New York City Real Estate

Real Estate Market

The 1.6 million people living in Manhattan pay for the privilege and that pushes up NYC real estate prices. As one might expect from an area famous for vertical living, condos and luxury apartments are a big feature of life here. The Harlem area has traditionally offered lower property prices, but some gentrification has now been seen there.

Brooklyn has its share of tenements, but it is also famous for its brownstone properties—terraced houses which often come with small gardens. The Brooklyn housing market is vigorous, but this can mean that more homes get placed on the market as owners try to sell their properties for greater profits.

Queens has housing options ranging from dense urban areas full of apartment buildings to sparsely populated districts which mostly feature suburban single-family homes. Property here tends to be cheaper than either Manhattan or Brooklyn. The borough of Queens is considered to be an attractive option for real estate investors thinking of choosing New York City.

Due to its great diversity in terms of income, the Bronx is known for having both poor areas like Soundview, with run-down tenements, and more expensive neighborhoods exemplified by the largely owner-occupied Riverdale. In the last few years, the Bronx has experienced some gentrification, with real estate investors getting more interested in the area.

The strength of Staten Island’s real estate market is partly its small-town feel. Rental prices are noticeably more affordable than in other, more celebrated areas of the city. Detached properties are the norm here, and the development of waterfront neighborhoods has added to the real estate options.

• Median Home Price: $654,700
• Average Rent Price: $4,201

Property sales figures source: PropertyShark data for January 2019.

Education

The New York City public school system is the largest in the country, with more than 1,700 public schools where over 1.1 million students are taught. The city has no fewer than 15 academic medical research establishments and medical centers which are leading institutions in the US.

There are many nationally renowned independent universities and colleges in New York City, including the public City University of New York. Private higher education schools based here include New York University, Manhattan College and many more. There are three public library systems in the city: the Queens Borough Public Library, the Brooklyn Public Library, and the New York Public Library which serves Manhattan, Staten Island and the Bronx.