Although we have no homes on the market today, it’s inevitable that we will again before long. If you’re interested in our part of Manhattan, don’t wait. Come visit and become familiar with the neighborhood, because competition among buyers in Uptown is fiercer than in the rest of Manhattan as demand only increases for co-ops and condos from Lower WaHi to Inwood.
Compared to 2017, the average sales price of a Manhattan co-op in 2018 went up three percent as the number of closings decreased by about fifteen percent, according to CityRealty, suggesting that buyers may be served best if they purchase sooner rather than later.
So if you haven’t visited Hudson Heights, you still need to decide which New York neighborhood is right for you. Here’s some information about ours.
Are you looking for your home to be an investment? It’s a good idea in Manhattan, and the rather finite number of co-ops keeps demand steady. By contrast, about a quarter of condo apartments built since 2013 remained on the market in 2019, and the number of condos being offered for rent, once unheard-of, is more than 4,600. Condos in WaHi have about 37 percent vacancy, which is tiny compared to the Lower East Side: 68 percent vacant. Apartments in the Pinehurst, by contrast, rarely stay on the market for longer than several weeks.
Maybe you still need a few reasons to explore our neighborhood. The New York Times found some when it mentioned Hudson Heights as a place to find a great apartment, and wrote up the neighborhood too. Here’s a slide show from The Times that highlights neighborhood views.
If they attract you, you won’t be alone when you go apartment-shopping this year because real estate hunters looking for the most square feet for their buck will be heading to open houses in WaHi. Street Easy reports that WaHi has the lowest price per square foot in Manhattan: $652. That’s an average, of course, and since WaHi is the biggest neighborhood in the borough, there’s a big variation in price. The next least expensive neighborhood is Hamilton Heights, where the going rate is $773 per square foot; next is Morningside Heights, at $800.
Why buy in The Pinehurst? For one thing, our high rate of live-in owners means that the building is maintained and improved by its residents, the people who live in it every day.
For another, the Furman Center for Real Estate and Urban Policy at New York University reports that real estate value in Washington Heights surpassed the city average after the recessions of 1980-89 and 1996–2006. Only seven other neighborhoods in the five boroughs can make that claim, and not all increased as much as WaHi: up 30 percent in the five years ending September 2017, beating the average increase in Manhattan by 1.5 percentage points. In the decade ending in 2006, prices here jumped 333 percent, and in the eighties by 241 percent.
If you’re a renter now, you may save by owning your home instead of paying rent. Use this rent-or-own calculator to find out.
Compared to other neighborhoods in Manhattan, our maintenance fees are below average to boot. So if you’re looking for a property that will return value, skip the Village, the Upper West Side and Murray Hill. Visit an open house at The Pinehurst and make your investment now.
A home is more than an investment of money, of course. It’s also an investment in life, a place where you’ll know your neighbors and they’ll know you.
We nurture a sense of community with parties in the lobby and trick-or-treating for the children at Halloween. Our garden is nurtured by residents’ green thumbs. Our web site keeps residents updated with building news, and the neighborhood checks in for weekly events; the Hudson Heights Gazette calls it “the most useful website of cooperatives in the area.”
With more than three dozen apartments, storage space and a fitness center, we’re a popular destination for apartment buyers in Hudson Heights. We take part in our neighborhood, too, as members of the Hudson Heights Owners’ Coalition.
Board of Directors
447 Ft. Washington Owners’ Corp.
447 Ft. Washington Ave, Apt. 68
New York, NY 10033