New York Real Estate Market Essay

1138 Words 5 Pages
How would you react if someone had told you on the streets of Battery Park City, Lower Manhattan, “Make a wish, and your wish will turn into reality?” If luck by chance you had wished for owning a property at Gateway Plaza, a high-rise apartment complex on Battery Park City; your wish is just 1 millimeters apart. Inside the article, by Daniel Trotta, “Buyers rejoice: Manhattan home prices finally fall,” Trotta stated Manhattan brokers kept on stating prices are going up, while the prices were actually going down. Concurrently, as Manhattan brokers claimed the price of an average apartment to be near $1.5 million, New Yorkers were rejoicing the fact that their wish is soon becoming true. Whether it is located in Soho, Harlem, Upper East …show more content…
This is actually not so grisly, when compared to prices of other neighborhoods such as Brooklyn Heights, great range of agricultural styles; Park Slope, one of America’s top 10 neighborhoods; Bensonhurst, a rich Italian neighborhood; and Bay Ridge, posh apartments. Take the case study in Bensonhurst for instance, where apartment prices ranges from 700k – 1.2 million dollar mark for a 1-1.5 bedrooms. With easy access to/from the Belt Parkway, which also runs along the bay, car owners in Bensonhurst have it an easy route. Many subway lines also service the neighborhood, connecting it to Prospect Park, the Atlantic Ocean beaches, and many of Brooklyn's other highlights. Bensonhurst is especially ideal for residents who are Brooklyn-based, especially for those, who commute to jobs within the borough. This dazzling accessibility explains the cause for such sky high prices (700K-$1.2 million) within this Italian neighborhood (Bensonhurst). That too for a 1-1.5 bedroom flat, not even 2 bedrooms as well. So now folks, my question to you is that: Why would you let go that cool million bucks of yours from out of your pocket for an apartment in Brooklyn, when there is an exquisite 2 bedroom apartment waits for you in the midst of busy streets of Park Ave, for just, or less than a million bucks? If you had thought New Yorkers are the only humans beings, who are extensively struggling to strike a deal in Manhattan, then you have got it all wrong

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