Grand Street

Thats what brokers are for.

Pretty snippy, #2. Somebody must live or work down that way & have some info.

I also thought about grand street but it really is an isolated area. go there in the evening..see how far the subway is from the apt. etc.

#2, I have been talking to a LOT of brokers and what they don't know about a neighborhood is pretty shocking to me. I've been teaching them a lot it seems. Talked with a broker the other day who hadn't heard about the Long Island Rail Road line coming into Grand Central. Geez. Anyway, I looked at an apartment for sale on the edge of Chinatown on Grand St. The area is definitely attracting more of a hipster crowd then it used to, when the kosher places dominated (there are still a lot of 'em). The downtown feeling, free-wifi place I stopped in was friendly, people sitting around struck up conversations with me, totally good vibe--I almost wanted the apt. just so I can go there. I'm a musician as a sideline, I have played some gigs in the LES, but in truth I am wary about living there because of the nighttime scene. It's not hookers, it's drugs and noise and loud winos. The police do crackdowns, I've watched them do it, but it comes back. Drugs are fun until somebody dies.

My trendy aunt lives at Grand & FDR. Those buildings were built as Mitchell-Lama coops (middle-income affordable housing), and voted themselves market-rate several years ago. As the elderly population dies off (most moved into them in the 1950s when they were built), the apartments are bought up by style-minded hipsters who like the proximity to the rest of the Lower East Side, the mid-century modern provenance of the architecture, and the step up from tenements with decrepit systems (that being security guards, elevators, laundry, gym); distance from the LES bar scene, yet fairly easy access to it, is also a plus.

The buildings also have a considerable population of Orthodox Jews, so you'll need to be comfortable with such things as one elevator out of two running automatically (stopping on EVERY floor) on Saturdays and Jewish holidays.

New buyers usually do trendy renovations to the kitchens and bathrooms. The maintenance is held very low by a flip tax structure -- massive rate for the owners who held the apartments prior to removal from Mitchell-Lama, and small for subsequent sellers.

It can be a longish walk to the subway, or a bus transfer; I believe the 2nd Avenue subway is expected to serve that area more directly, but not in the first phase, and that's an entirely separate discussion anyway.

Drug trade rarely affects non-dealer non-users, but can be embarrassing if you have visitors (no more so than having Charbucks, etc., in your neighborhood, though). The Lower East Side's Crime Index is 130, making it 30% more dangerous than the US average, and comparable to Midtown West. Lower than SoHo/TriBeCa (157), the Village (165) and much lower than the West Village (212!!!). Use the neighborhood pulldown at http://www.nytimes.com/pages/realestate/communities/index.html for other areas.

There's one particular brokerage that gets the majority of listings. LoSomething, I don't remember. But figure it out and then find a broker who's not in the firm, so you have a bit of extra hand-holding on your side (even though legally both brokers must represent the fee-paying seller's interests).

That's a great summary, #6. But I must say I disagree with you on one point: I'd rather have a Starbucks or three Starbucks in my hood than one drug dealer.

LoHo

http://www.lohorealty.com/

First, as you noticed, the area is very affordable for Manhattan. As a relative newcomer (I moved in last year), I can tell you I enjoy being within walking distance to a lot of cool bars and restaurants. I like having most of the movie theaters showing independent and foreign films within walking distance or at least easy access. Not to mention several off-off-Broadway little theaters showing some of the most interesting stuff in the city. Prices per sq. ft. are indeed among the lowest in Manhattan. Seward Park has the plus of being close to the F-J-M-Z subways, but my feeling is that transportation is not bad even for people at the eastern end of Grand. You either walk the 10-12 minutes it takes to get to the subway, or take the M14 or M22 . The latter provides a decent connection to most subway lines. The fact that the terminal is right at ER makes timing your departure very straightfoward. While ER is less centrally located than SP with respect to subways and the East Village, some apartments have amazing views of the river and the W-burg bridge. Also, they have ER park right across the street. This is a big plus that will increase in value as more sections of the promenade are finished. Having a good gym in the building that is rarely crowded is another important selling point for me.

Lastly, I love the mix of people in the neighborhood. I love the fact that there is a strong presence of orthodox Jews (as well as Jews of all stripes), Caribbean Latinos (as well as other Hispanic people), Chinese, and others. The mixture of old and new is among the best in New York. I still haven't gone to the new art museum but I'm glad it's there. The Eldridge Street sinagogue is a unique jewel. The Tenement Museum, the Essex Street market, and the dozens of newly arrived art studios and galleries that dot the area are additional big pluses.

I live on Grand right by the FDR overlooking the river and bridge. I love it down here. It is a little remote but it's surprisingly calm and quiet. I walk everywhere, to LES dining, nightlife and boutiques, East Village, SoHo, Chinatown but whenever I get home it seems like I just walked a few minutes and stepped out of Manhattan.

The prices are great for Manhattan and the area will continue to get nicer but for now it's great. Look in NY Times.com under 10002 and you'll see listings from several different brokerages. Seward Park has higher prices because of it's proximity to the subways and the LES scene. I love my renovated apartment with it's sweeping views of the river and postcard view of the WillyB. Every day I lie in the sun watching the river and boats going by. I ride my bike from East River Park around to the west side on nice days. There's a Grand Street CSA and the Yupsters love getting farm fresh organics. Nice restaurants are popping up closer and closer to here. I think now is a good time to get in.

There are lots of bargains to be had.