What you need to know about the best apartments in New York
The best apartments are being built and apartments are opening in Manhattan and Queens, says the real estate website, listing the top ten apartment sites in the New York area.
With the US economy in a long-term downturn, apartment prices are likely to fall, and apartment decor, security, and amenities are expected to improve, says PropertyRadar.
But there are some major differences between apartments in Manhattan, the city’s most expensive and well-known neighbourhood, and apartments in Queens, the borough with the highest percentage of single-family homes.
For instance, the apartment in Manhattan is typically bigger than the apartment on Queens Island, and the average price is twice the average cost of an apartment in New Jersey, which has about half the population.
But in the past few years, apartments in the latter boroughs have been making an important dent in prices, with the average rent for an apartment on Manhattan rising by about 10 per cent in the last year.
New York is also a major investor in apartment buildings in the West, and rents are increasing by more than 20 per cent.
The cheapest apartments in Brooklyn, the largest city in New England, are on the lower end of the spectrum, but they’re still cheaper than apartment prices in other big cities.
For example, a one-bedroom in a two-bedroom apartment in Brooklyn costs $1,500, but in Manhattan it’s $2,700.