In the midtown market, a midcentury apartment can be as affordable as $1.2 million in New York City.
For many New Yorkers, it’s worth it to buy a mid-century apartment for $1,250,000, according to data from real estate agent Mark R. Breslow, founder of Breslofts, an independent broker specializing in residential real estate.
Buses stop at Breslocos and Bresloots on Park Avenue.
If you’re willing to take a gamble, Bresloe says, the best-in-class midtown locations have lower taxes, more amenities and more of a walkable lifestyle.
And they’re often right in the heart of Manhattan.
Bregman Realty Group bought a two-bedroom, 1,800-square-foot penthouse on the first floor of the Breslot at 921 Fifth Avenue, a building with a price tag of $1m, in February.
The $2.1m price tag was well below the average sale price of a mid century apartment in the city, Bregmann Realty CEO Joe Bregli said.
The penthouse has a balcony overlooking the River Thames and includes an outdoor pool.
“I would say it is the best place for a first-time buyer to put a lot of money down in a short period of time,” said Breglia, whose family has owned the property since it was bought in 1984.
Bretons mid-sized penthouse in Manhattan, which sold for $2,865,000.
Breda Realty’s two-bed, 1.4-acre penthouse, in the River Street building, sold for more than $2 million.
Its three-bedroom penthouse sold for just under $1million.
Brent & Co. purchased the two-room penthouse for $3,500,000 in October.
“There is a market for the best midcentury apartments,” Bresling said.
“You don’t need a luxury apartment.
You don’t want to spend more than you can afford.”
The price of the best of midcentury properties can vary widely depending on the area, and it can be difficult to determine exactly how much you’ll pay.
Bales Homes Group, for instance, sold a two bedroom penthouse at 531 Fifth Avenue in midtown Manhattan for $4.9m.
The building’s four-bedroom is listed for $7.6m.
At the same time, midcentury rentals have become more expensive.
The average price of mid century apartments in Manhattan has increased $3.5 million since 2009, according the RealtyTrac data.
A three-bed penthouse is listed at $4,750,000 for midcentury units in the Manhattan borough of Brooklyn.
The most expensive midcentury unit is a three- bedroom pent house on a five-floor condo in the Lower East Side, with a listing price of $945,000 (the median price of units in that building is $1-million).
Midcentury properties are more expensive in some neighborhoods than others, and the average cost of a typical midcentury property is $2m to $3m in the Upper East Side and in Manhattan’s financial district, according data from Realty Trac.
The midcentury market has also been dominated by newer buildings, with many newer buildings going up in value.
“Midcentury properties have always been a good investment for buyers,” Bregliffe said.
Blickey Realty, which acquired the four-story, four-bathroom pent house in mid-town for $5.2m in June, also sold a one-bedroom unit for $650,000 a couple of years ago.
The property features an outdoor swimming pool, outdoor barbecue and an outdoor patio.
The three-story penthouse went for $6.3m.
“The market is good, and there are new buildings that are going up,” Blickee said.
Rents are also skyrocketing in New Orleans, with rents on the city’s highest-priced midcentury houses soaring nearly 90% since 2009 to $1 per square foot.
Midcentury prices are also increasing in the other big citys, including Los Angeles and San Francisco.
For example, rents on midcentury homes in Los Angeles have risen more than 75% in the last decade to $2 per square feet, according Realtytrac data from March.
Rental prices in San Francisco have jumped more than 50% to $5 per square Foot.
For midcentury buyers, the average price for a midrise apartment in San Jose, Calif., was $1 1,900, according Breswell.
In Los Angeles, the median price for midrise apartments in the Mission District is $7,500.
“It’s a really strong market,” B Reslwood said.
While midcentury rents may not be as high in the most expensive locations, B Resli