“After several years of stratospheric growth and a number of new developments dotting the skyline, the area once known for Gus’s Pickles, discount clothing, and a fair amount of vagrancy now commands real estate prices for new developments higher than found in parts of the Upper East Side, and comparable to Chelsea and the Financial District.” Residential and commercial values on the Lower East Side are skyrocketing as new buildings are completed. Rents at Avalon Chrystie Place on East Houston and Bowery, for example, have increased 20 percent since the development opened two years ago; across the street, at The New Avalon Bowery Place, rents are going for around $80 a square foot. more [Sun]
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LES values continue upward march
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