New York is a city of rented real estate, about 70% of all properties are rented for life or business. And, if outside the metropolis people try to own their own square meters, here, in New York, the situation is opposite. Money and investments adjust the local order in their own way, so the investment in the purchase of housing can pay off well.
Very often, when choosing an apartment, buyers cannot decide for a long time on the area for their family’s life. After all, everybody wants to find a place where there will be good transport accessibility, well-developed infrastructure, modern kindergartens, strong schools, sometimes even mental health facilities like rehab no insurance, and high-level ecology. Is it possible to find such an area, or will you have to prioritize?
Let’s take a closer look at where and how much you can buy real estate in New York. Historically, the city is divided into 5 boroughs – Manhattan, Brooklyn, Staten Island, Queens, and the Bronx. The Bronx is the most affordable in terms of housing. But, if earlier this area was considered prosperous, now the situation is changing. The city authorities are helping to strengthen the new status of the Bronx as a quiet and comfortable place to live. And even prudent developers have turned their interest to the north and started looking for the best construction spots.
Today’s New Yorkers are no longer worried about having to drive a couple of extra stations for a nice apartment in a quiet area. Therefore, what was not in demand a couple of decades ago is now becoming a significant participant in the real estate market.
The price of real estate in Brooklyn is higher than in the Bronx, but it is easier to live here. It has excellent infrastructure with nice shops, schools, restaurants. In terms of further price increases, Brooklyn, like any other area of the world’s main financial center, is definitely profitable. The investment will be justified, both in terms of a long-term lease and further resale. The area continues to be built up, prices are rising, so buying real estate at a relatively low cost (in comparison, for example, with Manhattan) will be a smart and far-sighted investment.
The second most populated area of New York is Queens. It is home to about 2,350,000 people. The incomes of Queens residents are approximately equal to Brooklyn, so in terms of rent, you can expect to be about the same level. The local solvency is quite high. The best neighborhoods to buy property in Queens are those closest to the Manhattan border, including Cambria Heights and Laurelton.
Medical facilities are also very common here. If you need no insurance alcohol rehab or drug treatment without insurance, there are many of them in these boroughs. In general, Brooklyn and Queens are residential areas with a fairly low cost of real estate.
Battery Park City
What about your own patio overlooking the Statue of Liberty? As soon as the first spring sun begins to warm the parks near the river, Battery Park becomes a huge children’s playground. Special installations and moisture-repellent holes in the ground make the park irresistible for children and parents. With a population of just 10,000 living here on 92 acres of land, Battery Park attracts upper-middle-income people. New York’s best public schools are located just minutes from Battery Park. Renting a two-bedroom apartment will cost approximately $ 5,000 and if you’re lucky, you can purchase a two-bedroom apartment for approximately $ 925,000.
North of Battery Park is the Tribeca neighborhood. The area is attractive for its many public schools, the Montessori system, large apartments, and proximity to Hudson River Park and the waterfront, and Public School 234 has earned an impeccable reputation as the city’s best public school. The northwestern part of the district has become very popular with families due to the seasoned charm and extraordinary sensations that you experience being here. Many restaurants, as well as Whole Foods, have made Greenwich Street the main street in the area. Real estate prices are really high in this area. Lofts and luxury new buildings are common here, with apartment prices ranging from $ 3 million to $ 6 million. Renting is possible, but difficult as most of the apartments for rent are available through the apartment owners, not through the landlords. Don’t expect a rent below $ 10,000 / month for a three-room apartment. Again, moving to Financial District is an easy step, and the shops in Soho will cater to your every need.
Upper West Side
Upper West Side can offer a lot of cultural attractions for both adults and children. To complement your kids’ schooling experience, you can take them to the American Museum of Natural History or the Manhattan Children’s Museum, Symphony Space, or Lincoln Center for some nice music. Central Park will, of course, offer you delightful walks and picnic spots. In Riverside Park, your dog will be able to run from 9 pm to 9 am, which makes this place attractive for people with pets. There are also craft sites, toy shops, restaurants, and playgrounds. The monthly rental price for a decent two-bedroom apartment in the 90th Street area starts at $ 3,500, and the purchase of such an apartment will cost at least $ 1 million.
Park Slope is attracting a generation of young intellectuals with affordable and luxurious housing. The community schools in the area are well established, with most restaurants welcoming children, and the magnificent Prospect Park is always close by. Fifth and Seventh Avenues are filled with Italian delicacies, new shops, bars, and restaurants. As a result, you must have a high wage or high income to be able to afford to live here. The rent for a two-room apartment in this area, just a block from Prospect Park, is about $ 3,000. Young families prefer large one-bedroom apartments for around $ 2,100. Buyers have a choice of two-bedroom, two-bathroom apartments with an approximate value of $ 750,000, three-bedroom apartments with an approximate value of $ 929,000, and townhouses with an approximate value of $ 3 million. Condominium residents are advised to turn their attention to the buildings on Fourth Avenue.
Upper East Side
The Upper East Side is known for its Central Park and Fifth Avenue Museum, which are great places to spend time on sunny or rainy days. Madison Avenue will offer you a city stroll through some of the most beautiful spots at night. The Upper East Site is a traditional Fifth Avenue and Park Avenue neighborhood that attracts the wealthy and famous. One of the things that make the Upper East Site so attractive to families around the world is that property prices in the area vary, making a living here affordable even for the upper-middle class. A three-room apartment in a typical co-op costs approximately $ 1.2 million, depending on the location and condition of the building. Tenants wishing to live in this block can rent a three-room apartment on Second Avenue for an approximate cost of about $ 6,000.