The NYC neighborhoods where buyers can get most square feet
A new report from Street Easy identifies neighborhoods in the city with the lowest price per square foot.
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One important way to stretch your dollars when you are buying in New York City is to compare how much space you get for your hard-earned money. That’s a metric that varies greatly, depending on where you buy and whether demand for a particular neighborhood is growing.
To help you map out your search: A new report from StreetEasy looks at where the asking price per square foot is falling and where it is rising by comparing the median asking price per square foot in Manhattan, Brooklyn, and Queens.
The report finds Queens had the lowest median asking price per square foot ($540). So for $950,000, the January median asking price for a NYC property, a buyer in Queens could get a median of 1,759 square feet of space.
In Brooklyn, the January median asking price per square foot was $666, and for that price buyers could get 1,427 square feet on a $950,000 budget. In Manhattan, the January median asking price per square foot is $1,612, so a buyer with a $950,000 budget could get 589 square feet.
The report found these five neighborhoods in NYC had the lowest median price per square foot, ranging from $339 to $371: Briarwood, Brownsville, Kew Gardens, St. Albans, and South Jamaica.
“There is a real separation between what is happening in Manhattan and the rest of New York City right now," says Nancy Wu, economist at StreetEasy. "The price for a single square foot of space in Manhattan is more than double Brooklyn and Queens. For anyone prioritizing more space for less, looking outside of Manhattan is almost a no-brainer."
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