New York never sleeps and its property market is no exception.

One measure of the city’s residential activity is that it ranks as the world’s fourth most expensive market at US$18,500 per square metre, according to Globalpropertyguide.com (as of October). To put this into perspective, Sydney is 18th on the same list at US$7,250 per square metre.

In some of its most popular neighbourhoods, New Yorkers truly pay a premium for housing. Take the Upper East Side between Central Park and the East River, for example, where the median price is up 15% on the year to October to $1.35m, according to real estate website, Trulia.com.

Or consider Lower Manhattan, where prices have also been escalating. In the upmarket neighbourhood of Soho, for example, the median price is as high as $2.8m, says Trulia. Such is its price point that only 24% of residents are owners, according to Trulia.

Meanwhile, over in the East Village, between Houston and 14th Streets, the median price is $992,000, as per real estate website, Zillow.

New York is much broader, of course, with five boroughs to choose from, each with their own styles and pricing. To this end, The New York Times recently reported the areas with highest median price increases in the six months to August, which included The Rockaways in Queens, Brooklyn Heights in Brooklyn, Forest Hills in Queens and Manhattan Valley, Manhattan.

Here’s a round-up of these new hotspots:

Smashing value in Forest Hills, Queens

Forest Hills was once the home of the US Open tennis tournament and has since become a popular residential spot. It offers a range of properties from neat one bedroom apartments for less than $300,000 to spacious Tudor houses for around $1.7m, based on recent listings on Realtor.com.

The area’s median price has jumped 22% to $365,000 in the six months to August, says The Times, boosted by its handy location, which is about 20 minutes from Manhattan and provides easy access to the city’s two airports.

Lifetime Forest Hills resident and local property broker, Jacques Ambron of Madeleine Realty says Forest Hills has a good mix of successful business people, professionals, artists, diplomats and others looking to escape the pace of the city, while retaining most of its conveniences.

“It offers something for all, including a top rated school system, great night life, shops and community,” says Ambron. “At the heart of it is Forest Hills Gardens, a private community with beautiful homes and grand stately homes which are rich in architectural detail.”

Prices are attractive too, with a small townhouse going for about $900,000 and a fully detached home with four bedrooms costing $1m to $1.7m.  

"In Forest Hills Gardens some of the larger homes run $2.5m to $5m - for more gracious and impressive residences with 5-plus bedrooms,” says Ambron.

Rentals start at about $1,600 per month for a one room studio, up to $3,000 for a three bedroom.

Image: Google Maps.

Safe as houses in Murray Hill, Manhattan

Amid green spaces, wrought iron fences and neat alleys, Murray Hill sits quietly on the east side of Manhattan, between East 34th and East 40th Streets, bordered by Madison Avenue to the West and Third Avenue to the East.

It may ring a bell due to its close proximity to the United Nations building which overlooks the East River. As a result, many countries have embassies and consulates nearby.

Murray Hill seems relatively cheap, all things considered, with prices for co-op studio apartments on Trulia typically advertised around the $330,000 mark. The price jumps significantly for one and two bedrooms, however, including a two bed-two bath apartment on East 41st Street, which is going for $925,000 on Trulia.

The difference is largely based on square footage, though co-op buildings - which make up the majority of New York apartments - also tend to be cheaper because the buyer isn’t actually purchasing the property but shares in it. These shares entitle the buyer to a lease, whereas condo buildings allow for outright ownership of a unit.

Still, overall prices in Murray Hill have risen by 29% to a median of $772,500, according to The Times, which might be a bargain for an area that’s considered safe and very well located.

Resident of 42 years and associate broker at Douglas Elliman Real Estate, Estelle Meister says Murray Hill is “decidedly unhip” which may be why it’s $500 to $1,000 cheaper to rent per month than most of the surrounding neighborhoods.

"It is extremely safe. The schools are good and its residences are modern and well maintained,” says Meister. “Transportation is excellent with Grand Central [Station] being within walking distance.

“Nineteenth Century townhouses add a touch of sophistication to the mix. There are many restaurants and hip cafes in the area, and prices of co-ops and condos are considerably cheaper than other parts of Manhattan."

Image: Google Maps. 

Holiday hideaways in The Rockaways, Queens

The Rockaways is a summer resort area on the shore of Long Island in Queens, and has jumped in value more than any other neighbourhood in the Big Apple, up 38% to a median of $535,000, as per The Times.

Much of the recent press around the Rockaways suggests that it’s popular among second homebuyers looking for an affordable vacation home, as well young artsy types who want to be close to the beach.

Associate broker at Corcoran Group Real Estate, Kelly Neinast grew up in the area and says the Rockaways is a hidden beach community which is conveniently located an hour away from Manhattan, and yet is still within the city and accessible by the subway and bus. 

“I think that a lot of people started coming to the Rockaways on day trips and soon realised that they didn’t want to leave,” says Neinast. “We have a large community of people involved in all different aspects of the arts, amazing restaurants and of course the beach.

“We’re finding all different types of people coming to the Rockaways and we have something for everyone.

“You can rent a small apartment just steps away from the surfing beach, purchase a co-op overlooking the boardwalk, or an ocean front townhouse with four-plus bedrooms.”

Commercial interest has also spiked in the area of late, with a slew of new restaurants and eateries popping up, which appear to complement the art, music and surfing scenes that have become indicative of the area.

The Rockaways. Image: Google Maps.

Classic and cool in Brooklyn Heights, Brooklyn

Bordered by Brooklyn Bridge Park - at the foot of the borough’s iconic bridge - and the piers along the East River, Brooklyn Heights is home to an affluent crowd, which is increasingly made up of young families, according to The Times.

Trulia calls Brooklyn Heights a hidden gem, mostly because of its water views and classic brownstone buildings. It’s also full of history and a range of architectural styles, including 18th and 19th Century carriage houses, which are small brick structures once built for the horses of wealthy homeowners.

Buyers have seemingly caught on, with property in Brooklyn Heights jumping by 27% to a median of $940,000, The Times reports. Condos are going for noticeably more, including one and two bedroom units for around $1.5m, typically at about 700 to 1,000 square feet of floor space, based on Zillow listings.

Image: Google Maps.

Quietly rising Manhattan Valley, Manhattan

Manhattan Valley is on the Upper West Side of Manhattan, and was once known as the Bloomingdale District. After many years in decline and dilapidation, this once overlooked area is enjoying a rebirth.

As such, prices are up 19% to $975,000, says the Times. However, they surely depend on the size of property and the degree to which it’s been renovated.

For example, current listings for one bedroom apartments are mostly below $900,000, based on Zillow listings. Of course, two and three bedrooms send the price soaring beyond $1.5m and often up to as much as $2.5m in some cases.

The Wall Street Journal notes that the neighbourhood is ‘bookended by luxury residential apartment buildings between West 110th and 100th streets,’ which undoubtedly send the overall median price up.

Stores and eateries along Columbus Avenue are also being revamped in the area, which is just another reason it’s on the radars of prospective buyers.

Image: Google Maps.

By JP Pelosi

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