summary
◆ Introduction to the surrounding environment of the largest private university in the United States, the Washington Square Campus of the main campus of New York University and the Lower Manhattan area
◆ Greenwich Village July 2021 one-bedroom apartment rental, with doorman service $5341, no doorman service $3619
◆ In the Lower Manhattan area in 2021, the median second-hand house price of condo apartments is $1.97 million, and the median second-hand house price of new cases is $1.98 million
Founded in 1831, New York University (NYU) is the nation's largest private, nonprofit institution of higher education centered on Washington Square and located in the area around Greenwich Village. More than 40,000 students are scattered throughout the New York area, stretching north from Midtown Manhattan to Greenwich Village and further south to downtown Brooklyn. In addition, as an international university, NYU also has branches in Shanghai and Abu Dhabi, and 11 academic research centers around the world.
new york university campus photo by cincin12 on wikipedia
NYU is widely distributed, from the Upper East Side in the north of Manhattan to the southernmost financial district, and there are institutions and service centers that can help. Fortunately, NYU not only has a convenient subway system nearby, but also provides shuttle buses between the campus and the dormitory. Real-time information on subway and bus traffic can also be found on the school's official website.
Image credit: metropolitan transportation authority
1. NYU Washington Square Introduction to the community around NYU Washington Square
The Washington Square Campus is the main campus of New York University, and the entire complex surrounds Washington Square. Washington Square and the nearby Greenwich Village have been the cultural center of New York since the 19th century, and many famous writers and poets, such as Edgar Allan Poe and Mark Twain, have lived here and created many heirloom works depicting the customs and life here. Further outward expansion is the Lower Manhattan area of Manhattan, where New York City Hall and the world-famous Wall Street are located.
washington square park photoby olga subach on unsplash
◆ 1-1 lower manhattan lower Manhattan community introduction
Lower Manhattan is the southernmost part of Manhattan, bounded by 14th Street to the south, the Hudson River to the west, the East River to the east, and New York Harbor to the south. The area south of Chambers Street near the Hudson River to the south of the extension of the Brooklyn Bridge is considered the business district of lower Manhattan, wall street and the World Trade Center building, and the north side of the business district is the New York City Hall.
lower manhattan photo by kevin wolf on unsplash
Since the Lower Manhattan area is home to the earliest Chinatown in New York, as you can see from the image below, most of the Asian supermarket streets are clustered near Chinatown.
Asian supermarket distribution Image source: google map
Then we look at the census bureau data to see the demographic characteristics of the residents of the Lower Manhattan area. The district has a population of about 309,000 people, with a median age of 37.1 years, slightly lower than the median age of Manhattan of 37.6 years, and the distribution of various age groups is less than 1% different from that of Manhattan as a whole, and more than half of the population is under the age of 40, accounting for about 55.1%.
Source: 2014-2018 american community survey
Then we look at the income of residents in lower Manhattan, the average household income is $157,443, and the number of people with incomes below 50,000 accounts for 36.3%, which is slightly lower than the national (38.4%) and slightly higher than Manhattan (31.4%). 22% of the population with incomes of 100,000-200,000 and 23.5% of the income of more than 200,000 people are slightly lower than the proportion of Manhattan.
As can be seen in the figure below, most of the residents of lower Manhattan are engaged in business and arts and science occupations, accounting for about 65% of the working population, another 20% are engaged in sales and office occupations, 12% are engaged in service jobs, and the proportion of production, transportation and construction is low, accounting for 3% and 1% respectively.
◆ 1-2 Security - Lower Manhattan area
The image below is a crime map provided by the New York City Government, and we have taken the area information of the Lower Manhattan area in June 2021 to illustrate it. The two more prominent concentration areas in the figure are in washington square and the area of the lower East Side on the southeast side, and it is inferred that the frequency of cases is higher due to the dense population of residential areas.
Source: nyc crime map
2. Lower Manhattan property price and rent analysis
◆ 2-1 Greenwich Village Greenwich Village Rental Market Introduction
NYU's main campus is located in Greenwich Village, a large residential area with mostly middle-class residents. Let's take a look at the rental market in this area.
Greenwich Village's July 2021 rent quotes were on the one-bedroom segment, with rents for doorman serviced residences at $5,341, up about 4.8% compared to the same period last year. Meanwhile, monthly rents rose for four consecutive months, up 0.6% from March 2021. Rents for serviced apartments without a door were $3,619, up 2.5% compared to the same period last year. It also rose from March 2021 and rose 5.8% from the previous month.
In the past year, the rent of the doorman serviced apartment was $6683, which was a large decline of 12% from the previous month's rent. Compared with the same period last year, it also fell by about 2.2%. The average rent for serviced apartments without a doorman was US$4,726, up 10.9% from the previous month and up 7.1% compared to July 2020.
Source: mns.com
◆ 2-2 lower manhattan lower Manhattan area house price and transaction volume analysis
In addition to the campus of New York University, the Lower Manhattan area also has large residential areas such as Greenwich Village and the Lower East Side, the earliest Chinatown in New York, as well as the Civic Center, the financial district dominated by business activities, and Wall Street. Let's take a look at the property data.
Judging from the distribution of transactions in the chart below, most condos are located in the West Village, soho and tribeca. Coops are mostly located in the north of the Lower Manhattan area, between about 9th and 14th streets, as well as in the east village and lower east side areas.
Note: The statistical time is from 2017 to July 2021, and does not include new cases Data source: U-investment house Draft: U-pitched house
Below is the data on second-hand condominiums in lower Manhattan. In 2017, the volume of transactions was about 810, and then it fell to about 470 in 2020 year by year, and the volume of transactions fell by about 42% in three years. The median part of the transaction price, the two time points in 2018 and 2021 are the highs of the past five years, the median is at $1.97 million, and the relative lows of the price appear in 2017 and 2019, about 1.64 million. Although the trading volume has decreased year by year, the median price has grown year by year in the past three years.
The price distribution chart of condo second-hand apartment transactions was relatively high in 2018, with more than half of the transactions above $2 million and a quarter of transactions exceeding $3 million. The price distribution from 2021 to July is similar to that of 2018, and there may be a chance to climb again after the peak season of the housing market.
◆ 2-3 lower manhattan new case house price and transaction volume analysis in the Lower Manhattan area
We can look at the new construction in the Lower Manhattan area from the following figure, condo apartments have about 120 projects, and the transaction prices are higher. There are about 40 new projects for coop apartments, mostly on the north side of West Village and Greenwich Village.
Note: Statistical time from 2017 to July 2021 Data source: U-pitched house Chart: U-pitched house
Then look at the transaction data of the new condominium case, the median part of the price, the highest point in recent years appeared in 2017, about 3.51 million. In 2018, it fell rapidly to 2.35 million, down about 33%, which is a quite amazing decline. There was not much of a drop in the median price from 2018 to 2020. As of July 2021, the median price fell to about 1.98 million, and compared with the previous year, it fell by about 11%. In the past five years, there have been two waves of trading volume up and down, and in 2018 and 2020, due to the impact of tax reform and the epidemic, there have been two waves of sharp decline in trading volume. The highest point appeared in 2019 with about 943 cases, and the next year, it fell to 484 in 2020, a range of about 48.7%, the largest decline in the past five years.
The distribution of transaction prices in condo apartment construction cases was the highest in 2017, with about a quarter of transactions above $6 million, and the distribution at the beginning of 2018 decreased year by year, with about a quarter of transactions above $4.2 million in 2018. 2019 to 2021 is similar, the price distribution is still declining year by year, from the data point of view, about a quarter of them are above $3.8 million.
epilogue
This article takes you to see New York University's Washington Square campus, and briefly introduces Greenwich Village and the Lower Manhattan area. After analyzing the overall environment of the area and the real estate market, including the latest data on rents and house prices and trends in recent years, I hope that today's analysis can help you better understand the main campus of NYU and the surrounding living area.
To learn more about the U.S. real estate market, stay tuned to U.S. Housing!