Investing in New York City
Real Estate Market Hot in Upper Manhattan
What was once the black sheep of Manhattan real estate, Upper Manhattan is now home to some of the hottest luxury apartments for sale. Traditionally encompassing the neighborhoods of Marble Hill, Inwood, Washington Heights, Harlem and part of the Upper West Side, Upper Manhattan contains some of the most historically rich and culturally preserved communities in New York City. New Yorkers who are searching for cheap rents and undiscovered entertainment hubs, like jazz lounges and lighthouses, have flocked to Upper Manhattan neighborhoods like Washington Heights and Harlem in recent years. For many young couples and artists, the quasi-suburban neighborhoods of Upper Manhattan have become a great alternative to buying in Midtown West and Midtown East.
Many of the Manhattan condominium buildings for sale are environmentally friendly in addition to being LEED-certified. 5th on the Park, Kalahari Harlem and Observatory Place are all exemplary buildings in Harlem. Recent sales for a one-bedroom apartment have closed as low as $369,000 or $477,000 for a two-bedroom unit. 88 Morningsideis a mid-rise building with luxurious one-bedroom units listed at $375,000. The post-war Morningside condominium building provides comprehensive amenities such as a full time doorman, on-site fitness center and health club, and a rooftop deck with a full view of the city, and its growing success is a sign of the growing appeal of the neighborhood.
While it may not seem as well connected as Midtown, Upper Manhattan is actually conveniently located and connected to the rest the city and the tri-state area. Accessible by the 1, 2, 3, A, C, 4, 5 and 6 train, Upper Manhattan is only a 20 minutes subway ride away on the express train to Midtown Manhattan. In addition, northeastern New Jersey, southeastern Connecticut and the Bronx are all a short drive away on the George Washington Bridge, I-95 interstate and Alexander Hamilton Bridge respectively. “The neighborhood is convenient for traveling,” says Robertson, who lives in Washington Heights. “I can go down 158th St. and be on the highway in one minute, cut across 155th St. to get to Yankee Stadium or drive to LaGuardia in 20 minutes.” Once the black sheep of Manhattan real estate, Upper Manhattan has returned with full force in the 21st century.