First We Take Manhattan…Again
With apologies to Leonard Cohen for out-of-context misappropriation of lyrics…this article from the May 8th New York Times spotlights a fascinating real estate shift long in the making.
Sure, trends in fashion and dining tend to be cyclical, with everything old becoming new again, but rarely if ever does this occur in the New York housing market. Michelle Higgins’ “Priced Out Of Brooklyn? Try Manhattan” delves into the recent Brooklyn-to-Manhattan drift – very much the reverse of previously established patterns.
Particularly interesting is the portrayal of the Upper East Side’s increasing residential potential. Shedding over the past few years its snooty, patrician reputation (although, to be sure, that element will always remain in certain pricey pockets and is in its own way an important part of the neighborhood’s – and the city’s – cultural history), the Upper East Side is shaping up to be Manhattan’s next booming neighborhood in terms of affordability and inventory…to say nothing of what will happen if the Second Avenue Subway Line is ever finished.