Survey Says! Values Placed on Manhattan Neighborhoods

Manhattan’s Upper East Side, at least in the prime real estate areas, is chock-full of parks and greenery, but lacks a convenient subway line. Wall Street area residents, on the other hand, have great subway accessibility–but not much of anything else.

Such considerations of various Manhattan neighborhoods were recently set out in a survey by New York-based Bellmarc Brokerage. The analysis was done to find out why condo and co-op buyers choose to live where they do in the Big Apple.

The results were generated over a year’s time from Bellmarc’s computer data and by 250 of its brokers, who completed three blind surveys based on their impressions of city dwelling spots. The data will be updated annually and supplemented by quarterly analyses of asking and selling prices.

The survey breaks Manhattan into the six territories covered by Bellmarc’s brokerage branches: Eastside, Westside, Midtown, Lincoln Center, Gramercy/Chelsea and Downtown and divides these six areas into 41 neighborhoods. On a scale of one to ten, with ten being the highest, neighborhoods were rated in six categories: Trees & Greenery; Parks; Subway Transportation; Shopping; Restaurants & Culture; and Historic Ambiance. The brokers based their judgments on variations in quality and demarcations in market value, says Neil Binder, a principal of The Bellmarc Companies. He says, "No other report in the marketplace even attempts such a profile."

Bellmarc says the Shopping classification includes supermarkets and delis, as well as clothing shops and other retail stores. However, neighborhoods that bagged high scores in this category feature "high quality shopping," meaning that retail trade in that part of town holds a broad-based interest even to those who live outside the community, according to Binder. For instance, "Madison Avenue is an attribute that causes people to desire it as a proximity to where they want to live," he says. "The shopping adds value to the area."

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