Finding affordable apartments for sale in Manhattan NYC can be quite a challenge given the trend toward higher prices, lower square footage and stringent application requirements for some real estate for sale in Manhattan with co-op boards or homeowners’ associations. Close to the heart of Manhattan, Stuyvesant Town, or Stuy Town to locals, is a sprawling complex of red brick apartment buildings covering 80 acres of land, some of which are designated parkland or have been developed into playgrounds.
About Stuyvesant Town
Stuyvesant Town was named after Peter Stuyvesant whose family owned the farm that was developed into this expansive residential complex. Stuyvesant was also the last director-general of New Amsterdam. The community is just north of East Village and south of Gramercy Park. The boundaries are defined by First Avenue on the west, East 23rd Street on the North, Avenue C on the east as it meanders along the East River and East 14th Street on the south. Peter Cooper Village is directly north of Stuy Town.
Like many apartments for sale in Manhattan NYC, this complex is privately owned and managed. It changed hands in 2015 as Blackstone and Ivanhoe Cambridge purchased the property in a $5.3 billion deal. The entire complex includes about 11,250 units, but the deal required that 5,000 of these units should be reserved for affordable housing. Under the terms of the latest purchase contract, these units would be reserved for families with household incomes not exceeding $62,000 a year with rent-stabilized units starting at $1,500 monthly.
Stuyvesant Town is in the unique position of being adjacent to some of Manhattan’s most preferred neighborhoods. Students living in this area are zoned for either District 1 or 2 of New York City’s public schools. Other options include charter schools and several prestigious private schools, including the United Nations International School, the British International School of New York and the Winston Preparatory Schools. Some of the post-secondary schools in the area are Parsons the New School of Design, the School of Visual Arts and New York University School of Medicine. Although these schools are outside Stuyvesant Town, the community remains attractive to students because of the location and spaciousness of Stuyvesant Town Condos and Apartments for Sale.
Demographic Picture of Stuyvesant Town Population
The population of Stuyvesant Town is estimated at 61,000 with a median age of 36, which is about par for New York City. Of the estimated 32,000 households, roughly 35 percent are family households and only 15 percent have children. The average number of individuals per household unit is about 2.
The population in Stuyvesant Town tend toward the highly educated with bachelor’s and graduate degrees. Average household income is in the mid $80s although the average net worth per household is in the $800,000s. Actors, authors and television personalities are among the past and current residents of Stuyvesant Town. This development ranks high in the list of preferred real for sale in Manhattan because of its excellent location, sizeable apartment units and the park-like setting.
The State of Real Estate in Stuyvesant Town
This residential complex is heavy on rentals, but there are Stuyvesant Town condos for sale. The median sale price is placed at $822,500 for this area, which is slightly lower than the median price for real estate for sale in Manhattan. The median price per square foot is estimated at $700, but listings range from a low of $66,000 to a high of $1.2 million and up. Industry experts expect prices to trend higher for most of the apartments for sale in Manhattan NYC.
Note that some of the listings considered in assessing the median price for real estate for sale in Manhattan may be located outside the Stuyvesant Town. Some listings may actually be located in Gramercy Park or East Village instead.
Apartments in Stuyvesant Town are larger than the average Manhattan apartment of the same price. The StuyTown units boast of upgraded kitchens and bathrooms, hardwood floors and soaring ceilings. Given its proximity to many of New York City’s shopping and entertainment amenities, it is easy to see why households and individuals count Stuyvesant Town as a preferred address. The sprawling development is known for its well-maintained green spaces, tree-lined paths and the Oval, which is the name for its own park that features an expansive lawn, shaded seating areas and a large fountain.
Stuyvesant Town and the nearby Peter Cooper Village are going through the process of assigning affordable units to qualified residents through a lottery system. This is part of the purchase deal between Blackstone Group and New York City government as the final agreement included some public backing. New York City’s Housing Development Corporation required that the affordable housing lottery should be open to all New Yorkers without favoring anyone, including current residents of the community. For those who do not meet income restrictions, there will always be Stuyvesant Town condos for sale at more affordable prices than the rest of Manhattan.
But whether you’re looking for Apartments for Rent in Stuyvesant Town or real estate for sale, you’ll fall in love with our options.