Demand for Large Homes in NYC Reaches a Fever Pitch
The New York City property ladder has changed, mainly because New York has changed. The old story had America’s best and brightest move to Manhattan, meet a mate and move to Brooklyn and, with the arrival of children, exit for the suburbs. Today, however, that same family is choosing to stay, resulting in a shortage of the three-bedroom apartments they require.
But smart developers have found a fix. “We try to create units, that even though they’re two or three bedrooms, we can add an additional bedroom from the common living space,” says Andres Escobar of Escobar Design, which recently handled The Corner, a high-end rental development at 72nd Street and Broadway, where the $20,000/month three-bedroom units rented the fastest. Escobar adds: “Families can grow into them, and the people who are moving into these places, it’s less about entertaining and more about their children anyway.”
In family-friendly Brooklyn, this translates into an increased demand for housing stock in neighborhoods with quality public education. One Brooklyn Bridge—the Brooklyn Heights conversion project marketed by MNS—is a perfect example of developers converting existing buildings to great homes in an area with quality pubic education. Same for Sackett Union, a conversion project developed and marketed by Alchemy Properties, as well as the new development at 340 Court Street, also developed by and marketed by Alchemy Properties.
As further evidence that new development raises the quality of life for the entire community, Williamsburg, known more for its cocktails than its public education, is seeing dramatic improvements at P.S. 132. In the most recent Department of Education Progress Report, the school received grade “A” ratings for student progress, performance and environment, finishing in the top 25% of schools Citywide.
Not bad. Demand is there, fueled by the standards of higher earning residents. So get the maximum return on your investment by building larger apartments in an area with great education.