$2,400 Per Square Foot: Welcome to New York’s Priciest Neighborhood
On the Hudson River in lower Manhattan, the West Village exudes the charm of old New York—and homeowners are willing to pay a premium for that: The neighborhood’s 10014 ZIP Code has the city’s most expensive residential real estate as ranked by median price per square foot, at $2,366 in December, according to Realtor.com. (News Corp, owner of The Wall Street Journal, also operates Realtor.com.) One reason the ZIP Code’s square footage is so pricey is because much of the approximately 0.57 square mile neighborhood’s limited housing stock sits in a historic district. Demolition of existing structures and new construction are subject to review and approval of the Landmarks Preservation Commission.
This keeps supply relatively low, says real-estate agent Jared Barnett, co-founder of Compass’s the Barnett-Bittencourt Team. “A low supply makes what’s available more expensive," he says. By comparison After the West Village, Tribeca’s 10007 ZIP Code has New York City’s most expensive median price per square foot, which was $2,136 in December.
However, Tribeca’s 10013 ZIP Code had the city’s highest median listing price, at $4.93 million. The West Village’s 10014 ZIP Code had a median listing price of $2.62 million, the fifth most expensive in Manhattan. Advice for the buyer The West Village has a variety of distinct architectural styles, from Greek Revival to art deco to Italianate.
Read more on livemint.com
