New York City Districts Surviving 2020 Real Estate Boom

Rent and property prices are rising in many areas of New York. At the same time, new areas with affordable housing are appearing in the city, which may be interesting for residents in 2020. The publication writes about this in detail. New York Post.

If you plan to relocate in 2020, consider one of the city enclaves that could undergo significant changes this year. Localize.city, a real estate startup, has compared the numbers to find out which areas of New York have the newest condominiums and rental apartments available for tenants this year.

Eight neighborhoods ready to offer near-completed apartments span Manhattan, Queens and Brooklyn, ranging from the Financial District to the recently re-called East New York.

Long island city

Long Island City in 2020 is ready to receive the largest number of new apartments from all areas of the city - 2022. However, most of them will enter the market through several large projects. The main one is the rental of two-level apartments on the site of the now collapsed graffiti mecca 5Pointz, which will bring 1122 apartments to the district by summer.

Housing prices in this quarter grew in stages: according to StreetEasy, the average asking price for sales increased from $ 645 thousand in 2010 to $ 1,2 million in 2019. Despite the fact that this is a former industrial zone, clean air is preserved here.

“In Manhattan it was too crowded, too noisy,” said 30-year-old Gaia Bellia, a native of Italy, who moved from Sudan to continue to work at UNICEF. With the help of Mary W. Torres from Modern Spaces, Bellia moved into a furnished, one-bedroom apartment overlooking the skyline, paying $ 3470. “This is not an exciting sight,” adds Bellia, “but it seems to me that this is a normal area.”

Financial district

Once the Financial District, where mostly workers lived, was a ghost town after 17 p.m. However, over the past ten years there has been a surge in residential activity.

Median asking rents ranged from $ 3100 in 2010 to $ 3808 in 2019; median asking price - from $ 980 thousand to $ 1,4 million.

Among the new projects debuting this year, one can name the re-equipment of the blockbuster in the cult building of Ralph Walker One Wall Street in 566 apartments.

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Architectural Heavyweight Towers - 130 William St. David Adjay and 125 Greenwich St. Rafael Vignoli will also replenish the area with 515 condominiums this summer, with average prices of $ 2,5 million and $ 2,8 million, respectively.

The former J&R Music and Computer World facility along City Hall Park has grown to 110 condominiums, available in early 2020 at 25 Park Row. The influx of residential buildings also contributes to the development of additional amenities. For example, Alamo Drafthouse will open a 10-screen cinema at 28 Liberty.

Flatbush

After 10 years of renting at Boerum Hill, Tove Hermanson and Jeffrey Leib bought last year a house in Flatbush, which they are currently repairing. Hermanson, an interior designer at Leroy Street Studio, and Leib, a consultant for nonprofit fundraising technologies, paid $ 910 for this Flatbusch home.

Couples like the pace of the streets of this area, especially in summer, when it’s a good idea to have a barbecue on the sidewalk. They also found unexpected pleasure in the kindness of their neighbors. “At Boerum Hill, people constantly steal our boxes,” said Leib. “Nobody steals anything here.”

Flatbush, which houses the beautifully restored Royal Theater, also has three major new projects - The Lois, Hello Nostrand and Crystal Apartments, which are preparing for the opening.

Jameika

Four large residential complexes this year will add nearly 1000 apartments in central Queens, more than half of them at The Crossing at Jamaica Station (a massive multi-functional complex adjacent to the AirTrain and Long Island Road, Long Island railway stations).

Prices have not been announced, but the median rent in the area is around $ 2200, according to StreetEasy.

Given the reasonable average selling price of $ 609 and the exceptional access to public transportation provided by E, J, Z, and F trains, StreetEasy also experienced an increase in listing popularity in the area during 2019.

Downtown brooklyn

In 2004, multi-story towers for rental were built in the center of Brooklyn.

Over the past five years, the area has witnessed a parade of new buildings that fought for the title of highest in Brooklyn. This award is now owned by Extell's Brooklyn Point, a 483-condominium tower debuting in early 2020 at 138 Willoughby St. 219 meters high with a breathtaking rooftop pool. Another 188-meter-tall Studio Gang skyscraper 11 Hoyt will also open its 481 condominiums for buyers in 2020.

By the end of 2021, the long-awaited public green area of ​​0,4 hectares called Willoughby Square Park will appear in the area.

Bed stuy

Bed-Stuy is one of the largest quarters on this list, which this year presents a huge number of new buildings, namely 59. Most of them are small four- or eight-apartment buildings, but there are also large projects, such as 182- apartment house at 1134 Fulton St.

According to Dan Levin, a city-planning analyst at Localize.city, “construction is being carried out according to plan” for the 2012 rezoning. “Prospectuses, especially Myrtle, Bedford and Nostrand, will see five-seven-story buildings, and several - up to 10 floors high. Small buildings grow almost everywhere throughout the area. ”

Resoning also led to an increase in prices: average asking prices rose from $ 462 thousand in 2012 to $ 1,2 million in 2019. Median asking rents increased from $ 1650 to $ 2639.

East Harlem

The rezoning in 2017 has not yet led to specific changes in this area of ​​New York, but there are new projects here that are worth watching. For example, The Carolina at 1465 Park Ave. enrich the district with 400 affordable apartments in the coming 2020.

In addition, the project of the famous architect Bjarke Ingels 149 E. 125th St. going to debut with 233 apartments. Prices have not yet been announced, but the average asking rent in the area is $ 2400.

Also pay attention to the 390 affordable apartments planned for Lexington Gardens II at 127 E. 107th St., which will cover almost the entire block between Lexington and Park Avenue.

In the northern part of Central Park, by 2024 it is planned to complete a project worth $ 150 million, which will allow to “polish” Harlem Meer and restore the Lasker Rink.

East New York

Development company The Arker Companies opens this year its major multi-purpose affordable housing project in East New York.

By the beginning of 2021, 1163 apartments at affordable prices will be built in the area, most of which will open to tenants this year. Apartments are reserved for New Yorkers who earn less than $ 58 a year for a family of three. The project will also open new retail stores, public spaces and space.

Another low-cost two-building project, Van Sinderen Plaza, is also in the process of being completed.

The first part of the Shirley Chisholm State Park, an area of ​​164 hectares with walking and cycling paths, debuted in 2019. The next part will be open in 2021.