How DC Stacks Up
Measuring Up: DC Condos vs. NYC Condos
The average sales price for a condo in New York City is $1.2 million; in DC it is $354,000. The average price for a cocktail in New York is about $8; in DC it is $5. A slice of pizza in New York is $3; in DC, $2. Obviously, the cost of living differs greatly in these two cities. However, both are very popular destinations for home owners in all stages of life, so we decided to take a closer look at how residential real estate prices matched up.
In this article, we look at two condos in Manhattan and DC proper at similar price points and two condos in Brooklyn and Clarendon, VA and compared them to see what you get for your money.
In the Heart of the City for $700,000
3241 N Street NW #3
Location of First Property
Georgetown is one of the oldest and most storied neighborhoods in DC. It has long been the preferred habitat for those at the top of their profession in the nation’s capital.
Details of First Property
This $699,000 property is located at 3241 N Street NW. It is steps from the center of Georgetown’s retail district.
The condo is in a Federal townhouse that was originally built in 1820. On the main floor of the unit are the living room, kitchen and dining room. The dimensions of the living room are 14’x8’ and the dining room is slightly smaller at 10’x7’. By no means are these rooms huge, but they definitely provide the new owner with a lot of options depending on how they want to set things up. There is a floor-to-ceiling bookcase built into one of the walls in the living room and a fireplace on one of the other walls. The kitchen is off the living room and is pretty cramped, but does provide more counter and cabinet space than the Manhattan one-bedroom below.
There are hardwood floors throughout this level while the lower level, where the bedrooms are located, is carpeted. There is not a ton of natural light coming into this floor, but there is a gated brick patio off the kitchen that offers private outdoor space in a neighborhood where space like that is scarce.
On the lower floor, there are two bedrooms, two bathrooms and a den. The great thing about this property is that the bedrooms are virtually the same size (in many two-bedroom properties, one room is disproportionately larger than the other). The den on this floor is large enough so that a section of the upstairs living room does not have to serve as an office.
This apartment has central A/C but does not have a washer and dryer. Perhaps most importantly, it comes with a parking space that is only about twenty steps from the property. For the full listing, click here.
310 East 23rd Street
Location of Second Property
Gramercy is an upper-class Manhattan neighborhood populated by families that come from old money and young, successful professionals. Located about twenty blocks south of Midtown, its location from a convenience standpoint is tough to rival. We chose Gramercy because it is a comparable neighborhood to Georgetown when it comes to population demographics and property prices relative to the city that it is in.
Details of Second Property
This $699,000 condo unit is located at 310 East 23rd Street on the edge of Manhattan’s Gramercy neighborhood and just a couple blocks from the East River. It is in a pre-war converted factory building called The Foundry.
Like most properties in Manhattan, you do not get very much space for your money with this unit, but the space that you do get is used well. The living room is small, but there are custom built-ins which means you don’t necessarily need a bookcase. There is enough room for a large couch and a love seat has been built in below the most important feature of the room: extra-large windows that frame views of the Empire State Building.
The kitchen is small but efficient, and has all new stainless appliances (Liebherr refrigerator, GE dishwasher, Verona gas stove). There are also all new counters and a breakfast bar, and there is room for a small dining room table just adjacent to the kitchen.
The bedroom is lofted, a common technique in Manhattan to use space to its fullest extent. There is a closet in the lofted area and the room is big enough for a bed and a small wardrobe, but there are also custom shelves that provide a good deal of extra storage room. Shades have been installed for the original factory skylights, so you won’t be woken up by the sun each morning.
The unit has a washer/dryer (a crucial amenity in a city where most people depend on the laundromat), and there is a deck on the roof of the building, as well as a bike room and storage area in the basement. This unit is what is known as a “condo-op,“ a cross between a condo and a co-op. That means that no co-op board approval is needed to purchase the apartment, there are no minimum financing requirements and no restrictions on subleasing. For this property’s full listing, click here.
How They Stack Up
| Washington, DC | New York City, NY | |
|---|---|---|
| Price | $699,000 | $699,000 |
| Square Footage | 1,100 | 755 |
| Price Per Square Foot | $635 | $925 |
| # of Bedrooms | Two | One |
| Outdoor Space | Yes, patio | No |
| Washer/Dryer | Yes | Yes |
| Gym | No | No |
| Pets | Allowed | Allowed |
Bottom Line
The DC property bests the Manhattan condo in many important categories above (square footage, price per square foot, etc.), but that was to be expected. However, people choose to pay the high property prices in Manhattan for a variety of reasons, one of those being location. For the money, this is a good deal for a condo in an ideal Manhattan location.
Just Outside the City for $560,000
1021 Garfield Street
Location of First Property
Clarendon is in a section of Arlington that is across the Potomac from DC. It provides many of the comforts of a suburb, but is just a short Metro ride from the heart of downtown.
Details of First Property
This $569,900 two-bedroom unit is in a high-rise luxury building at 1021 Garfield Street in Arlington, VA.
When you enter, a long hallway leads you into the living room/dining room area. While not huge, the living room is large enough for two couches, an entertainment center and a coffee table. What didn’t make the cut space-wise was a dining room table. There is also a balcony off the living room.
The kitchen is small, but does have all new appliances and a large granite island/counter area. For its size, a notable downside to this unit is the lack of a legitimate place to sit down and eat. Meals pretty much have to be eaten at the coffee table in front of the TV.
The two bedrooms are noticeably different in size, a drawback of many two-bedroom units that we noted above. The master bedroom is about 14’x14’ and has a walk-in closet as well as a large sliding glass door that leads out to a second, larger patio. The second bedroom is currently being used as an office, an indication that it would be pretty cramped if used for its original purpose.
The building has a number of amenities. There is a concierge and doorman, a fully equipped gym and a rooftop pool. The development is also right next to the Clarendon Metro orange line (about a five-minute walk) which is about an 11-minute ride to the Metro Center stop in DC. It is also walking distance to a Whole Foods Market and Starbucks. For the full listing, click here.
535 Dean Street
Location of Second Property
For a long time, downtown Brooklyn was not an attractive area for home buyers. It was a neighborhood dominated by office buildings and little else. However, once the Atlantic Yards project got moving, there was a resurgence in residential construction and hype. We chose Brooklyn because, much like Clarendon, it sits just outside the borders of the city proper and is becoming an increasingly popular destination for people who do not want (or can’t afford) to live right in the thick of things.
Details of Second Property
This $560,000 lofted studio is in the Newswalk building at 535 Dean Street in Brooklyn.
The apartment truly takes advantage of its space. The living room is one of the best parts as it has 12.5-foot ceilings and huge windows. There is a long bookcase that runs along one wall and a taller bookcase built in right next to the windows.
One of the cooler uses of space is the alcove right under the staircase that leads up to the lofted bedroom. The area is just large enough for a desk and a chair, but tall enough so that you won’t hit your head on the ceiling when you stand up.
The lofted bed area is nothing spectacular, but there is enough room for a Queen-sized bed. The kitchen and bathroom are to your left when you come into the unit. The kitchen is small with high-end appliances but little counter space. There are two closets near the entrance.
The building has a gym, a 15,000 square-foot common roof deck, and a laundry room. High speed internet and DirectTV are included in the common charges. There is also a 24-hour concierge and garage parking is available for $300 a month. The unit is being sold by the owners. The full listing is here.
How They Stack Up
| Clarendon, VA | Brooklyn, NY | |
|---|---|---|
| Price | $569,900 | $560,000 |
| Square Footage | 1,021 | 700 |
| Price Per Square Foot | $558 | $800 |
| # of Bedrooms | Two | Studio |
| Outdoor Space | Yes (roof) | Yes (roof) |
| Washer/Dryer | No | Yes, in building |
| Gym | Yes | Yes |
| Pets | Allowed | Allowed |
Bottom Line
From a location standpoint, these are two very comparable apartments, and again, the DC condo is a better deal for the price. However, the layout of the Brooklyn condo, while smaller, is much more inviting from our perspective, and in the long run, probably a better investment.
Conclusion
Many people outside of New York City think buying a home in the Big Apple is ridiculous considering the high prices. That point may have been furthered by this article, where the New York properties were on average $250 more expensive per square-foot than similarly priced properties in DC.
We’d love to hear your take, though. Where would you buy an investment property if you had the choice and the money? Would you choose space over investment potential? Or vice versa? Let us know in the comments section.
1 Comment
I know I’m getting to this post late (and these properties may have sold/been drastically reduced in price), but I figured I’d throw my opinion out there.
As many bloggers have noted, and as I have noticed during my time in DC (lifelong resident with a five year hiatus in Philly), our city is probably going to be the next big growth city on the east coast. The consensus that has emerged from developers, relators, business/gov’t types and suburbanities is that within ten years DC will be a world class city. Just compare what the district was like in 1998 to what it is like today.
While NYC has much going for it, I think that in the expectations game there is very little left to be discovered. In other words, parts of Brooklyn and Harlem will become ‘hot’ or be rediscovered, but nobody who follows these things on the east coast expects much from our town. People hear DC and think the museum/crime addled city of their childhood. The city is not yet an urban destination outside of the region, but everything is in place to make it become one. I’d put my money on DC - these condos included. Make sense?