Times Square is often called the Crossroads of the World and is probably one of the most recognizable parts of New York, if not the world. It was named for the New York Times, which had its headquarters there between 1904 and 1913. It’s also one of the most visited tourist spots in the world, with about 50 million people visiting it on a yearly basis. It is part of the Broadway Theater District, which makes it a hub of the entertainment industry. Those looking for Times Square Apartments for Sale in New York will find that it’s one of the most famous places in the world.
About Times Square
Times Square is a neighborhood in Manhattan with boundaries at Broadway, 7th Avenue, 42nd Street and 47th Street. It has a number of notable landmarks, including the Paramount Building at 1501 Broadway, One Times Square where the New Year’s Eve ball is dropped, the MTV Networks building and the New York Times Tower among others. With 360,000 visitors per day, it has routinely eclipsed Disney theme parks for most visitors annually. It’s the second most visited attraction in the world aside from the Las Vegas Strip.
Times Square is characterized by a large amount of neon signs and advertisements throughout the neighborhood, marking it as a media bastion. Even the 1 Times Square building has only one actual tenant in Walgreens, but is covered with advertisements that form its income. Times Square is a busy and bustling neighborhood that helps give New York its nickname as the City That Never Sleeps, which is something those looking for Manhattan real estate for sale in Times Square will want to keep in mind. At one point, Times Square had a somewhat seedy reputation as a neighborhood, but in the last 20 years it has become family friendly and safe.
There’s no shortage of amenities in Times Square, from restaurants, to retail stores, to entertainment. Those looking for Manhattan real estate for sale in Times Square will have plenty to see and do in the neighborhood.
Schools, Accessibility and Public Transportation
Times Square is served by subway trains 1, 2, 3, 7, A, C, E, N, Q, R and S at the Times Square Station. It is also serviced by the bus routes of M7, M20, M42, M50 and M104, giving those looking for homes for sale Manhattan plenty of options for accessibility in Times Square. There are four public school districts that service Times Square, including #2, #21, #4 and #5. Schools actually in the neighborhood include the Bilingual Bicultural School. PS 102 Jacques Cartier and PS 83 Luis Munoz Rivera.
Times Square Real Estate
Buyers looking for Times Square apartments for sale in New York can expect about 55 percent of available real estate to run between $406,000 and $507,000. About 27 percent of the Manhattan real estate for sale in Times Square is between $507,000 and $761,000, while 12 percent run for $1,015,000 and up. Six percent of Times Square real estate is between $761,000 and $1,015,000. Most Times Square apartments for sale in New York are housed in buildings that were built between 1940 and 1969, at a rate of 59 percent. Another 19 percent are older than 1939 and about 12 percent were built between 1970 and 1999. Over 93 percent of the Times Square real estate are apartment complexes. Buyers can expect to find 79 percent of Times Square apartments that are studios, one bedrooms or two bedrooms. Nearly 21 percent of units are between three and four bedrooms in size. Since over half of the real estate in Times Square can be found at prices lower than $507,000, that makes it somewhat lower priced than some of the other neighborhoods in New York or Manhattan.
Advantages of Owning Times Square Properties
For those looking for Times Square homes for sale Manhattan, the main advantages are having great accessibility to transportation as well as having an extremely walkable and safe neighborhood with no end of amenities. However, real estate vacancies in Times Square are a very low six percent, which is why it’s important to have a real estate agent that knows the area well. The demand for Times Square real estate is also higher than average for most neighborhoods in the state. Living in Times Square could be called the true New York lifestyle in that it is truly a neighborhood that never sleeps. Those with interests in the entertainment industry especially will find Times Square an extremely appealing neighborhood.
But whether you’re looking for Apartments for Rent in Times Square or real estate for sale, you’ll fall in love with our options.