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What areas in New York are likely to appreciate in the next 5 years?

Asked by Trulia, San Francisco, CA Fri Mar 9, 2012

What potential local factors could contribute to this appreciation?

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1. Financial District
2. Chelsea
3. UWS
4. Hell Kitchen/ clinton

Sheilynne Delgado 347 513 8535
1 vote Thank Flag Link Fri Mar 9, 2012
In Manhattan, the areas that are most likely to appreciate in the next 5 years would be:

1. The Financial District, as it is the fastest growing residential neighborhood in the city. The new World Trade Center and the new Fulton St. subway hub will continue to make this neighborhood sizzling hot.

2. HellsKitchen/aka Clinton (did you like that segue?) as the extension of the 7 train and the development of the Hudson Yards project will make this area continue its projectory of development.

3. Chelsea near the Highline is not news, but very hot.

4. I see a lot of potential in the area that has begun to be called NoMad, the area above Madison Square Park. When a neighborhood gets a moniker, that tells you something.

I do not agree that the 5 year horizon is the time frame for the Upper East Side. Give it 8-10 years for real appreciation.

In Brooklyn, the boundaries keep pushing.
1. As Williamsburg continues to appreciate, making it less affordable for some, that overflow is going to Bushwick and to Greenpoint.

2. Similarly, the development that went from Fort Greene to Clinton Hill is now pushing into Bedford Stuyvesant.

3. Downtown Brooklyn is exploding with new development, new hotels, an a more upscale Fulton St. When Danny Meyer puts a Shake Shack, as he has done, you know the area has arrived.

Jenet Levy
Halstead Property, LLC
212 381-4268
1 vote Thank Flag Link Fri Mar 9, 2012
In Manhattan:
#1- Financial District
#2- Lower East Side & Chinatown
#3- UES

In Brooklyn:
#1- Greenpoint
#2- Bushwick

In Queens:
#1- LIC
#2- Astoria
1 vote Thank Flag Link Fri Mar 9, 2012
I believe your best bet for a location that is going to appreciate in 5 years in NYC has to be the upper east side, east of the 2nd avenue.(of course NYC was not affected by the recession as much as the rest of the country as a whole, this section of NYC was affected due to all the work being done.)

Prices are low now along and east of 2nd avenue because of all the construction on the new 2nd avenue subway. (2016 seems to be the approximate year most of the work will be completed, so, add another one for painting and details, and it makes 2017. the year... 5 years from now)
As soon as buyers, investors, landlords and renters see the ease at which that subway line will make their commute around the city, I believe prices will appreciate in a big way. So if you can wait a few years...it should pay off for you.
1 vote Thank Flag Link Fri Mar 9, 2012
In my opinion, while Clinton/Hell's Kitchen, and the Financial District has upside, the upper east side has the most room for prices to go up. The upper west side I would say, not as much, because the prices actually didn't reduce at rates that are comparable to other neighborhoods in Manhattan. In fact, some pockets of the upper west side saw increases while the rest of property values decreased around the City. Getting back to the upper east side, aside from the lowering prices, the area is not considered to be a hip or trendy place to live. This is probably the best reason why prices did not go up on the upper east side. However it is a very safe, clean and long-standing neighborhood that is great for both singles and families alike. I would therefore add the upper east side to the top of the list for best place to buy a property with upside potential.

Lindsey Newman
Senior Real Estate Sales Associate
0 votes Thank Flag Link Tue Mar 13, 2012
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