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Manhattan
GRAMERCY/FLATIRON Neighborhood Profile
Posted by Daniel Charles | April 14, 2010
GRAMERCY/FLATIRON Neighborhood Profile
A landmark neighborhood and restaurant lover’s paradise
 
Every month on Citi Blog, we will be profiling a neighborhood where we have an office location. This month we are focusing on the East 22nd St. location(s) and the Gramercy/Flatiron neighborhood of Manhattan.
We’ve asked East 22nd Street's agents and management what makes Gramercy/Flatiron so special.
Here’s what they had to say…
What makes Flatiron a great place to live?
The history of the area is amazing and really evident as you wander the streets. In the neighborhood, we have the Flatiron Building, Met Life Clock Tower, Madison Sq Park, Gramercy Park, and beautiful architecture everywhere.
Additionally, we have very unique and diverse real estate - everything from townhouses, to industrial lofts, to luxury condo and co-ops.
The area also has great restaurants and shopping, and as a result, one truly never needs to leave the area.
However, Gramercy/Flatiron is convenient to everything, getting uptown or downtown is a breeze due to all the 23rd St. subways (F, V, N, R, W, 6)
What are some trends in real estate you have noticed in the neighborhood?
Gramercy/Flatiron is one of the more desirable areas to live in Downtown. Flatiron was largely unaffected by the new development boom that occurred throughout the City. But the new properties that were built, sold quickly. To date, this area is still as desirable as ever. There is currently more interest from renters and buyers than there are available listings.
How is rental and sales pricing compared to last year?
Prices are increasing in both categories since last year. We have also noticed there is less of a cushion when it comes to negotiability.
What current neighborhood listings do you feel are most noteworthy?
Homes in The Caroline, 4 Lex, 141 Fifth, Madison Green and 280 Park Ave South remain popular, and developers are still working to finish off the One Madison Park condo tower.
What’s the housing stock like? Do most people live in walk-ups, townhomes, doorman buildings, etc?
It’s a great mix of prewar, walkups, post war elevator, doorman buildings and beautiful landmark townhouses.
Where do neighborhood residents go to relax?
To relax, neighborhood residents stake out a spot in Madison Square Park, Union Square, or Rutherford Park; or take walk around Gramercy Park and down Irving Place. Shopping on Lower Fifth Avenue is a fun way to spend a Saturday afternoon. There are also great spas in the area for massages, facials, etc.
How would you describe the “vibe” of the neighborhood?
Trendy and fashion oriented.
What are your favorite bars/restaurants in the area?
Almond, Gramercy Tavern, Union Square Café, Sushi Samba, Madison, Dukes, Shake Shack, L’ Express, Haru, Blue Water Grill, Coffee Shop.
What are some neighborhood landmarks/institutions?
Flatiron Building, Gramercy Park, The Met Life Clock Tower, Union Square and the Credit Suisse Building
What do you feel is a hidden gem in the neighborhood? (Ex. a store, resident, park, etc)
In terms of public spaces, the park next to the Madison Green Building is beautiful and undiscovered.
There are some great mom-and-pop shops all over the area, from the shoe repair guy on East 23rd by the subway station, to the tailor on East 22nd between 3rd and Lex. Niu Nails on East 26th only charges $5 for a manicure and $10 for a pedicure, which is a great deal!
Restaurant-wise, Via Emilia (47 East 21st St.) has great pumpkin tortellini for $12 (cash only)! Also, the back party room at Almond is a great place to celebrate a special occasion with friends.
If you could change one thing about Flatiron, what would it be?
Make it more affordable for us all to live in. Nothing other than that!
Where do you see this neighborhood 10 years from now?
We think that the architecture and feel will be preserved as it is so historic and eclectic. Perhaps retail may turn over and a few more developments in the area may pop up, but we don’t foresee that much change. We do hope the area remains populated with some of the city’s best restaurants! Hopefully that never changes!
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EliteRentals - January / February 2010 Issue
January 21, 2010
EliteRentals is published by Citi Habitats, the premier residential brokerage firm in Manhattan.
EliteRentals - January / February 2010 Issue
Features:
Guide to Renting In Manhattan
4th Quarter / Year-End 2009 Residential Rental Market Report
Cover Story: Lux Living / $9,999 month
Click on the image to view entire issue
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4th Quarter/Year-End 2009 Report - Manhattan Residential Rental Market
January 14, 2010
Media Coverage:
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
By John Gittelsohn
Jan. 14 (Bloomberg) -- Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
Average Manhattan rents dropped 4% last year
By Amanda Fung January 14, 2010
(Crains New York) Manhattan apartment rents ended the year down 4% from where they started 2009, but that decline helped to strongly boost the number of new leases signed, according to two market reports released Thursday.
In the final quarter of 2009, the average rent fell to $3,789 down 4% from the same quarter of 2008, according to Prudential Douglas Elliman and appraisal firm Miller Samuel Inc. That figure does not take into account rent concessions. (read full article)
Manhattan apartment rents and vacancies off in '09
NEW YORK, Jan 13 (Reuters by Nick Zieminski) - Vacancy rates for apartments in New York City's borough of Manhattan, the largest U.S. apartment market, declined in 2009, as lower rents and better landlord incentives attracted tenants, according to a quarterly brokerage report. (read full article)
Manhattan rental deals up in 4Q: reports
January 14, 2010 By Candace Taylor
(The Real Deal) Manhattan rental transactions surged in the fourth quarter of 2009, according to market reports released by two large city brokerages today (see full reports below).
A marketwide report released by Prudential Douglas Elliman estimated that the number of rental deals in Manhattan leaped 47.6 percent to 2,456 in the fourth quarter, from 1,665 in the same period of 2008. Citi Habitats, the city's largest rental brokerage, said it did more than 2,600 transactions in the fourth quarter, an increase of 30 percent from roughly 1,800 in the prior-year-quarter. (read full article)
Manhattan Apartment Rents Drop 9.4% as City Job Losses Mount
January 14, 2010 By John Gittelsohn
(BusinessWeek) Manhattan apartment rents dropped 9.4 percent in the fourth quarter of 2009 from a year earlier as Wall Street jobs vanished in the recession.
The median rent fell for all apartment sizes except two- bedrooms, which were little changed, according to a report today by broker Prudential Douglas Elliman Real Estate and appraiser Miller Samuel Inc. A separate tally by broker Citi-Habitats Inc. showed the average apartment price declined 7.3 percent for the year. The company didn’t report medians. (read full article)
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4th Quarter/Year-End 2009 Report - Manhattan Residential Rental Market
January 14, 2010
Average Rents | 4Q 2009
Market-wide for Manhattan, the average 4Q 2009 rental price for a studio was $1,733, representing a decrease of 1.5% from 3Q 2009; a one bedroom, $2,343 representing a decrease of 3.3% from 3Q 2009; a two bedroom, $3,294 representing a decrease of 2.6% from 3Q 2009; and three bedroom, $4,591 representing a decrease of 3.3% from 3Q 2009.
Vacancy Rates | 4Q 2009
The overall vacancy rate for Manhattan for 4Q 2009 was 1.79% representing a 0.08% increase in the vacancy rate from the 3Q 2009 rate of 1.71%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.05%, while the Upper East Side, at 2.24%, ranked highest.
Average Rents | 2009
Market-wide for Manhattan, the average 2009 rental price for a studio was $1,757, representing a decrease of 6.7% from 2008; a one bedroom, $2,406 representing a decrease of 7.7% from 2008; a two bedroom, $3,411 representing a decrease of 7.8% from 2008; and three bedroom, $4,560 representing a decrease of 6.9% from 2008.
Vacancy Rates | 2009
The overall vacancy rate for Manhattan for 2009 was 1.93% representing a 0.51% increase in the vacancy rate from the 2008 rate of 1.42%.
A comparison of vacancy rates, by neighborhood, reveals that the SoHo/Tribeca area had the least amount of available apartments at 1.35%, while the Upper East Side, at 2.38%, ranked highest.
Please click on the image to view the Manhattan Residential Rental Market 4th Quarter / Year-End 2009 Report.
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Exceptional Spaces: 51 Warren Street, #5-6W
January 12, 2010
Exceptional opportunities in the sales and rental markets...exclusively from Citi Habitats
51 Warren Street, #5-6W
TriBeCa
$2,800,000
SPECTACULAR 2 Bedroom + Sleeping Mezzanine, 3Bath, 3 Fire Place with 400 SF Private Terrace(approx.).
This Goegeous Penthouse Triplex Loft with Huge Skylight, Tree lined street and Beautiful City Views and Flushed with Sun-light, Over sized Floor to Ceiling Windows.
Grand Living/Dining Area, Marble Counter Top with Open, Island Kitchen and Fireplace. Stainless Steel Appliances with Maple Cabinets.
Huge Master Bedroom with Fireplace and Jacuzzi Bath, Marble Counter Top, Oceanside Skytone Mosaic Shower Tile, Steamer for extra Comfort. Exposed Brick wall throughout Apartment with Walk in Closet every Room.
Modern Staircase to Second level with Library/Den/Bedroom Space, Floor to Ceiling Windows, Limestone Tile Outdoor Terrace with beautiful South East Views. Second Bathroom with Limestone with Mosaic detail.
Spiral Staircase leads to Mezzanine that can be used as Extra Bedroom with Skylights.
Sun-flushed Rooms, North and South Views with Dramatic Windows and Skylight. Stackable Washer/Dryer.
Close to Historic buildings, City Hall, Court House. Dining out at World famous restaurants like Boulay, Nobu. Organic Home-grown Farmer's market, Amish market. Conveniently located near Subway 1,2,3,4,5,6,A,C,E,J,M,Z,R,W.
Contact: Songhee Debarbieri
View entire listing.
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