Sure, Renting-in-Manhattan is the new Renting-in-Brooklyn, or whatever, but buying an apartment on the Upper East Side isn't getting any cheaper these days, according to a new report. Perhaps there is a lot of demand for amenities like waterfalls and panic rooms.
The report [pdf], recently released by real estate company Halstead Property, found that median prices for studios, one-bedrooms, two-bedrooms and three-bedrooms jumped considerably since 2012's third quarter. Studios and three-bedrooms saw the biggest increase: median prices for studio apartments from 59th to 96th Street on the East Side saw an average rise of 11 percent, and median prices for three-bedrooms rose an average of 23 percent, or nearly $1 million.
And though people may or may not be fleeing the ever-increasingly expensive Brooklyn for "cheaper" lodging across the East River, Manhattan's real estate prices are still climbing all over; according to the report, the average price of studios south of 34th Street jumped up 20 percent this year, and 3-bedrooms spiked 27 percent, at an average buying price of $4.5 million. Let's all just give up and move to the woods, shall we? Not everyone gets a free mansion in this Tale of Two Cities.
[Via DNAinfo]
