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
Local

TIPS: How to take great photos during 'Manhattanhenge'

Grab your camera and make the perfect picture this Saturday.

National

Seinfeld emoji cound be available next week

Get your puffy shirts and your marble rye ready, America. Seinfeld emoji could become available as early as next week.

Local

MAP: New York City street closures July 11,…

A block party in Times Square, Bastille Day celebrations and a festival will cause traffic delays and street closures in New York City this weekend.

Local

Thousands come to pay respects to fallen NYC…

Thousands turned out to say farewell to fallen firefighter Gordon Ambelas at St. Clare’s Church in Staten Island this morning.

Movies

Interview: Matt Reeves on directing 'Dawn of the…

"Dawn of the Planet of the Apes" director Matt Reeves discusses his love for the franchise, working with actors as apes and the weight of 3-D cameras.

Television

Final season of 'Glee' will be only 13…

The final season of "Glee" will officially be only 13 episodes, instead of the usual 22.

Entertainment

Complex characters, juicy scripts boost Netflix's Emmy nominations

The unconventional approach to TV at Netflix netted 31 Emmy nominations, a major achievement after plunging into original programing just last year.

Entertainment

Actor Josh Duhamel dons bunny suit to encourage…

The former Transformers star and husband to singer Fergie took to the Venice Beach boardwalk in California in a bright pink, Christmas-story inspired bunny suit Wednesday to help spread the…

NFL

Which Jets player has the best odds at…

Metro New York asked Bovada.LV to rank the top three contenders for the NFL MVP on the Jets.

World Cup

Argentina prevails in penalties, advances to final

The drama never seems to subside as the World Cup finally has its final two.

MLB

A Joffrey Ballet dancer threw the most beautiful…

http://youtu.be/Hg61JOZJrYM?t=29s While asked to throw a first pitch at a baseball game can be a treacherous and/or embarrassing experience (see Cent, 50), sometimes everything can…

World Cup

World Cup semifinals preview: Holland vs. Argentina

The second semifinal pits another South American soccer power against a European one.

Wellbeing

This Week in Health: Sexual headaches can be…

Sexual headaches: an under-discussed health issue Location: U.S. Results: If getting frisky brings on a headache, you’re not alone. Headaches associated with sexual activity represent a…

Food

Head to FiDi for free Chia Pods from…

They may have been last summer's darlings, but chia seeds have definitely not gone out of style. A great source of omega-3 fatty acids, they…

Wellbeing

Stop thinking your diabetes risk begins above a…

When it comes to diabetes research, a new study says black and Asian adults may be at risk for developing diabetes at a lower weight…

Food

Christian Siriano inspires Magnum's color-blocked dessert

Christian Siriano, chef Andrew Carmellini and Magnum team up to create "America's Most Fashionable Chocolate Dessert."