Residents, commuters and tourists in New York City share the streets and sidewalks, but the buildings they own, rent, work in and shop in are worlds apart.
To better understand the range of property values in the five boroughs — as well as some of the differences within a single district — The Real Deal analyzed 16 neighborhoods, from the Upper West Side to Gravesend, Brooklyn.
The greatest disparity was in retail. While store tenants are asked to shell out more than $4,400 per square foot along Upper Fifth Avenue in Manhattan, they can lease space for as little as $10 per foot in St. George, Staten Island.
By contrast, average office rents have the tightest range citywide — from a high of about $82 per square foot in Midtown to a low of roughly $22 in Staten Island and the Bronx.
There’s also a remarkably stable ratio between the price of buying a home and renting one in these select neighborhoods.