Rebound of Upper West Side neighborhood highlights need for Manhattan renter’s insurance
Arial photo of New York's Manhatten Valley. Ed Yourdin via Flikr.
We at Gotham Brokerage Co., Inc., watch with fascination the ebb and flow of the real estate market in New York City — which boroughs are trending, which neighborhoods attracted young, affluent renters last month and why another neighborhood 12 blocks west is hot this month. It’s like trying to predict currents in a river — you can tell which way the river is flowing, but there’s all kinds of turbulence within the main flow.
Here’s a good example: Manhattan Valley, the Upper West Side neighborhood arranged around Columbus Square (older New Yorkers might know it as the Bloomingdale District). A little more than a year ago, as the rental market in the rest of Manhattan began to recover and rents began to rise, Upper Manhattan’s stayed depressed; the median asking rent in this neighborhood, from Broadway to Central Park West between 96th Street and 110th Street was a mere $2,100 per month in the second quarter of 2010, down from nearly $2,800 in late 2008.
But the neighborhood seems to be on the rebound. A pair of apartment buildings on West 109th Street recently sold for $7.8 million, up from the $6.5 million their previous owner, a British investment firm, had paid for them in 2006. The sale price reflected the larger trend in Upper Manhattan, where the median asking rent had risen to nearly $2,500 in the second quarter of this year.
It all means that if you’re a first-time renter or someone just looking for a new and less expensive neighborhood to live in, check out this part of the Upper West Side. But you might want to hit the gas. It’s not overlooked anymore and rents will rise accordingly. And whether you move there now or later, you’ll need the kind of renter’s insurance Manhattan life demands.
That’s where we at Gotham come in. We’re a family-owned brokerage with real people working right in NYC. We specialize in tailoring affordable policies for homeowners and renters throughout New York City and the Tri-State region. We offer only replacement-value policies, ensuring our clients get full reimbursement for losses.
If you’re looking at renting in Manhattan Valley or any other Manhattan neighborhood – from the Lower East Side, Tribeca and Soho to Sutton Place, Harlem or Washington Heights — we’re the people you should see for the best and best-priced renter’s insurance. Call or email us today for a quote and consultation.
