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currently considering purchasing a condominium, any thoughts? which is better for long term investment and rental wise.. budget around 400-600.. manhattan is an option but i dont think is investment wise and the tax is so high plus you mostly get old buildings..
Brooklyn Heights is getting a new waterfront park with an indoor cycling facility, huge high-end hotel/condo planned at Pier 1, and neighboring DoBro is also developing rapidly with NYU expansion, CityPoint, and Barclay's center.
LIC is getting a large waterfront affordable housing complex.
Also, Brooklyn Heights has the 2,3,4,5,N,R,A,C subway lines and LIC has the 7 line.
Brooklyn Heights is already priced high, one of the highest in Brooklyn. So not sure if there is much upside there.
And, check a map, Barclays Center / Citypoint are nowhere near Brooklyn Heights.
Breaking news from the New York Times:
Long Island City declared a "municipal sacrifice zone" -- the urban equivalent of the bomb test sites of Nevada ...
http://www.nytimes.com/2012/06/17/nyregion/mitch-waxman-tour-guide-to-decay.html?_r=1&ref=nyregion
LIC is actually close in price to BK heights if not more expensive, due to it large condo inventory, which is highly speculative. This comparison though is night and day, apples and oranges.I would put my money on where you can find the greatest return for your money, if your looking to buy 1 unit and rent it out, in any of these locations i would say its not a homerun investment unless you find a property well below market value or your buying a building or lot to develop. If i had to chose it would be bk heights simply because there arent nearly as many rentals available to compete against my investment. LIC is overloaded with rental buildings and failed condos gone rental.
http://www.nytimes.com/2012/06/17/nyregion/mitch-waxman-tour-guide-to-decay.html?_r=1&ref=nyregion
i hope youre back alan--wonderful story--doesnt exactly encourage that one buy real estate in LIC, but that would be nuts for innumerable reasons, primarily the need to live in a hazmat suit!
i want to get a tour with mitch--
I see the wackos are out again with misinformation about LIC. Actually, LIC (Waterfront/Vernon area) has cleaner air than just about any neighborhood in Manhattan, and most all of the condo buildings have sold very well at good prices (currently $700-$800psf).
I agree with yikes and hope alan is back. Unfortunately though you may not become ungreyed unless you do what wbottom did and pick a new name.
what is going on with the projects that are being built along the entire LIC waterfront?
nyc_observer: "Also, Brooklyn Heights has the 2,3,4,5,N,R,A,C subway lines and LIC has the 7 line."
So stupid. Here is an MTA map:
http://www.mta.info/nyct/maps/submap.htm
As you can see, BOTH areas have 8 subway lines. LIC has the N, R, Q, E, M, 7, G, & F.
Oh yea...I was only comparing Hunter's Point to Brooklyn Heights.
LIC already has the largest projects in America.
> So stupid. Here is an MTA map
Much more concentrated in BH. I've been trapped in LIC with track work a few times, BH is much easier to deal with (and you can even walk back into Manhattan, if that is even doable in LIC it would scare me).