Wednesday, October 1, 2008

The Real Deal? Lower East Side/East Village Real Estate Is The Cheapest. Er, Almost The Cheapest. Er, Cheaper Than Somewhere Else. Um...

The Real Deal, an industry magazine about real estate in NY, has a recent article about real estate development and pricing on the Lower East Side. The author asked a panel of five brokers for their take on "what's happening with land prices and how the historic district status in some parts of the Lower East Side is holding back development,"

What we get are seemingly contradictory answers to the same question, with one broker, Karen Skurka senior vice president of Prudential Douglas Elliman, giving two different answers about cost and affordability.

What is the most positive aspect of the Lower East Side/East Village market right now?
"The price per square foot is lower than anywhere else. It’s still a value area."

What's one telling statistic that illustrates what’s happening in the market there right now?
"On the Lower East Side the price per square foot is still higher than Harlem, but it’s still the lowest South of 96th Street."

And then this question and answer from another with another broker:

What's happening with rents in the area?
"The Lower East Side, Chelsea and Tribeca are probably the highest rent areas for new buildings right now."

So there you have it, The Real Deal. The Lower East Side has the lowest price per square foot than "anywhere else". It's the cheapest. Or cheaper than somewhere else. Or actually, it has the highest rent in any area for new buildings. That should clear things up.

So a Real Estate Agent and a Snake Oil Salesman Walk Into This Bar In Harlem...
New New York; Frederick Douglas Boulevard btw 110 and 125th

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