About Manhattan
Manhattan is one of the five boroughs that make up New York City. With 1.6 million people living in Manhattan, it is often considered the epicenter of New York with numerous marquee buildings that make the iconic skyline. Manhattan has numerous tourist attractions and sites, over 100+ local parks and museums and dozens of eclectic neighborhoods all with differing backgrounds and ethnicities. Let’s not forget the highly recognizable yellow taxis and the network of subways and buses that make it the largest in the United States and that makes getting around in New York city a breeze. From the tranquility of Central Park to the bright lights of Broadway down to the hustle and bustle of Wall Street, it’s no wonder that Manhattan is the world’s most visited borough in New York City.
There is a neighborhood for everyone, bringing each its own local flavor. Here are the Manhattan’s neighborhoods.
Washington Heights, Lower East Side, East Harlem, Koreatown, Chinatown, Inwood, Midtown, West Village, Union Square, Murray Hill, Central Park, Upper West Side, Greenwich Village, TriBeCa, East Village, Meatpacking District, Hell’s Kitchen, Upper East Side, Lower Manhattan, Chelsea, Little Italy, Flatiron District, Governors Island, Roosevelt Island, NoHo, Battery Park City, Harlem, Gramercy, Times Square, SoHo, NoLIta
Do I need a real estate broker to buy a Manhattan apartment?Buying property is probably the largest purchase you’ll ever make so it’s always a good idea to have an experienced broker on your side. Brokers can help provide advice and guidance as well as negotiate your best price on your behalf making the process simple and stress free.
Should I buy a Manhattan apartment that is a co-op or a condo?It really depends on your preferences. Typically, when you buy an apartment in a co-op building, you are actually getting shares of the corporation. The larger the apartment, the more shares you own. Shareholders pay a monthly maintenance fee to cover building expenses.
A condominium is real property meaning the buyer receives a deed just like when they purchase a home. Each individual condo will pay for monthly common charges similar to a co-op for building expenses in addition, receiving a separate tax bill from the city.
How much does the average Manhattan apartment cost?It depends on several factors such as neighborhood, amenities, and property size. In 2020, the median asking price for an apartment in Manhattan was approximately $1.06 million and the median asking rent in Manhattan was approximately $3,400.
Is buying a Manhattan apartment a good investment?For long term investments, New York real estate have been good investments in the past 15 years. The average price per square foot of Manhattan condominiums have increased 5% compounded annually.
Is it better to buy a Manhattan apartment for the location or amenities?Location is everything. Amenities come and go, get outdated and replaced while location never changes.