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.

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What are the advantages of buying in a new real estate development in New York? 

New York City is always bustling with people who have places to go and goals to achieve. It’s a beautiful city for real estate investment, as it perpetually attracts tenants looking to rent a home for vacation, for a semester of school, or for the long term.  

In addition, NYC is an amazing place to purchase a secondary home, as there are countless sources of entertainment and shopping, most of which are very easily accessible on foot or by public transportation. So whether you are looking for a new home for your family or an investment rental property, BARNES New York has the resources you need to navigate your way through your purchase. 

While NYC offers plenty of historical real estate, there are excellent advantages to exploring new real estate developments within the city, which often include elements of historic architecture in conjunction with the conveniences of modern, upgraded materials and amenities. BARNES New Developments has preferred access to developers. Our team consists of agents with top-notch negotiation skills as well as a thorough knowledge of different parts of the city to help you find your new home.  

How can I save money buying new real estate in New York? 

Some buyers shy away from newer developments because of the price tag; however, luxury purchases are excellent investments. Updated properties offer increased value and are often built better due to the advancement of construction and materials. They know that these details are extremely important when purchasing in the luxury market.  

For example, 35 Hudson Yards was built with hand-picked limestone all the way from Germany, giving it warm, welcoming features. 108 Leonard incorporates majestic, historical architecture and combines it with more modern features to create beautiful units and common areas. Finally, buyers will want to check out 130 William Street, as it features luxurious Italian Pietra stone kitchen countertops. The upgraded materials and intentional features add value to all of these luxury properties and will likely reduce the need for renovations in the near future. These characteristics are one of the advantages of buying in a new real estate development in New York.

Furthermore, other unique details of these new developments certainly add to their value as well. For example, 277 Fifth Avenue offers floor-to-ceiling windows and columns that were intentionally placed along the perimeter of the building to avoid blocking the view. In addition, One Wall Street features tiled mosaics and a landscaped rooftop terrace for residents to enjoy views of the NYC skyline. New York City is known for its beautiful views, and these properties deliver what buyers want to see.  

These features increase the value of luxury residences and therefore tend to increase the return on investment for those looking to rent or sell their property. BARNES New Developments provides our clients with services for buying, selling, and managing these types of properties, and our agents have the knowledge and experience to be able to identify unique features that help elevate luxury buildings in NYC. 

Will I save money on utilities by investing in a new real estate development?  

Newer developments tend to implement more affordable and eco-friendly utilities, saving the buyer money on energy costs. For example, 565 Broome SoHo incorporates a sophisticated curtain-wall system that helps to retain heat in the winter and generate solar energy in the summer. This reduces the cost of energy as well as the negative impact of consumption on the environment.  

15 Hudson Yards boasts an on-site emergency generator, in case of loss of power, that contains efficient boilers to help reduce electric costs. Electricity tends to be one of the most expensive utilities for renters and homeowners, so these eco-friendly implementations can truly make a difference in overall costs and count as one of the major advantages of buying in a new real estate development in New York.

At BARNES New York, we are always on the lookout for properties that offer efficient, low-maintenance utilities to save our clients money and reduce negative impacts on the environment. Additionally, newer developments are able to incorporate updated technologies, such as more efficient energy systems and water-efficient plumbing, to reduce these costs. 

What kinds of unique amenities are included in new developments in NYC? 

Rooftop patio in New York City with a table and chairs standing on a paved area surrounded by green turf overlooking a view of the downtown skyline and skyscrapers

BARNES International Realty recognizes that another advantage to investing in new real estate is the availability of updated, state-of-the-art amenities, which add value to the property. Some of the more popular amenities include services and spaces dedicated to the health and wellness of residents.  

For example, 53 West 53 features a gorgeous dining area that overlooks Central Park as well as a 65-foot lap pool and a golf simulator. It is conveniently located above the Museum of Modern Art and boasts amazing panoramic views. 130 William includes an infinity-edge spa pool, a yoga studio, and a fitness center with a terrace to elevate your health and fitness experience. 200 Amsterdam, located in the Upper West Side, has ‘his and hers’ steam rooms, a yoga and pilates room, and an infrared sauna. All of these amenities add up in value, especially if they are saving you money on luxuries many people typically spend money on, such as gym memberships or billiards clubs. All these savings are true advantages of buying in a new real estate development in New York.

Additionally, many new luxury real estate developments offer other lifestyle services, such as doormen, concierge, and memberships to museums or other venues of interest. The Kent, located in the trendy Upper East Side, offers doorman these services 24 hours per day. Additionally, this development boasts a complimentary one-year membership to the Lincoln Center for Performing Arts. 

7 West 57 offers a virtual concierge so that residents can conveniently schedule services, such as restaurant reservations, by phone or computer. 300 West, located in West Harlem, includes two reception areas and a lobby that is attended 24-hours a day. These types of amenities increase the value of the real estate, as they provide modern luxuries that tenants highly desire.  

Luxury New York City real estate can be overwhelming to navigate, but the opportunity to invest in these new real estate developments makes them worth the thorough consideration. Thankfully, BARNES offers agents who have extensive experience working with luxury properties.  

Our agents are informed of the materials and architectural subtleties that help add value to new properties, ensuring buyers get the best value possible. In addition, we are always on the lookout for unique amenities that will save our clients money and add convenience to their daily lives. If you are considering investing in a new property in NYC, please contact our fantastic team at BARNES New Developments. 

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Where should you buy an apartment in Manhattan?

There are more than 50 neighborhoods to choose from when you want to buy an apartment in Manhattan. Each has its upside and downside, its little quirks, and its own unique vibe. But, no matter where you choose, you’re bound to find a vibrant, thriving community brimming with bustle and life.

Wondering what neighborhood might be best for you? Below is a list of some of the best neighborhoods to consider when you’re looking for an apartment for sale in Manhattan.

Neighborhoods

Bowery

The Bowery was once a neighborhood for those who were termed at the time the “down and out.” The area was known for decades for its bars and flophouses. Since 1990, the area has been reviving and is now home to luxury high-rise condo buildings. Median price: $2 million*.

Chelsea

A primarily residential neighborhood, Chelsea was named after a neighborhood of the same name in London. Chelsea is a diverse neighborhood known as one of the city’s key art centers. The area’s homes consist of pre-war co-ops, historic townhomes, and luxury condo buildings. The High Line, an abandoned elevated railway that was transformed into a park, runs through this neighborhood. Median price: $1.4 million*.

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

Chinatown

First settled in the 1870s and housing the largest number of Chinese people in the Western Hemisphere, Chinatown is a vibrant neighborhood with restaurants serving fresh, authentic Chinese food. New loft-style apartments are being built on the edge of the area. Median price: $688,000*.

East Village

The success of this neighborhood’s art scene led to its popularity. East Village was home to artists and musicians in the 1950s and is filled with galleries, bars, and small museums. Median home price: $1.9 million*.

Financial District

Popular with those who work on Wall Street, Manhattan’s Financial District has a mix of walk-ups above stores, luxury high rises, and historic buildings. Most of New York City’s historical sites are located in this neighborhood. Median price: $800,000*.

Flatiron

Flatiron, named for the iconic Flatiron Building, is predominantly a commercial area. Housing consists of mostly newer luxury buildings with all the key amenities along with a few walk-ups. Median price: $947,000*.

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

Gramercy

Famous for its ivy-covered brownstones, Gramercy is an oasis amid the hustle and bustle of Manhattan. Its most famous attraction, Gramercy Park, is open only to members. There is some new construction, consisting mostly of older walk-ups and doorman buildings. Median price: $985,000*.

Greenwich Village

Known as a home for artists and bohemians, Greenwich Village was the birthplace of the counterculture movement on the East Coast. This historic neighborhood contains walk-ups, brownstones, and high-rises on Park Avenue and Fifth Avenue. Median price: $2 million*.

Hudson Yards

Hudson Yards is Manhattan’s newest neighborhood, and also the largest private development in the US. It boasts 18 million square feet of commercial and residential spaces with more than 4,000 homes. Median price: $6.8 million*.

Little Italy

The streets of Little Italy are lined with Italian eateries with their traditional red and white checked tablecloths. Most of the housing in this neighborhood are walk-ups over stores and restaurants, along with co-op buildings. Median price: $1.6 million*.

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

Lower East Side

One of the oldest neighborhoods in Manhattan, the Lower East Side is known for its immigrant working class past. This affordable neighborhood is filled with mostly pre-war walk-ups and a few luxury high rises. Median price: $1.2 million*.

NoHo

NoHo (North of Houston) was a manufacturing area in the late 1800s. New luxury high-rises are mixed with walk-ups on side streets. NoHo is one of the most sought-after neighborhoods in Manhattan. Median price: $3.8 million*.

NoLIta

Like many neighborhoods in Manhattan, this one was named for its location―North of Little Italy. This four-block neighborhood is home to high-end chain stores, charming boutiques, and vintage shops. Historically Italian, NoLIta is now a diverse, trendy area with well-kept, pre-war walk-ups. Median price: $2 million*.

NoMad

NoMad (North of Madison Square Park) was named in 1996, but the area is much older. Europeans first occupied the area in 1686. Its housing stock includes historic brownstones, walk-ups, and new luxury high rises. Median price: $3.2 million*.

SoHo

SoHo (South of Houston) is one of Manhattan’s trendiest neighborhoods. Known for its cast-iron architecture, it’s home to artists and trendsetters. SoHo was once a powerful manufacturing center, and its former factories now house studios and art galleries. Living spaces are small and consist mainly of walk-ups and luxury co-ops. Median price: $5.4 million*.

TriBeCa

TriBeCa stands for Triangle Below Canal Street and features large lofts in converted warehouses and luxury mid-rise condo buildings along its quiet cobblestone streets. The neighborhood is known for its architecture and beautiful outdoor spaces. Median price: $5.6 million*.

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

Two Bridges

Another historically immigrant neighborhood, Two Bridges is located between the Manhattan Bridge and the Brooklyn Bridge. Until recently considered a part of the Lower East Side, its housing stock is a mix of tenement-style walk-ups and high-rise mixed-income and affordable rental housing. Median price: $2 million*.

Upper East Side

Among the most affluent neighborhoods in Manhattan, the Upper East Side is a cultural center with some of the most famous museums in the world—the Guggenheim, the Metropolitan Museum of Art, and the Cooper-Hewitt Smithsonian Design Museum. Area housing includes luxury high-rise condo buildings, townhomes, and brownstones. Median price: $1.6 million*.

Upper West Side

Known for the American Museum of Natural History and the Lincoln Center for the Performing Arts, the Upper West Side is one of the greenest areas of Manhattan. It boasts both Central Park and Riverside Park. The current housing stock is made up of townhomes, co-op and condo buildings, and high-rise luxury buildings. Median price: $1.8 million*.

West Village

Once part of Greenwich Village, West Village was home to the American bohemian culture in the 20th century. Now a laid-back neighborhood with winding streets and cobblestone, it sometimes feels like a small European town. The streets are lined with historic brownstones in styles from Romanesque Revival to Greek Revival. Median price: $1.6 million*.

*Data from PropertyShark

The rise of Manhattan real estate

Real estate prices were near record highs in 2021, and it looks like that upward trajectory will continue. If you want to buy an apartment in Manhattan, now is the time. There is pent-up demand and only about five months of housing supply. The median sale price for a condo was $1.7 million in July 2022, up 4.4% higher than the same period in 2021.

If you’re looking for something a little less expensive, think about buying a co-op in Manhattan. Co-ops tend to be less costly and typically offer more space than condos, but the purchase process is a little more complicated. So take a look at both options and decide which is right for you and your situation, and contact BARNES New York when you feel ready to buy an apartment in Manhattan.

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How to buy a brand new apartment in Brooklyn?

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

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

What is your budget?

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

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

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

*Market data from UrbanDigs

What about location?

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

Williamsburg

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

Dumbo

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

Greenpoint

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

Carroll Gardens

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

What is the buying process like?

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

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

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

How do I secure the apartment I want?

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

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

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The New York real estate market in 2022

Interview with Yann Rousseau, Managing Partner of BARNES New York

The New York City real estate market fascinates the world. But is it stable and strong? How profitable can an investment be? Are the new programs interesting? Yann Rousseau, Managing Partner at BARNES New York, the New York office of the prestigious French realty brand BARNES, answers French District’s questions.

WATCH THE INTERVIEW ON FRENCH DISTRICT

New York is not dead – Real estate market still strong

Read the article here

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.

Read the article here

Why should you invest in a New York City home?

By Annie Newman

New York is one of the most attractive cities in the world to live in and attracts global attention since the beginning of its history. It is not only an exciting place to live in but it is also a world capital in many ways. It is the location of major financial institutions, world renowned cultural districts, the seat of the United Nations and has more population per square feet than most cities across the country. The real estate in New York City is priced at a high value due to its coveted status as one of the greatest metropolitan areas in the world. New York City consists of the following 5 boroughs: Manhattan, Brooklyn, Queens, Staten Island and the Bronx. They all offer unique homes, condos, lofts and apartments that only increase in value over time and can satisfy a wide array of lifestyle needs.

The New York City real estate market

New York apartments are quite in demand and regardless of price, often have many people eyeing the same homes for sale at the same time. One charming neighborhood in Manhattan named Chelsea, recently attracted hundreds of people to a two bedroom open house event where the line to enter had almost a 30 minute wait. Not many cities on earth can boast such a phenomenon. New York City apartments for sale are often difficult to choose from as there are so many neighborhoods and boroughs that offer exclusive living spaces. It is important to do the right research before investing in a luxury condo in New York or any type of home as each area has its own character. Many older residences offer high ceilings, large lobbies, decorative features, hardwood floors and historic charm. The newer constructions are built smaller and are usually found in high rises but do include more modern advantages than prewar constructions. Some New York homes for sale are more expensive but are built in quieter areas that have more of a suburban feel. The New York penthouses for sale offer incredible views of the Manhattan skyline that are truly breathtaking and worth the investment. One can spend days visiting the arts and cultural centers and museums around the city and the fast paced lifestyle of New York is inviting for all those who are looking for a fulfilling experience.

Neighborhoods in New York City

The Upper East Side in New York is known for its trendy and upscale homes, restaurants and shops. Part of Central Park and many museums surround the area that can be filled with tourists all year round. Purchasing or renting an Upper East Side apartment is a source of pride for many residents.

Chelsea is a Manhattan neighborhood that is quite central and has more townhouses and low-rise buildings that make the area more home-like than the skyscrapers of other districts. A lot of former factories have been transformed into art galleries, condos, and trendy upscale living spaces. It is mainly residential and doesn’t reflect the more bustling neighborhoods that are in the financial districts. It has a lot of history and restored homes. SoHo in New York is another fancy neighborhood that includes many designer stores, high end shopping and elegant homes. It has a lively nightlife and attracts all types of artists and vendors.

The SoHo apartments in New York are well located and offer both historical styles of architecture as well as top of the line modern constructions. TriBeCa is a very expensive neighborhood of Manhattan that has a suburban look with cobblestone streets and multimillion dollar residences. It has a family friendly atmosphere and the TriBeCa apartments are usually high priced due to its special character as a quiet area in the big city. There are many lofts for sale that were formerly built as industrial buildings and have spacious accommodations. In a city that has over 8 million inhabitants, every square foot is precious real estate. Some families who are looking for a peaceful neighborhood in New York without having to commute to further suburbs in other boroughs can choose TriBeCa as a primary residence.

The Upper West Side of Manhattan is famous and its name is probably more recognized that many other New York districts. The area includes Central Park, one of the only preserved green spaces in the city, as well as many museums and is a desired zip code to live in. It has many affluent residents and notable structures and is also more convenient for families or people looking for a more quiet living space.

The Upper West Side of New York offers apartments that are luxurious, beautifully restored and have cozy living spaces. The streets are quieter and one does not have to be concerned with the loud distractions of the more densely populated areas. The East Village of New York is more known for its busy nightlife, bars, music venues and restaurants. It does include mansions and prestigious homes as well as row housing. It is a center for culture and the East Village apartments are well located for those who want more of a fast paced lifestyle. It is easy to access all the cultural venues that are so close by.

The West Village of New York is quite special in the sense that the city imposed the maintenance of the historic facades of many buildings and therefore the area has kept a lot of its historic charm. There are many theaters that display modern cultural trends and movements. In general, New York City itself is a mix of old and new, modern and historic, busy yet livable and exciting as can be for all those who call it home.

BARNES New York is at your disposal to help you choose the right New York City home for your needs and aspirations. We have a team of knowledgeable experts who can guide you through the process of purchasing your dream residence in the City that never sleeps. 

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