Top 10 NYC neighborhoods for real estate investment

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By: Jason Sheftell | Read the original article on NY Daily News.

The only safer investment than gold might be New York real estate. Through even the recession, local home prices in most Manhattan neighborhoods and some borough corners have seen steady increases. Smart buyers make money by investing in smart neighborhoods.

Recently, hedge funds, national real estate investment trusts, foreign investors and stock market players have swung their money over to New York City properties. According to experts, it's a good move.

“Manhattan has almost no buildable land left, but our neighborhoods continue to evolve, thanks to new infrastructure, record safety and enduring global appeal,” says Kelly Kennedy Mack, president of Corcoran Sunshine Marketing Group, the leading new development sales and marketing company. “That means there is always opportunity here for smart investors.”

All over the five boroughs, here are 10 neighborhoods where you can put your hard-earned dollars, and some for good luck where you can get in cheap.

While neighbors complain and rats run wild through the new tunnels associated with Second Ave. subway construction, savvy investors know now is the time to invest in the upper East Side east of Second Ave. toward the river. Prices have been traditionally low in this area, where studios can sell for $350,000 and rent for $1,900.

“The schools in this area are strong, both public and private, and the discrepancy in price per foot of larger apartments to smaller apartments demonstrates the appeal for families in the neighborhood,” says Doug Perlson, co-founder and CEO of online brokerage RealDirect.com.

“The best investment opportunities here will be purchasing adjacent smaller apartments for combination units, particularly in buildings around the Second Ave. subway stops of 96th, 86th and 72nd Sts., as well around 60th St. near the tram to Roosevelt Island for people taking advantage of the new tech campus being built.”

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