Second homes: Added condos sweeten the Big Apple
The Big Apple attracts second-home owners the same way it lures more than 45 million tourists annually: with the nation’s best array of restaurants, museums, shops, performing arts and culture.
But recent developments have made New York even more tempting. Once-marginal neighborhoods such as the Meatpacking District and Times Square are not just gentrified but leading hot spots. The 10-year-old Hudson River Park has transformed the entire West Side shoreline, once full of rail yards and crumbling piers, into a sports, recreation and relaxation zone. Another park, the High Line, 1½ miles of greenway through downtown, opened its first phase just last week.
But perhaps the biggest driver for pied-à-terre ownership has been recent condo construction after a long period of inactivity. The shift to condos has greatly increased the inventory of second homes, says Emma Kerins, executive vice president of the city’s Halstead Property, as would-be buyers are able to bypass the approval of a co-op board that may frown upon absentee owners.