Lower East Side: Staying affordable despite the hype
September 12, 2008 10:20AM By Melissa Dehncke-McGill
From the September issue: While the real estate market in prime
Manhattan neighborhoods softens, prices in the Lower East Side and the
East Village have remained even lower. Despite the hype the
neighborhood has received, flashy new condos are still few and far
between, and it's still largely a neighborhood of rentals, even for new
development. Zoning remains an obstacle to erecting new towers in the
area, which the city is looking to change — one of the reasons prices
have remained fairly low. In The Real Deal's Q & A this
month, brokers said the adjacent neighborhoods are drawing those who
want to remain in Manhattan but can't afford prices that other Downtown
areas are commanding. They said average price per square foot, at least
on the Lower East Side, is the lowest south of 96th Street, which is
drawing first-time buyers in particular.
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