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Market Update Monday: Alphabet City Makeover

Uncategorized // Nov 02, 2015

East Village 041

When you think of Alphabet City, one block comes to mind: Second Street between Avenues C and D. The block often vacant and filled with commercial buildings, tenement-style homes and graffiti leaves much to be desired. This seemingly gritty area of the East Village has had a bad rap for quite some time, thus causing new development to remain almost dormant until now.

With the downtown’s ever-booming new developments, Alphabet City is finally getting the influx of nice housing that it deserves. Due to buyers increasing demands to live downtown and developers need to transform, this previously ignored area is garnering attention.

Miron Properties Jeff Schleider notes that even with this new-found activity, the area still has its diverse charm. “It really is a neighborhood — you see the same people over and over again,” he says.

This authentic and homey feel is the ultimate draw for interested residents, but it’s the prices that steal the show. According to StreetEasy, median asking prices have soared over the past two years. However, as buyers continue to head east they can still expect to see a price break.

In addition to the well-priced units, Alphabet City’s creative vibe is a huge draw as well. The independent and edgy atmosphere continues to attract homeowners and restaurateurs alike.

“It’s the only neighborhood left that’s quintessentially downtown,” notes, Jody Kriss, of East River Partners, “and provides good value.”