Bordered by LES to the east, TriBeCa to the west, and Little Italy to the north, Chinatown NYC is perhaps one of the most unique, eclectic neighborhoods in all of Manhattan. The neighborhood oozes character, and has a distinct feel that helps differentiate it from anywhere else in NYC.
History
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The first Chinese immigrants arrived in the area in the mid-nineteenth century, seeking an opportunity to establish a foothold in the rapidly growing residential and commerce hub of Manhattan. Early Chinese businessmen established small businesses and used their profits to establish rental properties that enabled more Chinese immigrants to secure housing, which was previously very difficult due to racial prejudices and discriminatory legislation. Despite continued hardships, the cultural and business influence of these residents began to grow and flourish, forming the Chinatown New Yorkers know and love today.
Accessibility
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Part of the charm of this neighborhood is perusing its streets and striking deals with its vendors. With its central location in lower Manhattan, public transit is readily accessible and provides access to most areas in NYC with ease. The 4, 5, and 6 lines run through the neighborhood, as well as the J, N, and Q trains. There are several stops within walking distance throughout Chinatown NYC, and convenient transfers are available between stops.
Lifestyle
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Chinatown NYC is one of the most iconic Manhattan neighborhoods, and it offers an almost infinite array of vendor and shopping opportunities that are popular with both tourists and natives alike. Enjoy the spectacle of the Chinese New Year parade, haggle with a vendor on the price of an arguably-authentic Gucci bag for that second cousin you don’t particularly like, or for those with a desire to absorb the culture through a more refined channel, visit the Museum of Chinese in America.
Restaurants
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Lifestyle and food go hand-in-hand in this neighborhood, with Chinatown NYC offering some of the most authentic, and delicious, Asian cuisine in the city. With some of the world’s greatest dim sum and dumpling restaurants around the corner, including Jing Fong, 456 Shanghai Cuisine, and Joe’s Shanghai, residents and visitors alike need to explore the diverse tastes and flavors of Chinatown.
Cost
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Rising real estate costs in Manhattan have taken their toll on Chinatown NYC, pushing residents to other boroughs. With that said, there is a greater opportunity for potential residents who want lower prices, but still desire closer proximity to lower Manhattan’s amenities (and who appreciate the neighborhood’s diversity). With a median sales price of $603,000 and rental price of $6,080/mo, Chinatown is a location that favors the buyer in the market to purchase a home.
Final Verdict
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While there are limited residential options compared to the rest of NYC, there may be a chance here for opportunistic buyers and renters who are seeking lower prices and closer proximity to lower Manhattan. The area may be lacking in the traditional amenities and luxuries New Yorkers have become accustomed to, but it surely is not lacking in character and is one of the more affordable areas in lower Manhattan for real estate.
