New York (Tribeca) Real Estate Market Analysis

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New York (Tribeca) Real Estate Market Analysis

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New York (Tribeca) Real Estate Market Analysis

The New York City Housing Market Area is partitioned into five submarkets. These include Staten Island, Manhattan, the Bronx, Brooklyn, and Queens. The real estate market in NYC has benefited from its continued status as a renowned hub for health care, trade, finance, and education. The robust local job market and availability of high quality education in New York City, therefore, has established significant demand for rental properties in the area.
The primary focus market of this investment project is Tribeca, a neighborhood in Lower Manhattan. Manhattan’s Tribeca, home to approximately 17,000 residents, is a neighborhood of cobblestone streets, world-famous restaurants, and historic warehouse buildings that have been converted to multimillion-dollar lofts. Easily one of the city’s most expensive areas, the 10013 zip code also features one of Manhattan’s most charming neighborhoods. Tribeca borders SoHo and the Financial District. It stretches from Canal Street south to Vesey Street and from Broadway west to the Hudson River. Cross the West Side Highway at Chambers Street to enjoy the lovely Hudson River Park and River Promenade, which stretches from Battery Park City to Chelsea Piers. Buses, taxis, and cars can get you to and from Tribeca, but perhaps the easiest mode of transportation around Manhattan holds true for Tribeca too, the subway. Tribeca is one of Manhattan’s hottest and priciest neighborhoods. Developers have converted most of the old warehouse buildings into luxury condos and rentals. The average age of a resident in the neighborhood is 37, and the average annual income is $180,000.

Rents range from $3,000 to $5,000 per month for a studio or one-bedroom apartment. For about $6,500 to $8,000, you might be able to find yourself a two-bedroom apartment. Average real estate price for a home in Tribeca was $3.5 million in 2017.

One of our target properties, 351-357 Broadway, has various opportunities and strengths such as its desirable location in Tribeca.

3 Dec 2019 03:10

We wrote this before we changed the apartment – rn we need to focus on Tribeca Real Estate market

Could you please make changes?