Lower East Side never gained such a triggered attention from the realtors as such, but with time, they have started to evolve. Latest changes have shocked the realtors and made them swoon.
Two years ago, the price of an apartment on the Lower East Side and East Village was $650,000, as per the statistics of Miller Samuel and today it has taken a leap and costs more than $908,242 , relators expects it to rise down the years.
What makes realtors swoon over this booming neighborhood? Well, there are some reasons to for the realtors to feel attracted and invest in the real estate at Lower East Side, here are some reasons as per the recent survey.
1. Ian Schrager was associated with Steve Rubell, Studio 54 and Bianca Jagger, but over the past few decade he became common with Bond Street, Gramercy Park and ultra-luxury. He is coming up with his new project at Lower East Side, with 370 hotel rooms, 11 unit condo priced at $4,000 per square foot. Until now, Chrystie Street has sold a three-bedroom unit for $7.75 million and a two-bedroom for $7.15 million.
2. This neighborhood is the new abode of celebrity architects with Swiss firm Herzog & de Meuron designing 215 Chrystie St, Eran Chen designing a condo at 100 Norfolk St. Even there are more feathers to add in the hat with SHoP, Beyer Blinder Belle, Hugh A. Boyd, Dattner and Handel Architects who are working with biggest project like LES: Essex Crossing which is a colossus consisting of 1,000 apartments & another 600,000 square feet of retail and commercial space.
3. Essex Crossing is one of the biggest going to be build at Lower East Side that will bridge the gap between Grand Street, the East Village and SoHo, and will connect every page in a substantive way East Williamsburg. The project is going to create opportunities for Essex Street Market to it for the new culinary venues.
4. Condominiums at Lower East Side of the country are showing a subsistent growth. With 100 Norfolk St and Chrystie Street the realtors are witnessing a lot of neighborhood people to buy a home here. Actually, they are shifting from not so old building to an upgraded version. As for the newcomers, they tend to come from the region of Upper East and Upper West Sides.
5. Hotels are also on the rise, there is much buzz about the upcoming projects such as Ludlow that came up last month with 184 hotel rooms. In the first half of the year, Hotel Indigo LES is opening a block away with 300 rooms and 24 stories.
6. Food habits of the Lower East Side are also showing greater improvement. Over the last few month, this booming region has seen the opening of food hubs such as Ivan Ramen and Seoul Chicken. Well, if you do not feel satiated over the taste of them you have Russ & Daughters Café, pricey but have authentic foods.
It’s time to explore the new real estate paradise, Lower East Side and East Village.