New York

Looking for a real estate deal? Try Manhattan

New construction in Williamsburg.

Moving to Manhattan to find a cheap apartment?

That may be against every New Yorkers’ common sense — but real estate experts say it’s happening.

As apartments are snapped up in up-and-coming neighborhoods like Long Island City and Williamsburg, pads are becoming scarce – and rents are going up.

Adding to the increasing rent prices are outer-borough, brand-new developments featuring amenities like gyms and doormen – that then jack up the rent to mirror the perks.

Meanwhile, real estate experts say some New Yorkers can find cheaper rents in Manhattan neighborhoods like Alphabet City and the Upper East Side.

According to a June Brooklyn rental report from real estate firm MNS, the average rent for a studio in Williambsurg was $2,700 – which a spokeswoman noted is $200 more than a non-doorman studio in Greenwich Village.

Real estate agents told Metro that some clients angling for affordability actually choose the city.

Morrel Group real estate saleswoman Leslie Hirsch told Metro that just today, she was working with a buyer with a $600,000 budget and was looking among the Upper East Side, Park Slope, Prospect Heights or Williamsburg. For a one-bedroom with a doorman, she found four options in Brooklyn for about $500,000 — but more than 30 on the Upper East Side, many under the $500,000 mark, she said.

John Brandon, licensed real estate salesman at Citi Habitats, said he has hunted down places for clients who initially assumed a cheap deal would be in Brooklyn.

New Yorkers often consider the outer boroughs the place to look but find that they can secure a cheaper deal with a quicker commute back in Manhattan.

“You’re giving up some space but you’re gaining money back on the rent and time,” Brandon said.

Of course, he cautioned, not all places in the outer boroughs are more expensive – but hip neighborhoods like Williamsburg and Greenpoint have comparable prices to an apartment across the river.

Right now, he said, the average rent for a one-bedrooms in Williamsburg is $3,300, $2,875 in Long Island City and $2,800 in the East Village.

For example, one person he knows lives in Long Island City in a spacious one-bedroom that costs $3,400.  But another just moved to Alphabet City, also living in a one-bedroom and pays $2,400 – and boasts a 30-second commute to work, Brandon said.

“We’re talking the difference between a pre-war walk-up in Alphabet City and a new high rise in Long Island City,” he said.

Where might Manhattan be cheaper?

Brokers told Metro that many clients seeking cheap rents may start off in Brooklyn, but realize they can actually find something more affordable in Manhattan. “They go out there and realize that the price points are so high that they’re equivalent or higher than Manhattan,” said Mark Menendez, executive vice president at Prudential Dougas Elliman. He suggested looking for deals in the Upper East Side, where larger buildings scattered around the neighborhood mean more units. “Just by sheer numbers, you’d probably have a better chance of finding something,” he said.

Where in the outer boroughs is expensive?

“The Williamsburg and DUMBO neighborhoods in Brooklyn,” Menendez said. “DUMBO has also had the attention and higher prices, now the trendiness of Williamsburg has created a demand that keep prices rising.”

He also said Long Island City is “exploding.”

“All the new rental buildings that are being built into the shoreline are attracting so many Manhattan renters,” he said.

And ironically, Brandon added, the people who couldn’t afford to live in Manhattan and sought refuge in Brooklyn are now being forced the other way. “They’re displacing the people that can’t pay that kind of money and they’re putting them back in the East Village.”


News
Entertainment
Sports
Lifestyle
International

Israel has frozen new building in settlements: minister

Israel has frozen nearly all housing starts in settlements in the West Bank and East Jerusalem, Housing Minister Uri Ariel said today, in an apparent…

Lifestyle

No, no, no! Two-armed vibrator banned in U.S.…

Couples in the United States looking to spice up their sex lives will have to do without certain adult toys after a U.S. trade panel…

International

Biggest protests in 20 years sweep Brazil

As many as 200,000 demonstrators marched through the streets of Brazil's biggest cities last night in a swelling wave of protest tapping into widespread anger…

National

Jury finds no negligence in trial over man's…

A jury on Monday cleared a doctor of negligence in a lawsuit filed by a Delaware truck driver who ended up with an erection that lasted eight months.

Entertainment

Ice Cube: Cool as ever on Kings of…

Ice Cube has parlayed a hardcore rap career into an entertainment empire that spans movies, television and product endorsements.

Entertainment

After tragedies and time, Rogue Wave return with…

After taking some time off between Rogue Wave records, Zach Schwartz is back with “Nightingale Floors,” a fifth full-length, and first on Vagrant Records.

Entertainment

Veteran bands Motorhead, Black Sabbath top UK metal…

Veteran British rock bands Motorhead and Black Sabbath won big at the Metal Hammer Golden Gods awards on Monday.

Entertainment

Shakespeare in the Park: The show must go…

The Public Theater’s Shakespeare in the Park is a New York City institution. For 50 years, thespians have alighted in Central Park to perform for…

MLB

Yankees may place Mark Teixeira on DL after…

One day after the Yankees said they weren’t planning on placing Mark Teixeira on the DL with his wrist injury, they’ve taken a slightly more negative tone.

MLB

Mets' Zack Wheeler meets media before MLB debut

Zack Wheeler knows he has a lot to live up to in the eyes of Mets fans.

NFL

Rex Ryan, John Idzik play 'Odd Couple' in…

Following two seasons without a winning record or playoff appearance, Jets head coach Rex Ryan would seem to be on the proverbial coaching hot seat.

MLB

MLB Power Rankings: Red Sox slide into second…

MLB Power Rankings: Boston Red Sox slide into second place behind St. Louis Cardinals

Food

Williamsburg favorite Dressler unexpectedly closes

Those familiar with the Williamsburg dining scene certainly know Dressler.

Travel

Fitness retreats for the active traveler

Lounging poolside not your thing? We've got other options.

Lifestyle

Olympic swimmer urges meningitis vaccinations for kids

Meningitis can kill an otherwise healthy child in 24 hours, she says.

Style

Which sunscreen is best for you?

Your summer plans can help determine it.