New York Post Discovers Lower East Side Real Estate

Posted on: November 17th, 2011 at 9:00 am by

Today the New York Post spills wells of ink on the Lower East Side real estate market, contrasting so-called “deals” with the price-gouging nature of the continually snowballing luxury movement.  And as you might imagine, it’s peppered with enough quotes to make us go postal.  We’ve picked apart the good stuff for you.

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First off, a Memphis neighborhood noob who moved here two months ago was happy that her place at Allen and Rivington “doesn’t look old,” and that it’s “around the corner from the Meatball Shop.” (!!!!!) She pays $1,850 for a one-bedroom.  Seriously, where do they find these people?

“I knew I wanted to be on the Lower East Side,” says Schildt, a Memphis native who moved to the city in September. “I saw a couple of places in the East Village. But they were small. You could be lying on your bed and cook spaghetti at the same time.”

“It doesn’t look old,” Schildt said. “It’s on Allen and Rivington, the heart of the Lower East Side — and it’s around the corner from the Meatball Shop!

Then a look at the state of the market:

If you look at the Citi Habitats’ September rental report, the average Lower East Side studio rented for $1,963. The average price for one-bedrooms ($2,343) and two-bedrooms ($3,367) were also low for Manhattan. (The overall average prices in the borough were $1,970 for a studio, $2,680 for a one-bedroom and $3,675 for a two-bedroom.)

Upper crust culinary establishments followed in the wake of increased rents, with the most recent arrivals name-checked in the article:

But you get something for the increase in rents: The hot spots keep coming, from Lady Gaga ex-boyfriend Luc Carl’s Ludlow Manor club, opening on Friday, to Matt Levine’s scene-y Sons of Essex eatery to niche restaurants like grilled-cheese outpost Little Muenster.

And we saved the best treat for last.  It’s quite apparent that this reporter isn’t too familiar with the true fabric of the Lower East Side if asking questions like this.  It’s one of the only areas in the city that actually does feel like a tight neighborhood.

This, of course, raises one of the big question marks that hangs over the LES: Is it a real neighborhood? It’s a great place to go drinking and dancing and eating, without question, but what about a place to hang your hat?

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