Top 5 Hottest Real Estate Investment Opportunities in New York Neighborhoods - 5 Arch Funding

Top 5 Hottest Real Estate Investment Opportunities in New York Neighborhoods

Posted by Michael Miller on June 27, 2017

New York City real estate investors may be struggling to rent or sell homes as the market begins to correct itself after the boom. But if you look beyond midtown Manhattan—and even as far out as the five New York City boroughs—the streets are rich with profit opportunities for rentals or fix and flip investments.

According to a StreetEasy report, price growth will slow in Manhattan and Brooklyn, and resale prices may start declining in the Bronx by the end of the year. “Choose your neighborhood carefully, and you can get in, get out, and make money before selling prices start to fall,” says 5 Arch CEO Shawn Miller.

“Even with rising interest rates, it is still a seller’s market in many areas,” adds Miller. “And that includes neighborhoods on the outskirts of city centers.” This means you have to act fast when you find a desirable property, and realize you can do well if you know the area.

Here is a look at some of the hottest neighborhoods for real estate in the New York tri-state area:

#1: Kingsbridge

With close proximity to subway lines, restaurants, and good public schools—plus the addition of a shopping mall and a wholesale club to the area—homebuyers and renters alike are crossing the bridge to Kingsbridge in The Bronx, making it the number one neighborhood in the StreetEasy report.

“Home sale prices in Kingsbridge are still some of the lowest you will find in the boroughs,” says Miller. “The growing desirability of this area should make for strong fix and flip investments.”

Riverdale Is Still Hot

Although neighboring Kingsbridge now wears the crown as the best residential region in the Bronx, Riverdale remains a good value as well. Whether you are looking for your next rental or fix and flip, you will find everything from affordable MDUs to luxurious estates in this geographically and economically diverse community.

Gowanus Cleans Up Well

Located in South Brooklyn, Gowanus was named New York City’s hottest neighborhood in a 2015 study by Curbed, thanks to local parks, restaurants, and breweries. Today, the town is hotter than ever, albeit slightly more gentrified, with investment opportunities in the form of new condos and MDUs ripe for renting in this walkable neighborhood adjacent to the pricier Park Slope.

Bayside Caters to Families

As prices rise in Queens, it is getting harder to find a good value in this NYC suburb. But family-friendly amenities, including parks and a boat slip and marina, along with relatively low, but rising, home prices make Bayside a safe bet. “Smart investors know to shop in areas with good schools, and Bayside offers some of the best public schools in the Boroughs,” says Miller.

Yorkville: A More Affordable Upper East Side

With the opening of the Second Avenue subway, Yorkville’s rent and home sale prices have surged, but they are still not as high as other Upper East Side neighborhoods like Carnegie Hill. Excellent public schools, a quaint community, and a variety of co-ops and brownstones draw buyers to the area, providing excellent resale opportunities for investors.

“Investors may find better deals in Brooklyn, Queens, and the Bronx, but Manhattan real estate remains highly coveted in the luxury market, representing a solid choice for professionals with access to the necessary capital,” says Miller.

Whether you find your next deal on Manhattan or in the other boroughs, this list provides a good place to start your search.

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