By: Amy Rosner By: Amy Rosner | January 18, 2022 | Home & Real Estate
It’s time to make your highly-anticipated move to the Big Apple, but you don’t even know where to begin.
With over 50 neighborhoods and 5 boroughs, it can be overwhelming to narrow down your options.
Don’t worry, we’ve got your back!
We got the inside scoop on this year’s trending New York City neighborhoods from Samantha Germano, a top buy-side agent on the Lundgren Team at SERHANT, and Garrett Derderian, director of market intelligence for SERHANT.
See Also: How The New York Real Estate Market Is Adapting To Omicron
SERHANT. is a multidimensional real estate brokerage that sits at the intersection of media, entertainment, education, and technology. As the most-followed real estate brand in the world, SERHANT. disrupts the market with engaging real estate content and provides an elevated service experience that positions clients, partners, and agents for success.
Closing over $10 million in sales, Germano is widely recognized as a rising star in the industry.
As an expert in matching buyers to neighborhoods, Germano is here to share her knowledge with us on this year’s top trending neighborhoods.
Derderian, an industry expert who always has a pulse on the latest industry trends, is responsible for SERHANT.’s market research and reporting functions. He works directly with SERHANT. agents to evaluate market trends and competitively price individual homes.
Derderian’s unrivaled expertise and insight into the residential new development and resale markets have been integral to the firm’s operations.
Enjoy these trendy neighborhoods and why they are so hot!
Home to historic streets, bustling restaurants, and residential enclaves, the Upper West Side has been welcoming notable new developments, attracting a broader market of individuals and new families alike. In the last quarter of 2021, the Upper West Side was one of the top neighborhoods with 26 closed sales and 78 contracts signed in just the new development market. We’re anticipating more demand throughout the area as more new developments become available. One of those is 251 W 91st Street, also known as The Westly, a 20-story condominium building featuring 52 exquisite two-to-five-bedroom homes and represented by SERHANT. New Development. With the wave of new developments comes more supply of condos which buyers are looking forward to seeing, especially in a neighborhood historically populated with co-ops. As we enter 2022, we’ll be seeing this trend continue to give the neighborhood a new look and a larger buyer pool.
SoHo remains to be one of the most sought-after neighborhoods in Manhattan, maintaining its reputation for its dreamy lofts with cast-iron facades and cobblestone streets leading you to the big-name designer stores, popular restaurants, and art galleries. In early December, the City Council approved a plan that could make SoHo an affordable place to rent, driving more demand to one of the most expensive zip codes in Manhattan for low and middle-income renters. Get ready renters, under the Mandatory Inclusionary Housing (MIH) policy, newly-constructed residential buildings in a rezoned area will be forced to reserve a certain amount of the units for New Yorkers earning a percentage of area median income. We’re expecting these substantially lower market rates will allow for higher-density housing, creating a more accessible SoHo for city dwellers. The surrounding areas of SoHo - like Little Italy and NoLiTa - are also rapidly increasing. From 2019 to 2021, we saw neighborhood popularity grow 180% for the former and 23% for the latter.
In recent years, West Chelsea has become a hot-spot due to its proximity to parks, less dense enclaves, and high-design buildings. By adding attractions like Little Island, the High Line, Chelsea Piers, Chelsea Market, and Google’s urban campus, the once-known industrial area has attracted artists, new and young families, and those in tech and finance. Not to mention, it’s an area popular for pied-a-terres as it’s downtown and in close proximity to the city’s best shopping and attractions. As international buyers make a comeback, we can only expect more demand for investors to park their money in the West Chelsea market. In 2021, over 400 sales were reported in the neighborhood alone, which was an exponential increase compared to the 119 closed sales in 2020 and 155 closed sales in 2019. Between 2020 and 2021, the overall area of Chelsea grew in popularity by 63%, affirming that we will be seeing the trend of demand for Chelsea continue into 2022 for sales and rentals alike.
Nestled between Park Slope and Carroll Gardens, Gowanus is a burgeoning destination neighborhood with a mix of industrial areas and pedestrian-friendly shopping and dining locales. At the end of 2021, the City Council approved Mayor Bill de Blasio’s Gowanus rezoning plan which called for a substantial increase of commercial, residential, and community facility spaces to reignite the neighborhood. The rezoning will bring significant amounts of residential units, over 600,000 square feet of retail and office space, and over six acres of open areas including more than one acre set aside for parks. This major rezoning plan is a huge value add in one of New York City’s hottest industrial markets. The developments will transform the neighborhood and dramatically reduce the amount of industrial supply in the area, creating more of a draw for young individuals looking to reside in a budding neighborhood.
Brooklyn Heights and Downtown Brooklyn were some of the most sought-after neighborhoods of 2021 as Manhattanites craved more space and amenities for a lower price per square foot. Downtown Brooklyn has been said to have developed into a city of its own with a surge of high-rise new developments, an increase of big box stores, and ease of access to transportation, while Brooklyn Heights has attracted those looking for pre-war charm and quaint streets lined with independent shops and cafes and a view of the Manhattan skyline. A few of the major developments in each area include Brooklyn Point, a monumental luxury building consisting of studio to three-bedroom homes with a comprehensive amenity package of 40,000 square feet of private indoor and outdoor facilities, and Quay Tower, a 30-story residential development boasting 126 gorgeous homes in thoughtful layouts ranging from two- to five-bedrooms, both of which are represented by SERHANT. New Development. The increase in popularity of the surrounding neighborhoods - like Vinegar Hill and Dumbo - has led buyers to take advantage of the increase in supply, as Vinegar Hill grew in popularity by 200% from 2020 to 2021 and Dumbo 81%.
Situated in between the West Village and Tribeca, Hudson Square has been picking up traction as companies like Disney and Google expand their offices to that area. With Disney’s 1.2 million-square-foot headquarters and Google’s purchase of the 1.7 million-square-foot St. John’s Terminal campus, these commercial developments will bring forth a new wave of demand and increase value for surrounding residences. 2021 was a great year for Hudson Square as over 300 closed sales were reported in the neighborhood alone, which was a massive increase from the year prior where 95 closed sales were reported, and in 2019 where 133 closed sales were reported. As restrictions were lifted over the last year, city-goers migrated towards Hudson Square for its popular eateries and nightlife hotspots, and we’re expecting to see that even more as the year goes on.
Photography by: SERHANT.