Priced Out of Brooklyn? Try Manhattan.
The NYTimes published an article this morning about a new trend taking shape in Brooklyn. People who once reluctantly made the trek across the East River to find an affordable home are now realizing their considerable gains and moving back to Manhattan because they have been priced out of the borough that once welcomed them (and their smaller downpayment) with open arms.
While the article mentions fringe areas of Manhattan that have historically been more affordable than the high-demand areas of Brooklyn, such as the uptown enclaves of Inwood, Washington Heights and my favorite, Hudson Heights, it also highlights the lesser known reality that the Upper East Side is Manhattan’s most affordable neighborhood below 96th Street. Along the avenues and side streets east of 3rd on the Upper East Side, you will find row upon row of 1960s, 70s and 80s era apartment buildings filled with generously sized studio, 1br and 2br co-ops. While monthly maintenance will typically be higher on the Upper East Side than in the prime Brooklyn neighborhoods, largely due to higher taxes, buyers can typically get into these buildings for considerably less than $1,000/sf, even in today’s frothy times when new construction in the same neighborhood typically trades at 2-2.5x that amount.
And while the often 10+ minute walk from East End and York to the 6 train can seem daunting, especially in a winter like we just endured, the first phase of the 2nd Avenue subway, which finally seems to be just within reach, will alleviate transit congestion and make living in the fringes of the neighborhood considerably more convenient.
The article can be found here.