Posts Tagged ‘The New York Times’
NEW YORK — Along with the overall return of the real estate market throughout the New York metropolitan area, brownstones in Brooklyn have had a particularly strong recovery as buyers put an ever-increasing premium on square footage.
“It is amazing,” says one real estate broker quoted in the New York Times story, titled “Brooklyn’s Gold Rush.”
“It is a level of activity I have not seen since 2006-2007,” she adds. “There are so many people looking for brownstone buildings, and there is just no supply.”
Many brownstones are being purchased to be used as single-family residences, as well as multi-family homes, which have been on the rise in recent months.
The top Brooklyn neighborhoods, according to the article, were:
- Boerum Hill, with a median price of $1.7 million, up 60 percent from last year.
- Park Slope, with a median price at $1.45 million, almost 20 percent higher.
- Red Hook, with a median price of $825,000, up 73 percent, although only a few properties were for sale.
NEW YORK — It finally happened.
Writes The New York Times:
“The last time rents shot up in a similar fashion, they were tied to a strong economy, low unemployment and booming business on Wall Street.
“But this spring, Manhattan rental prices seem to be divorced from the larger economic picture. While the city has added jobs in recent months and growth in businesses like technology has helped make up for losses in the financial sector, much of country is still struggling.”
Brooklyn rents are a similar state, too.
In case you were wondering, that’s about six shares of Apple stock.
It’s no wonder more people who are able to do so are looking to buy.
If you decide to look for a new place to live, take a moment to look over tips for avoiding Craigslist apartment rental scams.
Or use a reputable broker.
Please feel free to share your feedback on how you’re coping with the rental rates in the comments below.
With 11-foot ceilings, exposed brick walls, piles of hardcover books and views of chimneys and water towers, Arnold Warwick’s apartment is a 1,200-square-foot monument to the Greenwich Village of our fantasies. — “A Piece of the Manhattan Dream, Only $331.76 a Month,” The New York Times, January 23, 2012.
NEW YORK — Like finding a needle in a haystack, a cheap apartment in Manhattan is a rarity most people marvel over the way they would a winning lottery jackpot. But there are a few of ways to find one.
If you’re willing to live in a 90-square-foot apartment, New York living can be yours relatively on the cheap. It comes with some trade-offs, though, like not having a kitchen and sleeping in a lofted bed.
The other way is to have lucked into a rent-controlled apartment, as did the subject of a New York Times article.
A confluence of factors, not the least of which were a charitable landlord and good timing, means that at least one apartment in a hot neighborhood cost its tenant just $331.76 per month for a 4-bedroom apartment.
The bright side? It would be more expensive to live in Hong Kong, Tokyo or Moscow.
- The New York Times: ”A Piece of the Manhattan Dream, Only $331.76 a Month“
- NYC Apartment Agent: Life In a 90-Square-Foot Apartment
- The Economist: “Expatriate Rents“
As families abandon the suburbs in favor of city living and larger apartments over single-family homes, Long Island City has benefitted from its proximity to Midtown via the Queensborough Bridge, the Queens-Midtown Tunnel and the E, F, M and 7 subway lines.
Another reason to look on the other side of the East River is more bang for your buck. Two- and three-bedroom apartments, as I’ve noted before, are increasingly in demand, and the area has a growing supply. (An open house I attended recently boasted stunning views of the city skyline from one of the new condo towers.)
The New York Times writes: “Among the new buildings, the 122-unit L Haus, at 11-02 49th Avenue, offers three-bedroom condos as big as 1,800 square feet, along with a 10,000-square-foot yard; it is over 60 percent sold. A 157-unit rental complex at 17-19 27th Street, scheduled to open later this year, will have a playroom.”
Long Island City today is a far cry from the neighborhood that received its first residential condo tower in 1997 with the completion of the Citylights building.
If you know someone thinking about buying, selling or renting property anywhere in New York, please let me know.
- New York Times: Families Stake a Claim to Long Island City