a
Print
version

New Yorkers Move to Basements

  • 7
And they find many advantages in such a choice.

Even though basements have long become a familiar type of housing for New Yorkers, they do not cause very good associations. But, according to published reports, more than 150,000 people currently live in 50,000 basement apartments throughout the city.

However, no one can say with certainty how many New Yorkers live below the middle class, under townhouses and apartment buildings. Despite the government's sluggish efforts in recent years to regulate basements, these apartments remain largely unaccounted for and illegal.

But as rents in New York reach record highs, basements, both legal and illegal, are becoming an increasingly tempting alternative than ever before.

In general, the rapid growth of housing prices in the United States has broken another record. And, according to experts, after the lifting of travel restrictions, the development of the market will accelerate.

Average rents in Manhattan increased by a whopping 10.1% from July to October 2021 and by 20% from January as inflation jumped to its highest level since 1990, according to data compiled by Miller Samuel/Douglas Elliman.

According to Compass broker Isaac Rosenberg, in addition to the lower cost and rent and additional amenities that would be very expensive in standard housing, basement apartments also offer tenants an additional level of privacy during a pandemic. Since there is an opportunity to have as little contact with other people as possible.

Other unexpected advantages of basements are deep window openings built into the walls that serve as additional surfaces, as well as cooler and constant temperatures, which means less strain on electricity bills.

Check out the prices in NYC:
Flat for 3 001 122 euro in Manhattan, USA
3 001 122 €
Flat in Manhattan, USA
128 sq.m 4 2 2
Online Viewing Remote Transaction
A collection of interlocking villas designed by internationally renowned designer, Thomas Juul-Hansen, 199 Chrystie is a 14 unit luxury condominium that possesses a level of timeless architectural detail and significance that speaks to the grit and vibrancy of the Lower East Side. Thomas’s first project in the area, the building hovers...
SERHANT.
Flat for 1 226 674 euro in Manhattan, USA
1 226 674 €
Flat in Manhattan, USA
95 sq.m 5 3 2
Online Viewing Remote Transaction
A prime EAST HARLEM address. Close proximity to CENTRAL PARK and MUSEUM MILE. Come live at this beautifully appointed 3-bedroom, 2-bathroom home and enjoy a contemporary lifestyle at East Harlem’s newest residential gem. Features of this 1,025 sq. ft. apartment include HIGH-END IMPORTED ITALIAN FINISHES, lovely wide plank oak floors,...
SERHANT.
Flat for 4 506 300 euro in Manhattan, USA
4 506 300 €
Flat in Manhattan, USA
135 sq.m 4 2 2
Online Viewing Remote Transaction
A brand new duplex condo saturated with natural light, this 2-bedroom, 2-bathroom home is a paradigm of urban refinement and sophisticated design. Features of this 1,454 sq. ft. corner apartment include beautiful wide plank European oak floors, motorized wall-to-wall and floor-to-ceiling windows and shades, multi-zone split-system heating and...
SERHANT.
Penthouse for 4 386 255 euro in Manhattan, USA
4 386 255 €
Penthouse in Manhattan, USA
162 sq.m 7 4 3
Online Viewing Remote Transaction
We present to you 145 Central Park North, a luxury condominium whose residents enjoy the most famous park of the city unfolding in front of them. This 4-bedroom, 3-bathroom penthouse with luxurious finishes and mesmerizing views of Central Park is the epitome of the modern grandeur of the city. This apartment has an area of 1757 sq. m. They...
SERHANT.
Townhouse for 3 367 315 euro in Manhattan, USA
3 367 315 €
Townhouse in Manhattan, USA
207 sq.m 4 4
Online Viewing Remote Transaction
Introducing 145 Central Park North, a luxury condominium overlooking Central Park. This 4-bedroom, 3.5-bathroom townhouse with high-quality finishes and mesmerizing views of Central Park is the epitome of modern city life. This apartment has an area of 2238 sq. m. They include beautiful white oak floors, floor-to-ceiling windows with white oak...
SERHANT.
Penthouse for 12 927 909 euro in Manhattan, USA
12 927 909 €
Penthouse in Manhattan, USA
396 sq.m 8 4 4
Online Viewing Remote Transaction
PRIME SOHO NEW CONSTRUCTION CONDO PENTHOUSE ON WOOSTER STREET ENTERTAINER’S ROOFTOP WITH HOT TUB, BATHROOM, OUTDOOR SHOWER, OUTDOOR CINEMA, AND MORE! Introducing this gorgeously renovated and never-before-lived-in trophy triplex penthouse nestled in the heart of SoHo, a radiant 4-bedroom masterpiece offering an unparalleled...
SERHANT.
House for 27 240 951 euro in Manhattan, USA
27 240 951 €
House in Manhattan, USA
892 sq.m 16 5 8
Online Viewing Remote Transaction
Wondrous details abound in this one-of-a-kind mansion, anchored by a majestic rotunda lined with a spiral filigree staircase and crowned with a glass dome. Other highlights include a classic Georgian-style façade, a central elevator, stunning parquet de Versailles hardwood floors, scagliola trims, concave custom designed doors,...
SERHANT.
Cottage for 913 264 euro in New York City, USA
913 264 €
Cottage in New York City, USA
772 sq.m 5 5
Online Viewing Remote Transaction Credit
Built according to an individual project on the shore of the lake Colonial style. A Mediterranean arched veranda leads to the foyer of the cathedral with a marble floor - all this is complemented by a large chandelier. Open and flexible floor plan and 11-foot ceilings. Chef's kitchen with gas and electric fluff. - rough kitchen equipment. Quartz...
SERHANT.
Flat for 392 454 euro in Brooklyn, USA
392 454 €
Flat in Brooklyn, USA
38 sq.m 1
Online Viewing Remote Transaction Credit
The pristine studio with 1 bathroom, located in an excellent location on Park Avenue South and flooded with plenty of natural light, is a model of modern life in Brooklyn. The house has an area of 405 sq. m. The apartment includes beautiful wide white oak floors, floor-to-ceiling windows with triple glazing, Smart-Lock door, built-in USB...
SERHANT.
Flat for 1 551 349 euro in New York City, USA
1 551 349 €
Flat in New York City, USA
102 sq.m 5 1 1
Online Viewing Remote Transaction Credit
Massively renovated loft condo in the epicenter of prime West Chelsea. This stunning north facing 1100-sq-ft loft home has been completely reimagined by its owner with a focus on detail. Blending pre-war classic with modern luxury, this residence has been outfitted to the fullest while preserving its legacy. Notable architectural elements...
SERHANT.
House for 1 015 764 euro in Long Island, USA
1 015 764 €
House in Long Island, USA
362 sq.m 12 6 3
Online Viewing Remote Transaction Credit
Set on one of the most prestigious streets in South Merrick with award winning schools, this charming, pre-war Colonial showcases a spacious, sun-drenched floorplan of over 3,900SF! Unique architectural details include crown molding, oversized rooms, high ceilings, deep closets, original hardwood floors, grand entry-ways, 2 wood-burning...
SERHANT.
Townhouse for 1 384 210 euro in New York City, USA
1 384 210 €
Townhouse in New York City, USA
111 sq.m 8 3 2
Online Viewing Remote Transaction
Property This pristine single-family brick house in a quiet residential neighborhood in Kensington is everything you've been waiting for. This single-family townhouse has been thoroughly renovated, and original details have been preserved throughout. The beautiful facade makes a striking impression on the tree-lined street with characteristic,...
SERHANT.
Flat for 18 459 207 euro in New York City, USA
18 459 207 €
Flat in New York City, USA
471 sq.m 8 4 5
Online Viewing Remote Transaction
Property We present to you this never-before-lived-in penthouse in the exclusive area of 15 Hudson Yards, a magnificent apartment with 4 bedrooms and 5 bathrooms, a one-of-a-kind combined layout, shrouded in chic floor-to-ceiling windows and a large room over THREE HUNDRED feet long! Additional features of the apartment include beautiful wooden...
SERHANT.
Flat for 2 654 838 euro in New York City, USA
2 654 838 €
Flat in New York City, USA
112 sq.m 4 1 1
Online Viewing Remote Transaction
Property Enjoy a luxurious loft life in the heart of Soho in this immaculately beautiful apartment with 1 bedroom and 1.5 bathrooms, a wood-burning fireplace and high-quality finishes. Western light penetrates through huge casement windows, highlighting the beautiful wooden floors and high 11-foot ceilings. Spacious layout with an area of 1400...
SERHANT.
House for 645 472 euro in New York City, USA
645 472 €
House in New York City, USA
186 sq.m 12 4 2
Online Viewing Remote Transaction
Property Welcome to this charming untouched and well maintained 4 bedroom, 2 bathroom medium block in the heart of Glen Cove. On the second floor there are 2 bedrooms, a kitchen, an open-plan living room/family room, ideal for entertaining. Second floor with 2 bedrooms and a fully equipped bathroom. Wooden floors throughout the house, central...
SERHANT.
House for 645 472 euro in New York City, USA
645 472 €
House in New York City, USA
143 sq.m 10 3 2
Online Viewing Remote Transaction
Property The dream of real estate lovers! Welcome to this charming, well-maintained duplex house with 3 bedrooms and 2 bathrooms. Located on a central tree-lined street with stunning appeal. A finished basement with tons of storage space. windows leading to a spacious street. A large resort-style backyard, ideal for entertaining and unparalleled...
SERHANT.
Flat for 2 120 204 euro in New York City, USA
2 120 204 €
Flat in New York City, USA
109 sq.m 4 2 2
Online Viewing Remote Transaction
Property THE MOST SUCCESSFUL PURCHASE IN BROOKLYN. This stunning 2 bedroom, 2 bathroom apartment is a pristine corner residence located in the upscale Brooklyn Point neighborhood. The very center of Brooklyn. Features of this 1175 sq. m. house They include beautiful wide-board stained oak floors, floor-to-ceiling windows on the south and west...
SERHANT.
Townhouse for 1 061 935 euro in New York City, USA
1 061 935 €
Townhouse in New York City, USA
170 sq.m 5 3 1
Online Viewing Remote Transaction
Property This turnkey house in picturesque Forest Hills is ready to welcome its new owner. Recently renovated, this amazing 2-family house has been configured as a spacious 1-family house with a fancy garden that can be used as a private off-street parking. It currently consists of 3 bedrooms and 1.5 bathrooms and features an open and spacious...
SERHANT.
House for 821 846 euro in New York City, USA
821 846 €
House in New York City, USA
200 sq.m 3 2
Online Viewing Remote Transaction Rental property
Launch your vacation rental business in New York! Income: $125.37 per year. ~10,400/month Launch a successful vacation rental business in New York. We will help you choose a property and rent it out with maximum return on investment. We book your calendar and provide your guests with 24/7 support. The result: you earn more with less...
SERHANT.
Flat for 530 968 euro in New York City, USA
530 968 €
Flat in New York City, USA
47 sq.m 3 1
Online Viewing Remote Transaction Cryptocurrency payment
IMMEDIATE OCCUPANCY CURRENTLY OFFERING 12-MONTHS COMMON CHARGES WAIVED! Move right into this stunning studio home and enjoy a contemporary lifestyle at East Harlem’s newest development. This 501 sq. ft. home includes HIGH-END IMPORTED ITALIAN FINISHES, lovely wide plank oak floors, high ceilings, custom built-in wardrobe cabinets from...
SERHANT.

Source: New York Post

Quoting conditions of Prian.info materials

Share the link:
Tags: USA, Real Estate, Market Analysis

Read also

Goldman Sachs believes in the US housing market recovery
The analysts have revised their forecast upwards.
US home prices have fallen for the first time in six years
Listing prices fell 0.9% annually in June
Limited inventory and stable interest rates have dragged U.S. home sales to a 13-year low
The National Association of Realtors has published such data for October 2023.
New York is experiencing its worst housing crisis in 50 years. And this is good news for investors
The portion of available and vacant rental properties declined to a staggering 1.4% in 2023.
Home Prices in the US Have Fallen Year-On-Year
For the first time in a decade.
Finland is going to reduce property transfer taxes
The government believes this will support the weakened construction industry.

Interesting to read

News and articles on the topic «USA»

New York is experiencing its worst housing crisis in 50 years. And this is good news for investors

The portion of available and vacant rental properties declined to a staggering 1.4% in 2023.

  • 23.02.2024
  • 20

Limited inventory and stable interest rates have dragged U.S. home sales to a 13-year low

The National Association of Realtors has published such data for October 2023.

  • 23.11.2023
  • 7