MANHATTAN REAL ESTATE BROKER – LISTING AGENT
MICHAEL D. REHM – (646) 895-2945
Manhattan is synonymous with luxury living. It’s the most well-known NYC borough, thriving with excitement and opportunity. Manhattan is built on public transit, in fact, cars are almost useless. Luckily NYC is built for pedestrians and public transportation. You’ll have access around the clock. But the NYC atmosphere isn’t for everyone.
The good news is that NYC is willing to embrace your individuality with open arms—as long as you’re not in their way. The city is always on the move. In NYC, Manhattan is the star of the show and has the tightest housing market to boast.
Manhattan Real Estate
Manhattan is easily the most desirable borough of New York City. In fact, the cost of living in Manhattan is easily 50% more than the American average. Manhattan is a carefully curated experience of some of the finest urban living in the US. The biggest reason that people choose Manhattan is to grow their careers.
The city is full of wealthy people with a big divide between those who have a lot and those who don’t have a lot. But with the average price of an apartment in 2021 sitting right around the million-dollar mark, you’re likely to find more a more affluent population in Manhattan.
That means that there will be plenty of opportunities to shop swanky independent stores, indulge in the nightlife, and eat at trendy restaurants. It also means that the cost of living goes up, often matching the lavish NYC sums for the daily details of living like groceries and transportation.
It also means that the cost of real estate in Manhattan can reach prices unheard of in the rest of the country, up to 50% higher than the national average. Renters typically pay at least $4K per month and the average sale price for real estate hovers right around the $1M mark.
But like the rest of the country, Manhattan is short on real estate inventory these days. That leads to higher-than-average prices and fast-paced demand for buyers who cannot afford to wait and see or drag their feet on a purchase.
Living in Manhattan
Manhattan is made up of affluent socialites, NYU post grads and a diverse group of young professionals starting their careers. Manhattan draws a big crowd from Wall Street, but many other industries make up the buyers in this borough.
The best neighborhoods in Manhattan are famous far outside of NYC. If you recognize any of these: Tribeca, SoHo, Greenwich Village or Gramercy Park, these are the most competitive neighborhoods in this borough.
Tribeca or “triangle below canal street” provides upscale living with a safe environment. Renters in this neighborhood pay an average $4,100 per month, or almost twice the average rent of the best neighborhoods in other boroughs. It’s a posh neighborhood close to the Hudson River.
SoHo, or “south of Houston Street, is another desirable Manhattan neighborhood. SoHo is an artisan neighborhood filled with the charm of cast-iron buildings and cobblestone sidewalks. The architecture alone is some of the best in NYC.
Gramercy Park is the best neighborhood for the affluent who want all the riches of luxury living with a little space from the heart of the city. Don’t get us wrong, you’ll still be in the city, but enjoy high-end brownstones and clean streets and access to a well-maintained, exclusive neighborhood park.
Manhattan is good for just about everything from Broadway to Central Park. It’s home to a bustling nightlife and easy access to every type of cuisine or shopping you could need or want. The average income in Manhattan is $75,000 per year, but actual salaries vary. There is a larger concentration of fintech companies like SquareSpace and PayPal taking root in Manhattan and drawing younger residents.
Manhattan is home to the renown New York University, Columbia Law School, and Julliard—an exclusive academy for musicians. Primary and secondary schools are the best of the best too. From Pre-K through graduation, Manhattan families have access to schools that provide some of the best STEM curriculums in the country.
Final Thoughts on the Manhattan Real Estate Market
If you’re trying to choose the best NYC borough to call home, each has its pros and cons. Manhattan is well known for its high-end tastes. Most home prices start at a minimum of $1 million. But it is one of the greatest areas in the world, the quality of life is amazing, if you have the means, you cannot really ask for more.
If you want to own or sell in Manhattan, call Manhattan Real Estate Broker Michael D. Rehm at (646) 895-2945.