Manhattan Market Update: A starter guide to 3BR's in downtown Manhattan
1. Downtown Eastside
Quick Summary
Average Price/Examples
2. Central Downtown
Quick Summary
Average Price/Examples
3. Downtown Westside
Quick Summary
Average Price/Examples
What's The Current Market Like?
The market for rentals in downtown Manhattan is incredibly competitive right now. With so many people looking for apartments, demand has skyrocketed, and so, too, have prices. As the market continues to shift in favor of brokers and landlords, many renters find themselves struggling, and that’s understandable. Fake listings are everywhere. Open houses are crowded, confusing and stressful. Prices are outrageously high and bidding wars are common. Brokers and landlords can be hard to reach for showings and, sometimes, they flat out don’t answer.
Trying to find an apartment can be frustrating, and when you’re searching with roommates, these issues can become more common and more complicated. Having you and your roommates’ search and applications organized is essential to getting the apartment you want. Furthermore, understanding the market, having your priorities sorted, and being realistic is key. We’re here to help!
At ApartmentsTogetherNYC, our mission is to streamline your apartment search process, and to educate you on everything you need to know to get the best apartment deal possible. Learning the market is your first step to getting the apartment you want. In terms of apartment prices, downtown is typically more expensive than Midtown and Uptown…so what’s the current 3BR market like downtown?
Lower East: East Village, Lower East Side, Gramercy
For the sake of this article, we’re going to consider the Lower East as a combination of The East Village, Gramercy Park and The Lower East Side(LES). Now generally speaking, the east side is cheaper than the more Central and West side locations. This is somewhat due to the fact that the East side is a little busier, and because the East Village and LES neighborhoods are especially known for their action, nightlife and noise. Gramercy is typically the most expensive of these 3 neighborhoods, and the further east you go (into alphabet city), the cheaper apartments typically are.
Most of the buildings on the East Side downtown will be low rises, and many of the apartments here will have broker’s fees associated with them (that being said, if you can skip a broker’s fee, we’ll show you how). If you want to be downtown, the East Side can be the most cost effective place to start.
Price Ranges & Apartment Listing Examples
Lower East Side (LES)
3BR Price Range: ~$4500-$8000+
Listing 1:
115 Ludlow St. ($4000/month + broker's fee)
https://streeteasy.com/building/115-ludlow-street-new_york/c2
Listing 2:
125 Delancey St. ($8450/month w/ no broker's fee)
https://streeteasy.com/building/the-essex/708
East Village
3BR Price Range: ~$5000-$9000+
Listing 1:
93 Ave B ($6080 + broker's fee)
https://streeteasy.com/building/93-avenue-b-new_york/2f
Listing 2:
416 east 13th st ($7250/month w/ no broker's fee)
https://streeteasy.com/building/416-east-13-street-new_york/6f
Gramercy
3BR Price Range: ~$5500-$9000+
Listing 1:
317 2nd Ave ($6600 + broker's fee)
https://streeteasy.com/building/317-2-avenue-new_york/9
Lower Central: Soho, Fidi, Nolita, Flatiron
Generally speaking, the lower central part of Manhattan is highly desirable for renters. Neighborhoods like Soho, Noho, and Nolita are trendy and fun, with plenty for residents to do, and new shops and boutiques springing up year round. The streets are often packed as people from all over flock to these areas for the pop up shops, the food, the shopping and the atmosphere. The streets can be busy, but the vibe is tough to beat. A little more uptown, Flatiron is full of awesome shopping, as well as loft style apartments and historic architecture throughout. Now these areas, while trendy, are often expensive when it comes to apartment rents.
Similar to the lower east, central downtown is mostly low rises, so while demand for living here is so high, the number of apartments is fewer and far between when compared to the neighborhoods in Midtown/Uptown which have more high rise options.These factors result in less inventory, high demand and high prices, which many renters may be averse to. The one area central downtown where you can find better apartment value is the Financial District (FiDi). In FiDi, instead of the standard downtown vibe, high rise apartment buildings (former banks and office buildings) pack the streets. With so many converted doorman options, and less demand, renters can get some pretty good value if they’re up for FiDi’s vibe. Want to learn more about each individual neighborhood’s options? Want to learn how to compete in this competitive market? Give us a call.
Price Ranges and Listing Examples
Soho
3BR Price Range: ~$6000-$10000+
Listing 1:
128 Thompson St ($6200/month + broker's fee)
https://streeteasy.com/building/128-thompson-street-new_york/8a
Listing 2:
147 Grand St. (8200/month + broker's fee)
https://streeteasy.com/building/147-grand-street-new_york/2w
Financial District
3BR Price Range: ~$6000-$8000 (mostly flexes)
Listing 1:
80 John St. ($7495/month + broker's fee)
https://streeteasy.com/building/the-south-star/rental/3876710
Flatiron
3BR Price Range: ~$6000-$10000+
Listing 1:
41 West 24th St. ($6900/month + broker's fee)
https://streeteasy.com/building/41-west-24-street-new_york/6f
Lower West: Tribeca, Greenwich Village, Chelsea
The west side of downtown Manhattan has some of the priciest apartments in all of Manhattan. Simply put, people just want to be here. Greenwich Village and the West Village are made up of quiet, tree lined blocks, with low rise buildings, cobblestone streets, and plenty of greenery (for NYC’s standards). Interspersed among the quiet blocks, are lively bars, street performers, world class restaurants, parks, and plenty of shopping. Down in TriBeCa, and up in Chelsea, there are less restrictions on building heights, so you'll find more high rise options. That being said, these neighborhoods are just as packed with things to do, Chelsea has plenty of bars, and is known for its art scene. TriBeCa has its old industrial buildings, many now turned into residential loft space, as well as trendy boutiques and restaurants.
Price Ranges & Apartment Listing Examples:
Chelsea
3BR Price Range: ~$5600-$10000+
Listing 1:
216 west 16th st. ($5400 + broker's fee)
https://streeteasy.com/building/216-west-16-street-new_york/2a
Listing 2:
244 west 22nd st. ($6595 + broker's fee)
https://streeteasy.com/building/244-west-22-street-new_york/3b
Greenwich Village/West Village
3BR Price Range: ~$6600-$10000+
Listing 1:
101 MacDougal St. ($7100/month + broker's fee)
https://streeteasy.com/building/101-mac-dougal-street-new_york/3c
Listing 2:
683 Greenwich/143 Christopher St. ($8995/month + broker's fee)
https://streeteasy.com/building/684-greenwich-street-new_york/1
TriBeCa
3BR Price Range: ~$7000-$12000+
Listing 1:
275 Greenwich St. ($9500/month + broker's fee)
