New York Prime Areas
By Wei Min Tan
Many of our foreign clients coming to buy investment property in New York are interested in the most prime areas of Manhattan, also known as New York, New York. The first New York refers to the island of Manhattan while the second New York refers to it being located within New York state.
Wanting the most prime areas is normal because high-net-worth individuals taking the effort to research and then invest in a different country thousands of miles away would want a property in a stable, blue chip and very prime area.
Contrary to what foreigners think, Fifth Avenue, Wall Street and Central Park are not the measures which determine whether an area is prime. These are touristy areas. Being touristy is different from being a prime area for residential property.
Copyright Castle Avenue Team at Rutenberg
127 E 56 ST, 4TH FL, NEW YORK, NY 10022 USA212.email@example.com Wei Min Tan is a property broker focusing on Manhattan, New York luxury condominiums and foreign buyers. He is often interviewed by the media including CNN, The New York Times and The Wall Street Journal on the subject of foreign buyers of Manhattan property. View Wei Min's media appearances.
Wei Min can be reached at +1.212.380.6134, firstname.lastname@example.org.
Average 2-bedroom condominium
Average price per square foot
5. Greenwich Village
Data: Streeteasy, Miller Samuel
$2,245 per sqft
Manhattan, New York is the United States' prime area
The island of Manhattan (also known as "New York, New York") is the most prime area of the United States. Manhattan is home to the most billionaires, the highest prices per square foot, highest rents and highest household incomes.
Living in Manhattan, identified by the famous 212 phone area code, is a status symbol.
However, we don't have the highest number of luxury cars per capita as most Manhattan residents don't own a car. This is because of the inconveniences of driving and looking for parking.
Within prime Manhattan, certain areas are more expensive in terms of price per square foot or rent. These are the super prime areas of Manhattan.
Below is a ranking of the most super prime areas within Manhattan based on two metrics for residential property.
Keep in mind that these are averages. The most expensive buildings in Manhattan such as One 57 and 15 Central Park West are not in either of these neighborhoods.
Cast-iron building in Soho
It's not just about Super Prime
Getting a property in a super prime area does not guarantee it will be a good investment. This is the macro level. The micro level would be getting a property in the right building and the right apartment within the building.
For example, having a bad facing apartment within a super luxury building is not good. Or having the most expensive apartment in a so-so building in a super prime area. The micro level - building and apartment within building - is where local expertise becomes invaluable when choosing an apartment.
Castle Avenue Team
127 East 56 St, 4th fl, New York, NY 10022 email@example.com +1.212.380.6134 Property Blog
Manhattan, New York residential condominium specialist focusing on investors and international buyers