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*.

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*.

*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.

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.

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. 

«New York City Neighborhoods» : Exploring the West Village with Pauline Lévêque

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

BARNES New York invites you in its series of articles untitled “New York City Neighborhoods”, where you can regularly discover the different districts of the city, in the eyes of French speakers who have settled there. They tell us all about their neighborhood, in their words, their tastes, their habits. Today, we take a walk in the West Village, in the company of illustrator Pauline Lévêque. With her husband, writer Marc Levy, and their two children, she has lived in this West Manhattan neighborhood for twelve years. The artist, who is exhibiting on November 11, 12 and 13 in Brooklyn, shows us her neighborhood, with its inspirations and habits. And without a doubt, its daily joys…

Lepetitjournal.com New York: You live in West Village. What attracted you to this neighborhood?

Pauline Lévêque: Before settling in the Village, my husband and I lived in London. There is an English side to it, green and calm in this neighborhood, but here the sky is blue almost every day. The streets are charming, the brownstones superb, and you don’t really feel the New York frenzy. It’s a little haven of peace in the heart of Manhattan.

Can you tell us about life in this neighborhood, the atmosphere? What makes it live, what drives it?

It really is village life. We know our neighbors, the UPS delivery man, the traders, the elderly in the neighborhood, the watercolorist who draws the street corners, the cellist who has been playing the same tunes for twelve years, the cigarette seller, the dog walker … And we find a bunch of dogs! Almost as many as children! It is very joyful and cordial to walk through the streets of the Village. But depending on the festivities, as with the Halloween parade, it’s not uncommon to come across extravagant, happy, or scary personalities. The shops on Bleecker Street have suffered greatly from the pandemic, but like the rest of the city, we are feeling a new lease of life and we are discovering new brands. The restaurants are all installed on the sidewalks and in the streets, which gives a European “bistro” side.

You are a mom. How is life with children and a family at TriBeCA? Are there many families?

Yes a lot. My children both go to a school in the neighborhood and the majority of their friends live there. We go to school on foot or by scooter, we meet up with friends on the way. It’s easy for last minute playdates and playground laps, too. We feel very safe in the Village. It is a very “kids-friendly” neighborhood. As proof, the ice cream parlor’s truck makes its daily rounds almost all year round!

You are an artist. Can you make us discover this district with your words? Is this a neighborhood that inspires you?

Very much. The outlook of the tree-lined streets, the alleys of townhouses, the view from the banks of the Hudson river… The area does not have too many tall buildings compared to the rest of the city, so I can see the sky with every walk, watch the roofs of small buildings with their water towers, have fun with graffiti, and see the Freedom Tower enthroned at the end of 7th Avenue.

Can you describe where you live, what attracted you, what do you like about your home?

The village is unlike any other parts of Manhattan. Unlike the rest of the city, the streets are not numbered, but have names. Before living here, I always got lost in this neighborhood, and had a soft spot for the corner of Perry Street and W4th. I am fortunate to live close to this corner that made me dream. And I still don’t get tired of it.

As a European, do you find a little European side to this district through the inhabitants, the shops, the schools?

Absolutely! I think the vast majority of people in the West Village are Americans, but the area really does have a European feel to it. By the way, Diptyque, Sandro, Maje, Bash can be found on Bleecker Street. The schools are on a human scale.

Your favorite places in the West Village?

Along the Hudson River, the children’s clothing store “Pink Chicken” on Bleecker Street, the restaurants “Mary’s fish camp”, “La Sevilla”, “Buvette”, “Bobo”, “Nami Nori”, “En Japanese »… Gay street, Morton and Bedford Street, St Luke’s place… Smalls jazz club on W10th. Etc., etc!

Is this a neighborhood that you recommend for those who want to buy or rent?

Sure, for both. West village is an expensive area, but if you can afford it, it’s the nicest area for me to live.

If you had to describe the West Village in three words?

Charming. Calm. Village!

EXPERTS DISCUSS – West Village

Rental Market in West Village: During Q3 2021, the median rent for an apartment in West Village was $3,000 for a studio, $4,000 for a 1 bedroom, and $5,500 for a 2 bedroom.

Sales Market in West Village: In the third quarter of 2021, across the West Village, the median asking price of sellers is $2,100 / sqft.

Interview by Rachel Brunet, director and editor-in-chief of Petit Journal New York

How can New York real estate agents be helpful in guiding you through the real estate market?

By: Annie Newman

New York City is one of the largest and most populated cities in the United States and consists of a thriving and growing real estate market. Some people who are looking to buy or rent properties in and around the city choose to inquire about its available listings online or through visiting the different areas. Others prefer to use a real estate agent to guide them in the process of investing in this great city.

What are the roles and responsibilities of the real estate agents in New York?

Anyone who has explored the New York real estate market is aware that the prices of properties in the Big Apple are higher than many cities across the nation due to the popularity and economic power of the city. Due to the large territory that New York covers, one can find a tremendous variety of properties in Manhattan and the surrounding suburbs and boroughs who are quite large and diverse in lifestyle, architecture and landscapes. Even if a buyer is certain about the type of building or property that they are searching for, navigating the market without an agent can be quite challenging as there is truly a sea of choice. Also, due to the higher than average prices found across the city, buyers want to ensure that their investment is worthwhile and done properly.

Real estate agents are key to helping potential clients in searching for their dream house or investment in this glamorous and world renowned metropolis. They can guide you to investigate which areas match your ideal social, cultural or business setting and can present you with listings that are not always available online or well described on search sites. They can narrow down the possibilities for you and give you details about the residences and properties that would not necessarily be accessible or explained in the brief online descriptions. They are experts regarding the history of the different locations, prices, quality of the buildings, local construction laws, and true value of the properties. They can help you make the appropriate comparisons.

Many real estate agents can also connect you to the right mortgage specialists, home improvement or construction businesses. They can also be available to communicate with potential sellers and other real estate agents or property managers on your behalf and save you a lot of time by inquiring about your questions and concerns with those other parties directly. They can certainly be a great asset in planning and organizing your search for the perfect real estate investment in New York. Due to the high demand for housing and commercial properties in the City, some agents may offer better service than others. Some real estate brokers are very busy and some are more interested in those willing to invest greater funds for more major transactions, but with the right patience, buyers can do their research to find the best real estate agents in the city for their needs and goals. Some brokers around the city are more motivated than others by commissions but the top real estate agents are those who truly care about their client’s needs. People who are looking to buy or rent don’t want to be pressured into signing a contract on any property that is pushed specifically by an agent, they want to find the home that matches their needs and budget and want to have all the true information about the quality and pricing of their investment. That is why it is important to search for the right real estate broker that will represent you and have your full interest in mind. When you find the appropriate real estate agent for you, they can help you with gathering the proper documentations for your investment, answer your questions, put you in touch with lenders, home inspectors, lawyers and all the parties involved from the beginning of your search to the finalization of your transaction. Sometimes, the process can take a longer time and can require more attention or communications, and this is why it is crucial to choose the brokers with the best organizational and collaborative skills to be there for you along the different steps to complete your acquisitions.

BARNES New York and its influence in the luxury real estate market

BARNES New York is proud to excel in its service in the New York luxury real estate market and has a great team of experts available for consultations regarding all your real estate goals. We offer some of the most sought after properties in and around the City, from high end apartments and condos to luxury homes, townhouses and penthouses. Our team is familiar with the real estate market in this wondrous city and has access to an international network of experts in local and foreign investments and property management. Our exclusive properties, whether available to buy or rent, are presented to you with the highest degree of professionalism and we take pleasure in your satisfaction and long term success. For more than a decade, BARNES New York has helped its international and local clientele in their real estate acquisitions in the City. From our real estate agents and brokers to our managing partners, real estate consultants, and business associates, we are all committed to give you the best experience in planning, buying or renting the right property for you. We look forward to working with you on all your real estate goals and projects.

Chelsea, one of the coolest neighborhoods in the world

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

It stretches from 14th Street to 34th Street and 6th Avenue to the Hudson River. The Chelsea district has just entered the Timeout ranking of “49 coolest districts in the world”. This district of the West Side of Manhattan is known for its many restaurants, its famous sites, including the High Line, but also its art galleries. Between the inauguration of The Little Island this year and the opening of the exhibition ‘Jean-Michel Basquiat: King Pleasure’, next spring, immersed in the Chelsea district, one of the most “gay-friendly” in Manhattan, but a neighborhood that also has a bit of a French touch of some sort…

Chelsea among the coolest neighborhoods in the world

The ranking “the 49 coolest neighborhoods in the world” of the famous Timeout magazine is just out and awarded to 49 neighborhoods spread over the four corners of the planet under the title of “coolest neighborhood in the world”. The Chelsea neighborhood in Manhattan comes in 6th place.

From “speak easy” to flea markets, restaurants, gay bars to green buildings, the Chelsea district caters to all tastes. Chelsea is a happy marriage of industrial style and contemporary construction, with one watchword: strolling. Trendy restaurants, cafes, small shops and openness to water and nature, if Chelsea made its entry into the Timout ranking, there’s a good reason.

Chelsea is one of the oldest neighborhoods in New York to have retained its original name. In 1750, an English entrepreneur named Thomas Clarke bought a “ten square block” piece of land near the Hudson River and named the estate “Chelsea” after a soldier’s house near London. Over the years, developers have built the heart of Chelsea between 14th and 23rd Streets West of Eighth Avenue and have designed the neighborhood with the boundaries we know today. Among the monuments, both literally and figuratively, of the Chelsea district, the famous Chelsea Hotel, Madison Square Garden, the High Line, Chelsea Market, The Little Island… But not only! Chelsea is a neighborhood that has its secrets.

Chelsea’s secrets

The top of brick buildings and water tower on a Chelsea rooftop.

The Grand Lodge of New York is the largest and oldest independent organization of Freemasons in New York. Founded on December 15, 1782, the Grand Lodge has jurisdiction over approximately 60,000 Freemasons. The historic 23rd Street and 6th Avenue structure has hosted various blood drives and charity events, as well as New York’s Masonic Security Identification Program.

Another of Chelsea’s secret, the atomic bomb … Although much of the research on the project took place at Columbia University, Chelsea also played a small but important role in the development of the atomic bomb. On West 20th Street, three buildings once made up the Baker and Williams warehouses, which housed thousands of tonnes of uranium. In the late 1980s and early 1990s, the federal government cleaned buildings of residual uranium, disposing of over a dozen barrels of radioactive waste.

Another, sweeter secret… The building that now houses Chelsea Market was once the headquarters of the National Biscuit Company, or Nabisco. The factory officially opened in 1890 when eight bakeries came together to create a “super bakery” and continued to expand until 1958 when the company left Manhattan. In 1912, Nabisco invented his undoubtedly most famous product in Chelsea: the Oreo cookie. Chief food scientist Sam Porcello created the recipe, which has remained largely unchanged over a century later. The company also produced classic products such as Saltines, Vanilla Wafers, Fig Newtons, and Barnum’s Animal Crackers. Many remains of the original Nabisco factory are still there. Entering Chelsea Market from 9th Avenue between 15th and 16th Streets, the Nabisco plaque dating from 1898 still triumphs.

A bit of France in Chelsea

View of downtown Manhattan from a garden in Chelsea, with a terrace in the foreground and people watching at the skyline.

While many may think The High Line‘s concept of turning old train tracks into a park was started in Chelsea, The High Line was actually inspired by the Parisian project, La Coulée Verte, located in the 12th arrondissement of the French capital, built in 1993 from a disused railway line. The project, both architectural and green, follows the old Vincennes railway line and crosses an elevated viaduct to reach the Bastille. The High Line, the American counterpart of the Coulée Verte, was to have retail space underneath, but plans were scrapped after the spaces under the park were privatized.

With nearly 40,000 French people officially settled in New York, Chelsea is also a neighborhood taken over by expatriates. On 29th Street, between 7th and 8th Avenue, the O’Cabanon restaurant has taken up residence since 2015 with its adjoining shop where you can find a wide range of French products: cookies, preserves, syrups, cheese, cold meats, chocolate, cosmetics and even books in French.

Further south, within the Chelsea Market itself, the Norman pastry chef Jérémie Rousselet officiates at Tiny Feast. On a very French note, ham / gruyère baguette sandwiches, charcuterie boards and donuts are on the menu. “I have a lot of good memories with donuts: they remind me of summer and the holidays, their delicious smell, and when I was a child, in France, going to bakeries after school to have a donut” explains the French chef on the Tiny Feast website.

On 7th Avenue, between 19 and 20e rue, Le Singe Vert, a bistro with romantic decoration that serves cold meats, snails, onion soup, endive salad with duck confit, steak tartare or even a tab wine merchant.

It was also in Chelsea that the 2013 Chelsea Film Festival was born – sponsored by French nationals Ingrid Jean-Baptiste and Sonia Jean-Baptiste and whose 9th edition has just ended. This festival dedicated to the 7th art, highlights and awards international independent or emerging filmmakers. This year, among the 141 films presented, 11 were produced by French directors.

Chelsea, this neighborhood where it is good to stroll, work and live, however, remains an expensive neighborhood in New York. “As of September 2021, in Chelsea, the median selling price was $1,289,000, and reported on the surface the median price was $1,491 / sqft. For rentals, the average rental price in September was $3,675 for a studio, $5,150 for a one bedroom and $7,450 for a two bedrooms ”explains Yann Rousseau, Managing Partner at BARNES New York.

Expensive, but cool, so is Chelsea…

Interview by Rachel Brunet, director and editor-in-chief of Le Petit Journal New York

What should you know about luxury real estate in New York?

By Annie Newman

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.

Market update and webinar series announcement

Borders are reopening! Finally … Many of you were just waiting for this signal to come and join the Big Apple and realize your big real estate project, which has been dormant for almost two years. You will then have chosen the right time, in a market context which is still tense on one side but reassuring on the other. And it is precisely this reassuring, stable and resilient aspect of the New York market that makes it an essential real estate market.

Indeed, and as was the case in the past during other “crises”, the impact of the Covid-19 pandemic (from a strictly real estate point of view means) was only felt here in a limited way (drop in prices in resale of 10 to 15% during 2020), and temporary (concentrated on Q2 and Q3 2020). The major impacts were felt above all on new development projects, rentals and commercial real estate.

Today, residential real estate has returned to its pre-pandemic level and negotiating margins are now tight in resale; we are clearly in a “seller’s market” with limited inventory and strong demand.

Regarding new developments, the “sales” that we promoted in 2020 are rather over. As the inventory is still large, there is still some interesting leeway, as long as one chooses the right partner for their project. This is precisely the goal of the establishment by BARNES New York of a monthly, French-speaking webinar, on the first Tuesday of each month, presenting various New York new development programs, highlighting our expertise in the field. Rendezvous for the first opus next Tuesday, on October 5 at 12pm EST (6pm FR) to discover the following programs:

  • 300 West (West Harlem)
  • The Ritz-Carlton Residences (NoMad)
  • St Marks Place (Boerum Hill, Brooklyn)

Please contact us to register for free!

The rental sector has fully recovered with a market that is very much to the advantage of owners. As for commercial real estate, it continues to suffer to some extent, with a full recovery, at least a stabilized correction, expected by at least 2023.

Our team of experts, multilingual, continues to expand, including a new office in upscale and multicultural Westchester County; and, as always, remains at your entire disposal to assist you in the realization of your New York real estate project.

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