Curb Appeal in East Village>Question Details

ron, Other/Just Looking in New York, NY

East Village & Beyond - Avenue 'C' & 'D'

Asked by ron, New York, NY Mon Jul 16, 2007

There seem to be some pretty good deals on avenue 'c' and 'd', compared to the rest of the village. Is the overall trend in the area going up or down? is it wise to buy on the fringes?

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Richard V Hamilton’s answer
In a market that is gaining, fringes are fine...in a market tthat is stagnant or in decline you want to be careful, if you plan to live there quite a while you should be OK.
I began in the depths of the market in 1991, I saw a number of buildings that had just been built or redeveloped on the fringes...they were like islands in the desert. You coul end up in a coop or condo that gets in serious financial trouble if owners cannot sell or rent and have to dump their units or be foreclosed upon. Even if the Coop/condo can ultimately get the money from a sale they may have to cover nonpaying owners in the interim. You can see assessments to cover ongoing expenses. (Bank gets its money first remember--and they only care about getting theirs as fast as possible)
BTW I lived on Ave A and East 10th back in 1991, Great Townhouse on the Park...a very "Rent Musical" time, yes I even frequented the Life Cafe! When it was not scary it was fun, but it was more scary than fun. I would be wary of Ave C & D. But I am older now!
0 votes Thank Flag Link Wed Feb 18, 2009
Alphabet City, formerly considered a slum, is now a trendy part of the East Village. The late 1990's saw a sharp rise in housing rents and has ushered in a new, distinctly less bohemian era for Alphabet City. Apartments have been renovated and formerly abandoned storefronts are now jamming with new restaurants, nightclubs and retail establishments. Crime has also decreased since the 1980s and 1990s at a greater rate than elsewhere in Manhattan. Many families, artists and small businesses can no longer afford to remain in the neighborhood. Avenue C is still a transitional area, but rents are rising quickly and many long-time residents and businesses are being priced out of the market. Avenue D, home to a number of large low-income housing projects, seems destined to remain affordable for the foreseeable future, although plans have been floated in City Hall which call for the eventual destruction of the housing projects and redevelopment of the waterfront along East River Park. As far as being on the 'fringe', I am not convinced that term is appropriate any longer, as the area is seeing a huge overall boost like the rest of Manhattan.
0 votes Thank Flag Link Tue Jul 17, 2007
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