Print | Email | Share

Young Korean workers seek cheaper rents

Areas close to Manhattan that promise cheap rents are becoming increasingly popular among young Korean workers in New York City. With rents as much a $1,000 cheaper than in Manhattan, the outer boroughs are gaining popularity among young Koreans who work or go to school. Areas such as downtown Manhattan or Union Square are out of reach for many because of the astronomical rents even for studio apartments.

Among the more popular residential areas for young students or workers are Manhattan’s West Harlem, Astoria in Queens, Park Slope and Williamsburg in Brooklyn, and Journal Square and Fort Lee, in New Jersey. These areas are also seeing a spate of hotels and condos being developed. In the case of Astoria, even though rents have gone up by almost seven percent in the past year, living there is still cheaper than in Manhattan.

Mr. Kim, Young-ki, a real estate broker at Pochun Reality, said “In Astoria, the price for a studio rental is roughly between $1,100 and $1,600. One-bedroom apartments are renting for $1,400 to $2,200, while two-bedroom apartments are going for $1,800 to $2,500. There is also a spread in rents between new and old apartment buildings.”

The Park Slope and Williamsburg sections of Brooklyn, long popular among artists and students, are similar to Astoria in rental prices. There is a mix of residents and apartments, but most existing older buildings are priced in these general categories: studios begin at $1,300, one-bedroom apartments rent from $1,700, and two-bedroom apartments start at around $2,200. Prices for new or newly renovated apartments can be as much as $200 higher per unit.

Apartments in Manhattan’s West Harlem are popular among Korean couples who work in Manhattan because the commute is so short. The market conditions are not bad either; studios can be found for an average of $1,000, and one-bedrooms for between $1,300 and $1,400.

Journal Square, Palisades Park, and Fort Lee, in New Jersey, are representative areas for Korean residents. Koreans prefer these areas because of convenient traffic conditions. Especially in the case of Journal Square, Path trains and buses offer quick and relatively easy transportation to and from Manhattan, making it easy for those without cars. Koreans are increasingly moving into these areas that were once largely inhabited by Black and Hispanic residents. Many new apartment buildings are going up and the areas are booming with renovations. Rents in existing buildings are somewhere around $1,000 for studios and $1,200 for one-bedrooms.

Mr. Kim, Young-ki, added, “The market is just too high in most of Manhattan. Young Koreans, foreign exchange students from Korea, even young professional Koreans are just priced out of the market. Many first generation and second generation professionals are leaving Manhattan. And I don’t anticipate any change in this trend any time soon, if at all.”

 

In Briefs section of Edition 335: 21 August 2008

Displaying 1-0 of 0   Prev Next