While the neighborhood of Chinatown hasn’t always been known for its luxury real estate offerings in the New York City market, recent rising prices in the neighborhood have started to give this area a new reputation makeover. New York City’s soaring real estate prices, in general, have had a significant impact on many neighborhoods and this includes the lower Manhattan neighborhood. While the area was once a hub for Chinese immigrants, there has been an influx of students and professionals navigating toward the area and driving up the cost of housing in the neighborhood. This has also brought in some new luxury homes to the area as there continues to be a demand for this type of housing within the city.
As the shit continues to happen, developers are encouraging even more of a change in the makeup of the average Chinatown resident, as many new plans are in place for luxury high rises in the area. While Chinatown may not be the area that luxury buyers turn to first in order to find their dream luxury housing, as neighborhoods like Manhattan get more and more crowded and saturated with luxury homes, those looking for a new luxury building can find that going south to this neighborhood can be a great way to find a new construction luxury home while still remaining in the heart of the city. Much like other, once struggling neighborhoods in New York City, there has been a resurgence in Chinatown as luxury developers find their way to this area. This has been a trend not only seen in Chinatown but in areas such as Long Island City, Brooklyn and Queens as well.
Rent prices and the cost of older homes have also increased in the area, which has brought in new faces to the Chinatown neighborhood, and many working professionals from Manhattan, looking for new housing opportunities. As for the future of Chinatown, if developers continue to maintain interest at their current rate, residents of the neighborhood can expect to see a number of new high rises and luxury condo buildings coming into the area over the next few years. For luxury buyers looking to get in on new luxury homes quickly before the prices rise too dramatically, Chinatown may be just the neighborhood to look to as the new hot area to buy in NYC.
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