Charming, conveniently located, and chockfull of restaurants, bars, and shops, the compact neighborhood of Nolita has a lot to recommend it. What this area doesn’t have a lot of, however, are residential properties to buy or rent. During the first 11 months of 2022, only 28 residential sales were closed. Of those, 54% were in the $1 million-$3 million range. Another 14% sold for less, and 18% cost $3 million-$8 million.
At the end of 2022, just 13 residential properties were for sale, none for less than $1 million. In fact, nearly a third were priced at more than $12 million. The plurality—38%—were in the $3 million-$8 million range. The median asking price for condos was $5.7 million, for townhouses $8.5 million. (No co-ops were on the market.)
Also at the end of the year, 44 residential rentals were available. While none cost less than $2,500 per month, 18% were priced at $2,500-$3,500 per month, and 16% were asking $3,500-$5,000 per month. Monthly rent for 43% of the properties was in the $5,000-$9,000 range, with nearly a quarter charging more than $9,000 per month.
Looked at another way, the median monthly rent for studios in Nolita was $2,850. At the opposite end of the range, $75,000 was the median monthly rent for residences with four or more bedrooms. The median monthly rent for one-bedroom units was $4,272, $6,740 for two-bedroom rentals, and $10,000 for three-bedroom units. The median monthly rent for condo units was also $10,000, compared with $8,375 for co-op units and $41,245 for townhouses.
