It’s always a battle for affordability in New York City. As the luxury real estate market cools, buying into some of the city’s less expensive neighborhoods continues to get more and more competitive by the minute.
To help cash-strapped buyers—as well as smart investors—Brick Underground asked StreetEasy to compare median home sales prices in 2017 to find out where the deepest discounts are.
Washington Heights: $525,000 median sales price
Between Inwood and Harlem, Washington Heights famously served as the setting for Lin-Manuel Miranda’s first musical In the Heights, and has long been known for its Dominican culture and cliff-side views of the Hudson River and George Washington Bridge. Home to Columbia University’s Medical Center and New York-Presbyterian Hospital, the neighborhood has long attracted students and renters priced out of the Upper West Side. Unlike some other affordable neighborhoods, Washington Heights is easily accessible, serviced by the 1, A, and C subway lines.
Over the last five years, the housing market has really heated up, attracting new development. Closings are expected to begin this summer at Highbridge, a 39-unit condominium built by HAP Investments. Listings on StreetEasy for studios, and one- and two-bedroom units range from $475,000 to $958,750. Eran Polack, HAP Investment’s CEO, says he was pleased with sales to date but did not say how many units have been sold.