B4G Property – New York
For Back 4 Good – Your future in New York members who are considering returning to the Big Apple the property market in the city is a challenge to say the least.
If you are considering buying in the city New York is one of the most expensive cities in the world with rental costs running at the same rate as monthly mortgage costs.
Indeed a recent report that looked at what you would get for $200,000 in Manhattan and Brooklyn found you would get around 126 square feet of space in comparison to say 3,769 square feet in Cleveland, Ohio.
New York’s most expansive neighbourhoods include
- Fort Greene
- Belle Harbor
- Brooklyn Heights
- Boerum Hill
- Hudson Square
- Flatiron District
- Manhattan Beach
- Financial District
In Tribeca which top the list for the most expensive neighbourhood, the median sales price skyrocketed past the $5 million mark in the first quarter – a 55% increase year over year.
Brooklyn Heights however witnessed a 127% increase in median sales price the highest year over year increase.
On the rental side, like most major city around the world, continues to rise but at a slower pace. In New York landlords offer ‘concessions’ which are normally one months free rental on a lease to entice new tenants .
Over 40% of new rental transactions offered a free month’s rent last year.
The most expensive Manhattan neighborhood for renters last month was SoHo with a median rent of $5,400 with the lowest rents in Manhattan in Washington Heights, with a median rent of $ 2,225. For Brooklyn Dumbo was the most expensive neighbourhood with a median rent of $4,200 and on the lower price side Crown Heights and Bedford – Stuyvesant both with a median rent of $2,400.
Of course living and working in one of the biggest and most exciting cities in the world does not come cheap but with salaries rising significantly and with employers offering relocation packages for skilled professionals this is possibly the best time to make that choice.
If you require any further independent advice on the property and rental market in New York do not hesitate to contact the team at Back 4 Good – Your future in New York.