East Harlem rents are among Manhattan's fastest-rising this fall (York: transplants, real estate)

[BPt111]

http://ny.curbed.com/2016/11/21/1370...medium=twitter

[Gantz]

Interesting that the Brooklyn side is more expensive than Manhattan side.

And LIC is more expensive compared to UES.

[NyWriterdude]

Originally Posted by Gantz

Interesting that the Brooklyn side is more expensive than Manhattan side.

And LIC is more expensive compared to UES.

Williamsburg, Downtown Brooklyn, and LIC have lots of new expensive buildings, vs the old housing stock in the East Village, LES, and UES.

It's not that surprising and has been this way for a few years.

LES/East Village have massive housing projects, plus people hanging on to rent stabilized apartments. Industrial East River neighborhoods in Brooklyn and Queens had lots of expensive high rises built on former industrial cities, so they were able to attract wealthier people than LES, East Village, and the UES with their old buildings.

[l1995]

Originally Posted by NyWriterdude

Williamsburg, Downtown Brooklyn, and LIC have lots of new expensive buildings, vs the old housing stock in the East Village, LES, and UES.

It's not that surprising and has been this way for a few years.

LES/East Village have massive housing projects, plus people hanging on to rent stabilized apartments. Industrial East River neighborhoods in Brooklyn and Queens had lots of expensive high rises built on former industrial cities, so they were able to attract wealthier people than LES, East Village, and the UES with their old buildings.

I figured this only included market rate rents, though.

[Kefir King]

I assume these are new move-ins through 2016.


No way is the REAL median rent in East Harlem $2300.

[NyWriterdude]

Originally Posted by Kefir King

I assume these are new move-ins through 2016.


No way is the REAL median rent in East Harlem $2300.

I think they are only counting private, market rate apartments. Obviously if you count the massive NYCHA complexes, the real media rent is WAY lower (not to mention the rent stabilized units).

[NyWriterdude]

Originally Posted by l1995

I figured this only included market rate rents, though.

Then the real median rent of LES is much lower if you count rent stabilized and NYCHA.

[Kefir King]

Originally Posted by NyWriterdude

Then the real median rent of LES is much lower if you count rent stabilized and NYCHA.

Of course it is.

[Henna]

Old-time rent stabilized places are not included. They say: "The Zumper National Rent Report analyzes rental data from over 1 million active listings across the United States."

https://www.zumper.com/blog/2016/11/...november-2016/

[BugsyPal]

Originally Posted by Gantz

Interesting that the Brooklyn side is more expensive than Manhattan side.

And LIC is more expensive compared to UES.

Brooklyn rents and housing prices in many areas have surpassed much of Manhattan for some time now. Part of it is all the new construction along with influx of "transplants" or whatever.


For a few years now in NYT and other media real estate professionals have been saying people are moving to the UES and other parts of Manhattan *FROM* Brooklyn because they could find better deals.


Comparing the two there has been far less new development in Manhattan compared to Brooklyn especially of rental units. Much of the UES/Yorkville west of Lexington to the River still has plenty of old tenement/walk-up apartment housing stock. While many are RS, when renovated (often gutted) they go for $2K or more per month.