The Daily News posted a piece recently that compiled a list of the most stable neighborhoods in New York City. These are neighborhoods that are growing, are in consistently high demand for one reason or another, or have some other quality that makes purchasing high-end real estate in them a safe investment. We’ve written before about how the Manhattan real estate market is considerably healthier than both the national market and the economy as a whole, and many investors are now turning towards Manhattan condos for sale rather than the stock market, with their money.
This trend is similar to the practices some developers are undertaking of building ultra-luxury condo buildings in places like the West Village and pricing them upwards in the millions of dollars. Developers who’ve been encouraged by the success stories of other extremely high asking prices are chancing that section of the market themselves. The project to convert St. Vincent’s Hospital into condos in the West Village is an example of this, as is the decision by One57’s developers to increase the asking prices of some of their condos. Incidentally, both the West Village and Midtown—where One57 is—are on the Daily News’ list.
For the purposes of our readership, the list doubles as a primer on what some of the most desirable, stable, and thriving neighborhoods in Manhattan are. Each of these areas would make an excellent place to live, for anyone looking for houses in Manhattan. And if you indeed are a potential investor, it’s a list of investment options that are the most likely to guarantee healthy returns. The entire thing is available on the Daily News website, but here are the top three neighborhoods, along with buildings in them that have listings available.
Condos in Chelsea, particularly the far west of Chelsea, have predictably made it the runaway healthiest neighborhood in Manhattan, due primarily to the High Line as a major tourist destination, and Hudson Yards, where development has been constant since 2005. Buildings in Far West Chelsea have already received over $2 billion in investments. New restaurants, hotels, and residential buildings are popping up all the time, and a penthouse in the building HL23 on 515 West 23rd Street just sold for $13 million. Some available buildings in the area are +Art, on 540 West 28th Street, built in a modern style with loft-like condos. Another is 200 Eleventh Avenue, a 19-story building built in 2007 that holds only 16 enormous apartments.
Midtown Manhattan comes in at number two, thanks almost entirely to One57, which has received more press over the past year than Rick Santorum. This enormous sky rise has condos going for over $100 million, and foreign investors have been eagerly gobbling them up. The area also includes its proximity to Central Park as a reason for why people want to buy property in it, as well as the abundance of quality restaurants nearby. Condos in Midtown that are slightly less glamorous than One57 (but more available) are 400 Fifth Avenue, the condo building/five star hotel, and Griffin Court, an 8-story condo building constructed in 2010.
The third healthiest neighborhood in Manhattan is the Financial District, by virtue of the fact that it’s growing faster than anywhere else. It’s recently become a haven for people setting up new services, restaurants or stores. Investors who’ve bought property in FiDi have said they’ve gotten positive returns. Cocoa Exchange, a luxurious prewar conversion from 1904, has listings available, as does the Downtown Club, another prewar that provides a massive fitness center and continental breakfast.
Between reconstructions, demolitions, conversions and extensions, real estate in the city is always evolving, and the neighborhoods within are always rising and falling in value. We hope this list makes clear which neighborhoods are currently en vogue, and sheds some light on the current position of the market, as well as what causes property value to fluctuate.