Long considered a bohemian enclave, Manhattan's East Village has gone through many evolutions over the last 20-30 years, growing to become what many consider to be one of the most eclectic and exciting areas of the city. To learn more, we sat down with the Milano Rambarran Team at Brown Harris Stevens, who provided an overview of what makes the neighborhood so appealing to homebuyers.
What type of buyer is typically drawn to the East Village?
The typical East Village buyer is someone who is looking for a dynamic and eclectic neighborhood with a rich cultural history, creative energy and diverse mix of lifestyles. It attracts buyers seeking a neighborhood with a more relaxed pace and a strong sense of community, all in a centralized Manhattan location. The area offers vibrant nightlife, live music venues, and independent shops and restaurants galore.
The East Village—and Alphabet City in particular—has long been known as a bohemian enclave. Where do you still see evidence of this today?
The East Village still exhibits its bohemian roots today, particularly in the form of street art and independent businesses. In walking around the neighborhood, you will encounter a plethora of street murals that adorn buildings and public spaces. Independent stores and shops selling vintage clothing, rare books, and unique art pieces are also a common sight. Both Tompkins Square Park and St. Mark’s Place are great places to see evidence of the area's history, as they have been hubs of activism and counterculture for decades.
How do you feel the area has changed over the last 5-10 years? Any significant developments worth noting?
Over the past 5-10 years, there has been an influx of trendy and upscale new eateries, cocktail bars, and nightclubs in the neighborhood, making it a popular destination for locals and tourists alike.
In addition, there has been a push for more green space in the East Village, with the development of new parks and public spaces.
For example, Tompkins Square Park has undergone extensive renovations in recent years, making it a popular spot for residents to relax, exercise, and enjoy community events.
Many new luxury developments are also popping up in the neighborhood, contributing to rising property values in the area and making it an increasingly desirable place to live.
What types of properties are popular in East Village?
Properties in the East Village are typically pre-war walk-up buildings, brownstones, and townhouses, although there has been a recent influx of new luxury developments and high-end rentals in the area. The most popular types of properties tend to be one- or two-bedroom apartments, although there are also larger units available for those seeking more space.
What are some of your favorite spots in the neighborhood?
Clinton Street Baking Co. & Restaurant is a favorite, mainly for its cozy atmosphere and brunch offerings. The restaurant's menu features a variety of American comfort food dishes, such as fried chicken, macaroni and cheese, and biscuits with gravy. However, its pancakes are the standout item, with flavors like blueberry, chocolate chunk, and banana walnut.
Momofuku Noodle Bar is another neighborhood staple. The menu at the restaurant features a variety of dishes, including ramen, pho, and other noodle soups, as well as small plates and snacks.
Death & Co. is a well-known bar for its innovative cocktails, expert mixologists, and upscale atmosphere.
What is your forecast for the East Village market over the next year?
We believe we will continue to see steady growth in property values over the next year, driven in part by the area's increasing popularity among buyers and renters. However, like many markets in New York City, there may be some headwinds from broader economic uncertainty and rising interest rates.