5 Solid Locations To Buy An Investment Property In New York City
Investing in real estate is a great way to diversify your portfolio, hedging against inflation while generating cash flow. Few markets are as lucrative as New York City’s. But with so many locations to choose from, where do you begin?
Well, we’re glad you asked. Below are five up-and-coming neighborhoods in NYC that’ll yield healthy returns on your investment while minimizing risk.
1) Long Island City, Queens
Long Island City is a waterfront neighborhood along the East River. It’s a great place to invest in due to the market’s strong appreciation there. LIC is packed with green spaces, including Gantry Plaza State Park. There’s also plenty of shopping and dining opportunities on Vernon Boulevard. Better yet? LIC saw a nearly 10 percent growth in home values over five years, which makes sense: New Yorkers are being priced out of Brooklyn, moving to LIC instead.
2) Inwood, Manhattan
They say that great things come in small packages, and Inwood is no exception! This quaint hamlet in the northernmost region of Manhattan is less than two square miles. Sure, it’s small, but it has everything a city-dweller could want, including parks, restaurants, and bodegas (aka convenience stores.) Home prices in Inwood have gone up approximately 14 percent over the past few years, so get it while it’s hot!
3) Upper East Side, Manhattan
This is where some of the wealthiest people in New York want to live. The Upper East Side has been nicknamed a “boom-market” by the folks over at Bank of America Merrill Lynch, with a spotlight on the community of Yorkville located between 3rd Ave and the FDR Drive. This classic neighborhood, once a stomping ground for Carrie Bradshaw and her friends from “Sex and the City,” is where you’ll likely find some of the best real estate investments in town.
4) Bedford-Stuyvesant, Brooklyn
This neighborhood in central Brooklyn is becoming increasingly popular among members of the creative class who are flocking to this community for its rich culture. If you’re looking for a place that’s still up-and-coming, then “Bed-Stuy” is one of the best bets in NYC. The numbers agree: Bed-Stuy has seen roughly 16 percent appreciation over the past few years.
5) Bay Ridge, Brooklyn
Bay Ridge is a waterfront neighborhood in South Brooklyn with great views of New York Harbor and beyond. It’s also home to the Verrazano Bridge, one of the most iconic structures in all of New York City. This vibrant neighborhood is a great choice for those who want easy access to public transportation, a picturesque shoreline promenade, and most of all, a solid home investment.
Buying An Investment Property in NYC
While this is not an exhaustive list of where you should invest, we hope it offers up some good ideas. Just remember that the key to buying an investment property in NYC is to find a neighborhood that’s going to attract interest. You need to make sure it has what people want before buying any real estate there.
For more investment tips, check out our article, “4 Important Things to Know Before Investing in New York City Real Estate,” or reach out to an Elegran advisor today!