The place to be

We all know the bubble doesn’t apply to NYC—we are in our own wacked-out world here. It’s still expensive to buy, and rents in central neighborhoods remain higher than should be legal. And yet, because this is New York, there are still pockets where you can find attractive places to plunk down your hard-earned dough, whether because the rents are reasonable (relatively), the vibe is energetic or the future is bright. Here, we laud four of our favorite neighborhoods, each with its own attraction.

HUDSON SQUARE  |  SUNSET PARK  |  SOUTH BRONX  |  BAYSIDE

Hudson Square, Manhattan

Photographs: Shane Bar-On and Jackie Johnston

No ad for the new developments in Hudson Square is going to brag “Holland Tunnel–adjacent,” but that’s exactly where they are—and that’s okay. Away from the tourist-flocked streets of Soho and the high prices of Tribeca, this former no-man’s-land bounded by Varick, Canal and West Houston Streets is coming into its own as a place to buy. “It’s like Tribeca in the early 2000s,” says Corcoran Group vice president John Gasdaska, who notes that at least five condos have been built in this formerly industrial neighborhood in the past four years, with more coming. In fact, two particular buildings (one of which is the love-it-or-hate-it Philip Johnson–Alan Ritchie project) are going up now on a single block of Renwick Street.

Affordability is relative, but for now the numbers are lower than they are a few blocks south. Condos are selling for about $1,350 per square foot, Gasdaska says—compared with a range of $1,500 to $2,000 for Tribeca or the rest of Soho. What’s more, you’re not as cut off from the world as you think: Don Hill’s (a locus of NYC’s rock scene since the music died at CBGB and the Continental) and the Ear Inn (one of the oldest bars in the city) are not the only nightlife in the area anymore. The Jazz Gallery features both established and young musicians, the new restaurant Lomito brings an Italian-Argentine flavor to Spring Street, and French wonder La Sirène just won a TONY Eat Out Award. Weekends do still find streets on the empty side, with joggers and dog-walkers merely passing through on their way to the park space along the Hudson River. But Christine Messineo, an art dealer who works in the nearly one-year-old Renwick Gallery, says she has gotten to know some of the locals. “They’ve been great about supporting us and some of the other new businesses in the area, and welcoming us to the neighborhood,” she says. We’re sure they’ll do the same for you.

HUDSON SQUARE  |  SUNSET PARK  |  SOUTH BRONX  |  BAYSIDE

Sunset Park, Brooklyn

This Brooklyn enclave—30 minutes from midtown on the N train—has been reshaped in the recent past by waves of Latino and Asian immigrants, and is now seeing an influx of students and young professionals drawn by housing more affordable than in nearby Park Slope.

“In Sunset Park you can find a nice one-bedroom apartment for $750 to $900 a month,” says Luke Constantino, a Realtor with RE/MAX Professionals. “For $1,150 to $1,400 a month you can find a two-bedroom that could be a whole floor in a two-family home, where you have use of the backyard, too. That compares with Park Slope, where rentals go for $1,500 to $1,900 a month for a studio.”

Andre Burton, 38, who moved here five years ago, agrees that the housing prices were a big draw. “Previously I was living on the Upper West Side, but I decided I’d rather eat,” he says. And you can. A lot. Mexican and Chinese restaurants dominate, lining the main strips of Fifth and Eighth Avenues (the latter is the center of Brooklyn’s Chinatown). The diverse residents and businesses create a vibrant neighborhood street life, and the eponymous park provides views of New York Harbor and the Manhattan skyline.

HUDSON SQUARE  |  SUNSET PARK  |  SOUTH BRONX  |  BAYSIDE

South Bronx

Photographs: Shane Bar-On and Jackie Johnston

The area that real-estate brokers want you to call Sobro is starting to take shape. In formerly desolate neighborhoods like Mott Haven, abandoned warehouses and factories are being turned into condos, and antique stores, restaurants and bars are moving in. And it’s all just one stop into the Bronx on the 6 train.

“Mott Haven is attracting people from the East Village and Williamsburg,” says Eric Del Valle, managing director of sales at Chadwick Realty Group, citing one-bedroom apartments for $1,000 to $1,200 a month, with some units in rent-stabilized buildings available in the $850 range. “They’re drawn by the lower rents, but they also appreciate a neighborhood that still looks like the Meatpacking District did several years ago.”

That’s not to say a similar trajectory would be an entirely a good thing—look what happened to the MPD. And Mott Haven won’t necessarily go that way—look what didn’t happen to Red Hook. But it’s something to think about: If you move up to Mott Haven, you are a pioneer, yes, but you’re also part of the gentrification process.

Bill Buckley, an art director who bought a co-op on the concourse near Yankee Stadium about a year and a half ago, says he likes living in a place that still has some rough edges, but is also on the upswing. “This is an area that used to have a bad reputation, but I’ve never felt unsafe,” he says. “And they’re really remaking the place—the new stadium is supposed to open in 2009, and they’re building a huge mall nearby.” He adds that the city has also upgraded the Grand Concourse, widening the roads and sidewalks and installing planters and antique streetlights. That gives his one-bedroom apartment, bought for $90,000 and already worth about a third more, an attractive upgrade as well.

HUDSON SQUARE  |  SUNSET PARK  |  SOUTH BRONX  |  BAYSIDE

Bayside, Queens

Photographs: Shane Bar-On and Jackie Johnston

In the 1920s, movie stars like W.C. Fields and Gloria Swanson populated this suburban outpost. Today, trees and lawns are still the rule here, but the houses range from mansions to multifamily homes and apartments. “It looks like Long Island but has a city feel,” says Steve Hirsch, a local who is also a broker at Geoffrey Stevens Realty. Most of the available co-ops and apartments are in Bay Terrace, the northern part of the enclave, which abuts the shore and offers views of the Throgs Neck Bridge. A 1,400-square-foot apartment there can be bought for about $575,000, Hirsch says. Those seeking rentals can find apartments in two- and three-family houses; a three-bedroom, two-bath duplex in such a house rents for about $1,850 a month.

The quality of life and of price appealed to Peter Croce, 25, who moved to Bayside two years ago after graduating from St. John’s University. He now lives just a few blocks from the Long Island Railroad Station (the commute to Manhattan takes 25 minutes; the subway really isn’t an option). Nearby Bell Boulevard has bars, clubs, restaurants and stores in sufficient density to be pedestrian-friendly, and the businesses create a lively, eclectic mix: A yoga and tai chi studio sits above a hardware store, while weekend nightspots like Bourbon Street and Lucky’s share blocks with drugstores, takeout places, sushi restaurants and steakhouses. “There’s a bit of nightlife here,” Croce says, “but it’s also a neighborhood with lots of trees and good parks.” Indeed, Bayside has four big green spaces: Crocheron Park, John Golden Park, Fort Totten Park and Alley Pond Park. Think of them as extra square footage, free of charge.