Life in East Manhattan has been glamorized throughout the decades as ideal, everyday New York City living. The East Village and the Lower East Side, are prime locations for affordable living in the heart of the city. There have been some changes to this part of NYC that make it a good point of discussion of whether or not to invest in living there.
The Culture
There are seven blocks between Canal and Houston Street that are packed with historic landmarks, restaurants, galleries, and boutiques that maintain the Lower East Side culture. This part of the city is the epitome of the U.S. melting pot of different cultures. The community has many events that celebrate the different heritages of the residents such as an Egg Roll Festival and even Jewish-centered events as well.
The East Village and the Lower East Side have varied definitions of where the boundaries of one starts and the other ends. Generally, anything below 14th street is what most define as the Lower East Side.
East Manhattan has slowly become one of the trendiest boroughs in NYC. The restaurants, stores, and culture are what give both the East Village and the Lower East Side its vibrancy and diversity. This chunk of NYC is still known for its grittiness but is done in style, according to the New York Times. East Manhattan is for people who need that “living in New York experience” but on an affordable budget.
The Price of Living
Recently, the Lower East Side has unveiled a co-living residence that does not have a single-bedroom apartment in the building. This new space was built by a German company Medici Living group under the brand, Quarters. Rent within this building begins at $1,799 a month which includes some utilities. The apartments inside of the building have three bedrooms and two bathrooms. Co-living buildings like this are just one way East Manhattan has created an affordable environment for its inhabitants.
The New York Times also reported that in 2015, the median sales point for a one-bedroom co-op located on the Lower East Side was $550,000. In addition, on March 23, 2017, the 48 condos and co-ops listed on StreetEasy.com showed two-bedroom condos with a terrace for around $2.55 million.
Both the Lower East Side and the East Village inevitably have some aspects of NYC’s high standard of living but this part of the city has created ways to make it maintainable in such demanding times. There are many locations to find that can fit the budget of most who are looking for reasonably priced housing. Culture, location, and diversity all add to the positives that seem to outweigh the negatives in reasons why you should move to either the Lower East Side or the East Village.