Developers and residents eye Koreatown

October 20, 2008 11:06AM

Koreatown, between 30th and 36th streets and Fifth and Sixth avenues, has become a good residential alternative to nearby Chelsea or Gramercy Park due to its lower real estate prices. Cooperative apartments in older buildings in the area, home to vintage architecture, office buildings, Korean lounges, and Irish bars, were selling for $900 a square foot earlier this year. Apartments in newer buildings can sell for as much as $1,400 a square foot, though those prices have fallen recently.

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