Small streets demanding big premiums

Both in Manhattan and Brooklyn, homes on one-block residential streets attract buyers searching for solace
November 01, 2014 09:00AM

Tucked away between the city’s bustling boulevards, one-block residential streets offer refuge from the pressures – and noise – of urban life. And while they’re not exactly seeing a surge in popularity, the demand for A Home On A Small Street in the big city is pushing prices up, according to brokers.

“If you’re looking to rent an apartment on one of those charming one-block streets in the West Village, believe me there is no haggling over the price, not even by pennies,” Scott Sobol, a salesman at Urban Compass, told the New York Times. “The landlords realize they’re holding on to a treasure. It’s like they tack on a $400 premium on top of the usual Village premium.”

The popularity of one-block streets in fashionable Manhattan neighborhoods like Jones Street in the West Village (featured on a Bob Dylan album cover) and Renwick Street in Hudson Square may not be surprising. But the rule also applies in Brooklyn Where Homes On Orient Avenue in Williamsburg, Monroe Place in Brooklyn Heights, Strong Place in Cobble Hill And Arlington Place in Bed-Stuy are also flipping like hotcakes.

For instance, No. 7 Arlington Place was on the market for just two days in 2013, according to the Times, yet attracted a dozen bids and sold for $400,000 above its $1.3 million list price.

“I had never heard of Arlington Place, but there was something about the street that felt magical and unique,” the buyer, Liz Mandarano told the Times. “It’s a fascinating, Intimate Street and just incredibly beautiful, with Queen Anne-style homes on one side and Renaissance Revival brownstones on the other. And it’s quiet.” [NYT] Christopher Cameron