The Real Deal New York

A $500 psf home in New York? Here’s where to find it

A new report shows options are limited to Staten Island and the Bronx, and small pockets in Queens and Brooklyn.
August 22, 2018 09:00AM

(Credit: iStock)

Those with demands for an affordable residential home priced at $500 a square foot or less in New York City may be pleased to know that such homes exist, but the pickings are largely limited to Staten Island and the Bronx.

In Manhattan, save for Harlem’s 10032 postcode, there are no homes valued at less than $500 a square foot, and prices are trending closer to $1,000. In fact, one of the few options available in Manhattan for that price is air rights in West Chelsea.

Instead, buyers are looking to Staten Island, the Bronx and some outlying pockets in Queens and Brooklyn for homes below $500 a square foot, according to a PropertyShark reported cited by Curbed.

The report said the housing price information was calculated from the median sales prices of homes for sale that closed between January 1, 2018 and June 2018. The dataset included single, two-family, co-op, and condo homes, but excluded package sales under $10,000.

In the Bronx, all postcodes are valued below $500 a square foot, with many postcodes valued at less than $200, including Hunts Point, Longwood, and Foxhurst. The same is true for Staten Island, with average prices hovering around $300 a square foot.

In Brooklyn and Queens, prices were sky high towards the East River waterfront, but there were some options further east, in College Point, Corona and Willets Point, East Elmhurst, Maspeth and Middle Village. In Arverne, a neighborhood in the Rockaways, homes were priced at $199 a square foot.[Curbed] — David Jeans