With the new year underway, many are looking to the future of Manhattan real estate following the borough's success in 2021. While demand is high, there are still prime neighborhoods that can offer great value to buyers looking to invest in NYC real estate.
For a comprehensive, expert perspective on neighborhoods in Manhattan offering relatively low prices with a high potential return of investment, here are insights from some of our top Brown Harris Stevens NYC agents.
The Upper East Side Gold Coast
"The Upper East Side gold coast co-op market is going to continue to be a value play for specific apartments that are in need of large-scale renovations. Since COVID-19, we are seeing buyers more hesitant to take on major renovation projects due to rising construction costs, supply chain issues impacting delivery of materials and appliances, and the desire to buy a move-in ready home.
Buyers willing to take on these challenges will see an exponential return in a future sale when they have a turn-key, fully renovated home to sell in a prime location." Rory S. Clark
"The Upper East Side, especially co-ops east of Third Avenue is still a value play.
Sutton Place, Beekman Place, and Tudor City are beautiful enclaves offering terrific values." - Anna Kahn
Murray Hill
Considered the area from 42nd Street to 34th street, between Madison Avenue and the East River, Murray Hill is characterized by a mix of historic buildings, state-of-the-art high-rise condos, coop buildings with stunning pre-war detail and large multi-room apartments, rows of wide townhouses, and its immediate access to the Midtown and Midtown East business district.
It is home to many of NYC’s total 322 foreign embassies, and is influenced by several notable landmarks: the Empire State Building, Grand Central Terminal, the Chrysler Building, the UN, and Summit One Vanderbilt to name a few, and an abundance of transportation options that will be expanded upon through two major infrastructure projects: the Second Avenue subway and East Side Access.
Over the past 17 years:
Coops have appreciated 62% on average.
Condos have appreciated 102% on average.
Townhouses have appreciated 97% on average.
Midtown Manhattan
"Midtown Manhattan presents a lot of value for buyers in 2022 as the pricing in this submarket did not rebound as quickly as Downtown did over the past 12 months. The Midtown market is largely impacted by office reopenings which have been delayed several times due to new COVID variants. As such, there is still a window of opportunity to buy in at the current 'near bottom prices' before offices fully reopen, driving up demand and ultimately prices as a result."