Tuesday, February 9, 2016

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MANHATTAN--$975,000 median sale price NYC ELITE HOMES
1. Battery Park City—19% lower
Battery Park City is a love-it-or-hate-it kind of place, brokers say. “Either you’re open to it and you really want it, or you don’t. That has been the psychology of buyers for many, many years,” says Graves.
There are plenty of reasons to love Battery Park City, from good schools to acres of landscaped waterfront to the compressive subway access. But there are also a few reasons why the median sale price is only about $771,000, 19% below the Manhattan median.
2. Lower East Side—42% lower
“The Lower East Side is still seen as a new frontier,” says Graves.
Known for its grittiness, the area is increasingly being colonized by trendy hotels, speakeasy bars, fashion boutiques and contemporary art meccas like the New Museum. Pockets of the Lower East Side, such as the Bowery, are giving way to new condo developments. 
3. Gramercy Park—13% lower
Gramercy Park is synonymous with swank, not only for housing Manhattan’s only private park—you need to own a home on the perimeter to get a key—but also for having copious townhouses dating back to the mid-19th century. So why is the ‘hood on the cheap side, with a median sale price of $852,000? East of the park itself (closer to First, Second and Third Aves.), there are relatively reasonably priced apartments available.
4. Kips Bay—27% lower
Hugging the East River between East 23rd and East 34th Sts., Kips Bay suffers from some of the same problems as the eastern part of Gramercy Park. The area is not well served by public transportation, keeping median sale prices to a relatively inexpensive $710,000.
5. Harlem—37% to 49% lower
As New York City real estate rebounds, Harlem is facing another wave of gentrification, which brokers expect will push prices up further than the current median, which ranges from $507,000 to about $611,000.
Call it the Whole Foods effect, Haber says. The organic grocery juggernaut has the power to remake neighborhoods, and it’s planning a new location at Lenox Ave. and 125th St. That will add to a bevy of bars and restaurants that have opened up in the last few years, like Marcus Samuelsson’s Red Rooster.
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