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Ariela Heilman

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Cheapest Concourse Properties Top 100K But Remain Comparatively Affordable

CONCOURSE — The cheapest property in Concourse costs almost $200,000, but the neighborhood is still significantly more affordable than virtually all of Manhattan and Brooklyn, according to the real estate analytics firm NeighborhoodX.

The company focused on finding market-rate properties with one or more bedrooms, and the 10 most affordable options — all co-ops — ranged from a one-bedroom at 1075 Grand Concourse for $175,000 to a three-bedroom at 1020 Grand Concourse for $595,000.

Other options in the neighborhood include a one-bedroom at 811 Walton Ave. for $259,000 and a two-bedroom at 860 Grand Concourse for $320,000.

Price per square footage was only available for three out of the 10 properties and ranged from $233 per square foot at 1075 Grand Concourse in unit 2D to $381 per square foot at 675 Walton Ave. Unit 3F at 1075 Grand Concourse was available at $251 per square foot.

Such prices mean the neighborhood is still more affordable than most every part of Manhattan and Brooklyn, according to NeighborhoodX co-founder Constantine Valhouli.

“While there weren’t that many properties for sale in the Concourse overall, which is why prices tend to creep up pretty quickly, what is interesting is that there were a number of them still in the high $1[00,000]s and throughout the $2[00,000]s,” he said, “and that’s not something that you see in any part of Manhattan or Brooklyn at this point.”

For instance, the cheapest properties on the Upper West Side and Upper East Side were $439,000 and $399,000, respectively — more than twice the cheapest property in Concourse, according to NeighborhoodX.

The same was true in Brooklyn Heights and Cobble Hill, where the most affordable properties were $575,000 and $455,000, respectively.

The Concourse study excluded several types of residences, including properties with a long-term rent controlled tenant, affordable housing, age-restricted housing, listings where the information was contradictory or incomplete and studios, which tend not to be viable as long-term homes.

The report is part of an ongoing analysis by NeighborhoodX of affordability in American cities.

The relative affordability of Concourse is a strong sign that the neighborhood is ripe to become more popular as people look to avoid making long trips from the outer edges of other boroughs and could be a sign of gentrification as well, Valhouli said.

"People are going to get tired of making that much longer of a commute from Brooklyn when there isn't necessarily that much going on around them," he said. "I think now people may be turning that compass north."

Friday, January 13, 2017