According to the NYT, buyers prices out of Manhattan’s Noho,Soho, and NoLita are now turning their attention to the Lower East side. Once a very gritty neighborhood, that grit is being replaced by new condo developments. Additionally, the area is changing as well due to the purchase of resale apartments where according to data, a NYC condo can be bought for the mid 800’s. This is a substantial discount from the price of over $1 million for one bedroom pretty much throughout Manhattan below 96 street.

The article sited 50 Clinton street which has already sold 40% of its’ units within 1 month of launching sales. This makes total sense because units range from 625 sqft and up and are priced from $1.25 million and up. The market which is coined as affordable luxury is severely underserved due to record breaking prices of land and the appetite for luxury apartments both domestically and internationally.