I'm looking to buy a condo/co-op in NYC (East Village, Lower East, SoHo, Nolita areas). I've noticed that

Asked by Shana, New York, NY Wed Mar 12, 2008

you can get more for your money out near the FDR/East River (Grand Street). What are the development plans (if any) for the area? Is it a good idea to buy that far east for investment purposes? I realize right now there are drawbacks, such as lack of neighborhood feel, etc. I currently live in Nolita (in a rental) and do love the neighborhood. But since this is a long term investment, I would like to make a good, sound investment and also love the place I live.

Thank you,
Shana

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Lynne Figman’s answer
Lynne Figman, , New York, NY
Wed May 12, 2010
Shana, There is a long and very interesting story to the FDR/East River (Grand Street) housing stock. Much has been chronicled about it and more will, no doubt, be forthcoming. While you can get the 'statistics' from regarding the current financial considerations, etc., I think that that knowing some of the history might help give you a unique perspective as you make your decision.

Best of luck,
Lynne Figman
0 votes
Eric D. Jarm…, , Rock Hill, NY
Wed May 5, 2010
Hi, Shana I see that you concerned about neighborhood feel. Currently There a lot of developers with their eyes on properties the LES. Last month an article in The Real Deal wrote about one such block: http://tinyurl.com/LES-Development This area has prime real estate and many plans are in the works to build there. Even the air has tremendous value there: http://tinyurl.com/LES-AirRights Since you are looking for the long term you should value these types of stories. It means that over the long haul your investment you will make will be valued for a long time by other people as well. Please feel free to contact me to help you find that perfect feel for you.
0 votes
Tony Lara, , New York, NY
Tue May 4, 2010
You're correct I sold a two bedroom,one bath, with a terrace, approx 1,200 for $650K, there's also better bargains for alcoves or one bedrooms. My theory is if you can afford it purchase while the prices and sellers are nervous but purchase with the thought of upgrading ie. if you can afford a two bedroom get that while the iron is stil hot instead of buying a one bedroom or an alcove and then having to upgrade with a different market. Feel free to contact me for all your real estate needs!!!
0 votes
Betsy, Home Buyer, 10002
Thu Oct 1, 2009
I have a gorgeous 2br/2ba for sale on the LES if you're still looking! I'm the owner! funegirl@gate.net
0 votes
Deborah Bee, Agent, NY,
Sun Jun 1, 2008
Buying in Manhattan is a good investment! If you are looking for a deal the lower eastside is a good place to consider, and it is a neighborhood in transition, but very much a neighborhood. The better deals will be had on co-ops not condos, condos cost more to contruct these days so you get less space for your money. Deferred taxes on condos are a short term thing and when those taxes kick in watch out because your monthly will jack up considerably. Find a broker that you trust, and one who will work to find you what you need. Do yourself a favor and get pre-approved for a loan in this way you will know exactly
how much you have to spend. Good Luck.
Deborah Bee Broker
Web Reference:  http://DeborahBee.com
0 votes
Michael Rossi, Agent, New York, NY
Wed Mar 12, 2008
You are correct in being able to buy more square footage when you move further east from those areas, but like you said you will lose neighborhood appeal. Nolita, Noho and the east village are doing very well. If you are looking for a long term investment, buying a newly constructed condo would be the best move to make in my opinion. I would choose one that has a tax abatement so you can keep your expenses down while you are living there. Most of our inquiries are for Condo’s and especially now more than ever banks are more interested in lending on a Condo rather than a Co-op, therefore you will attract more buyers when you decide to sell as well as generally lower interest rates. If you would like to see some of the hottest new buildings in these areas you mentioned, we would be glad to spend some time looking with you or just simply email what we feel to be some of the better values for investment. If you are not looking for new construction of which I have several in mind are you interested in finding something that you could add value to such as a remodeling project. Please feel free to email me you contact details or any further questions. michael@elegran.com
0 votes
Gerry Vazquez, Agent, NY,
Wed Mar 12, 2008
Shana, My view is that owning anywhere in Manhattan is a terrific long term investment. Your priorities are right on: long term investment potential and that you love the area.

What I know about the areas closest to Grand Street is that while less costly than where you live now, it's also undergoing a great deal of development and genetrification. Of course, I remember when Nolita was a nowheres land and only a few brave souls lived in Soho. Oh, and the Bowery was a really bad strip.

Find a good Realtor--someone who knows the area and the specific buildings. Visit units in a couple of neighborhoods, get a feel for the places, and crunch the numbers. I'm sure your choose well.

If it's helpful in finding an agent, I left a link to Prudential Douglas Elliman's agents page.

Good luck,
GerryV
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