New York Families Trading in the Suburbs For Manhattan
The decision to start a family is neither lightweight or clear cut but for many New York City families looking to purchase a home, they know exactly what they want and what they want just might surprise you. According to DNAInfo.com, more and more families are now forsaking the old luxuries of the Greater New York City suburbs for the glitz and grandeur of Manhattan. In 2011, 3,263 three- and four-bedroom units were sold and many of them were purchased by families with children.
Prices for three- and four-bedroom units in Manhattan rose by close to 80 percent over the past 19 years and the median price currently rests at around $1.4 million. Whether it’s a full service high rise apartment or a historic townhouse, Manhattan families are almost single handedly supporting the market for multiple bedroom units in Manhattan. In the decades past, many hopeful families would choose the suburbs over the city for better schooling options and a more family friendly atmosphere. With the impending arrival of many world or global oriented schools like the Avenues School adjacent the Highline, the once meager selection of independent schools in Manhattan has grown tremendously.
One particular noteworthy building is The Isis at 303 East 77th Street on the Upper East Side. The Isis “has strategically placed studios next to large units for families who want to combine apartments or have one for their nanny.” This is not uncommon in Manhattan, where the needs of the modern buyers often conflict with the original ideals of the developers. The absorption of many smaller units into fewer, more spacious units allow residents to accommodate the desire for more living space while preserving the allure of the building and neighborhood itself. As Manhattan buyers continue to deplete the supply of available multiple bedroom apartments in Manhattan and developers struggle to replenish the shortage, we can only fathom what that will do to the market price for multi-bedroom units in Manhattan.
