Even in New York, Affordable Apartments

THE national median home price right now is $224,500. But finding anything even close to that in New York — where the average sale price for a Manhattan apartment hovers just above $1.3 million — would be like snagging a seat on a downtown No. 6 train at the height of rush hour. Or would it? In the current market, staying in Manhattan for $200,000 or less would be a definite challenge. But for those willing to venture beyond, there are neighborhoods in Queens, the Bronx and Brooklyn, all near subway lines, where one-bedroom co-ops can be had for less than $200,000 and studios can be bought for less than $150,000.

Buyers and Sellers Turn To Brokers in Troubled Market

Mr. Czepiel is among a class of worried buyers and sellers who have turned during an uncertain period not to economists but to their brokers. Throughout the industry, brokers have created files of articles that talk up New York City's "bulletproof" or "insulated" real estate economy; they also have begun posting on their professional Web sites information to diffuse the panic brought on by ominous headlines. "The blog is my way of providing clients with real-time information," Mr. Czepiel's broker and the principal of A Fine Company, Andrew Fine, said. Fifteen minutes after the Federal Reserve slashed interest rates last week, Mr. Fine put a post up describing how the move was good for the city's real estate economy, he sa

Big N.Y. Real Estate Deals Belie Idea of a Slowdown

A slew of financial services firms have leased large blocks of office space in recent weeks, many for rents approaching $200 a square foot, belying fears of a market slowdown. Among the largest deals are those of investment firm AllianceBernstein, which has inked a deal to expand by about 151,500 square feet at 1345 Sixth Ave., and National Financial Partners, a network of financial advisers that is moving into a nearly 100,000-square-foot space at 340 Madison Ave. In addition, PricewaterhouseCoopers has a lease pending for 200,000 square feet at 100 Park Ave., according to brokers familiar with the deal.

Investors see Manhattan as a safe haven

If you are a European investor worried about the security of your money at home, why not look for a bargain in Manhattan? Although house prices have risen sharply in the Big Apple in recent years, the strength of the Euro and the British pound, mean that a new two-bedroom flat costs significantly less than in London or Dublin. And while most of America's housing market is mired in the sub-prime mortgage crisis, New York has shown no sign of vulnerability - yet.