HAMILTON HEIGHTS — Although Hamilton Heights is generally considered one of the most affordable neighborhoods in Upper Manhattan, the price of market-rate one-bedroom apartments is more on par with a southern neighbor once considered among the most expensive, according to a real estate analysis company.
The area's 10 most affordable properties ranged from $550,000 to $1.3 million for one-bedroom apartments — nearly double the $399,000 to $539,000 range on the Upper East Side for entry-level market-rate apartments, according to Constantine Valhouli, co-founder of the real-estate analytics team Neighborhood X.
The company is currently working on a broad study of affordability in major U.S. cities by examining the most affordable properties in different neighborhoods throughout the city.
Valhouli said the difference ranges in part to the greater number of properties in the latter neighborhood with a range of prices, versus the former being smaller with fewer properties.
Another influence is the “significant number” of properties with restrictions that are out of reach to many buyers, he said.
“While many buyers look to (Hamilton Heights) for bargains as a less-established neighborhood, a number of the lower-priced listings are actually out of reach of many buyers because it requires an all-cash or predominantly cash transaction,” he said via email.
Another potential key to look out for is how the West Harlem expansion of Columbia University might influence the area.
“The Columbia University campus expansion is going to bring increased foot traffic and demand from students, faculty, and administrators to the neighborhood — as well as retail to serve them,” he said.
