Since the arrival of the COVID-19 pandemic, space has become more valuable for New Yorkers. With stay-at-home orders and social distancing measures, people are spending more time at their homes, and this has made every inch of the floor more important to the residents of New York.
Buyers and renters are preferring apartments with a backyard and play areas, so they can spend more time under the roof.
Keeping these facts in mind, we have searched NYC and analyzed which neighborhoods are offering the best price per sq. feet.
Do you know? A 600 square feet apartment in Manhattan may cost you the same as a 750 square feet apartment in Brooklyn.
Read Also: Calculating Price Per Square Foot
To get the best price per sq. feet, you must know how to calculate PPSQ. Divide the sale price of an apartment by its total sq. feet and you will get the price per sq. feet and this number varies widely across the city.
Continue to see how PPSQ changes in boroughs and which areas offer the best value for their price.
Being the most expensive borough of New York City, you can’t expect much from Manhattan. According to the stats of 2019, the average per square feet price here was $1,319 – almost double as compared to the citywide median.
A 900 square feet house in West Chelsea, the most expensive location in Manhattan, will cost you $2,191,500.
However, if you are on a budget, Manhattan will still embrace you. Head north and you will get your dream house in as low as $650 per sq. feet. In Washington Heights, the cheapest place to live in the borough, you will get a 1,074 square feet apartment for just $700k.
Manhattan’s neighborhoods with the best price per sq. feet
Just like Manhattan, the amount of space you get varies drastically in Brooklyn. However, Brooklyn will not cost you more than its counterpart – Manhattan. A 900 square feet apartment here will cost you $1 million less than what it would cost you in Chelsea.
Cobble Hill is the most expensive area in Brooklyn and 477 sq. feet apartment here will charge you around $700k. However, in the same amount, you can grab 2,071 square feet in East New York, which means four times more space. The difference in PPSQ in Brooklyn is even worse as compared to Manhattan.
Brooklyn’s neighborhoods with the best price per sq. feet
|East New York||$338|
Read Also: 6 Best Residential Apartments in Brooklyn
When you talk about affordable living in NYC, Queens is a top pick. With an average per square feet price of $495, you can get a 2,386 sq. feet apartment in as low as $700K.
Do you know what’s more astonishing? You can even get more space in that price range. Yes, I am right. In areas like Jamaica Estates where PPSQ is just $255, you can buy a 4,500 sq. feet apartment for the same price.
Queens’s neighborhoods with the best price per sq. feet
If you are on a budget, Bronx should be your top priority. It is the least-expensive borough in New York in terms of price per sq. feet. Morris Park is the cheapest neighborhood of Bronx and with the price of a single apartment in SoHo, you can buy eight homes here.
Then comes Parkchester, a second-most affordable neighborhood in the Bronx, with a price per square foot around $255.
Bronx’s neighborhoods with the best price per sq. feet
An important factor to note for prospective buyers is that townhouses and condos are measured differently. Co-ops are measured according to the interior perimeter while the methodology for townhouses is to include everything within external walls.
And according to the experts, the loss factor while measuring condos and townhouses can be 20% making the latter appear larger.
Note: The above-mentioned data is based on the stats of 2019 and according to the sales prices of last year for every neighborhood, PPSQ was calculated.
The price per square foot in NYC ranges from $852 to $1,596.
Several factors can affect the price per square foot in NYC, including the location of the property, the neighborhood, the condition of the property, the amenities offered, the demand for real estate in the area, and the overall market conditions.
No, you shouldn’t solely rely on price per square foot when buying property in NYC.
The city with the highest price per square foot in NYC is San Jose, CA, with a median price of around $1,239,419 per square foot.
As an estimate, for a new home in New York State, the average cost per square foot is around $150–200. According to this estimate, the cost to build a 2000-square-foot house can range from $300,000 to $400,000.
With pandemics forcing New Yorkers to stay in their homes, space has become a prime factor in real estate transactions. To help potential buyers get the best value for their dollar, the above-mentioned stats may prove a helping hand.
And with so many discrepancies in price per square foot across the city, it is important to know how much you will pay for an apartment in Chelsea and how much you will be saving on a townhouse in Morris Park.