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To the OP, I think the answer is that you need to move out of your "comfort zone". The only people I know living in Manhattan very comfortably with kids have family money, make way over $200k a year or bought in areas of Brooklyn years ago where they are now getting a huge return on their investment. I also know families who have small apartments in New York and then buy a cheap house upstate to go to on the weekends where there is a yard and more room.
If you do have seven figures in the bank, you can consider buying a multi-family townhouse in Brooklyn, living in a duplex and getting income from the other floors. It will be an expensive purchase but you'll get more room and your property will appreciate while tenants cover part of the mortgage.
There's no way I am spending that kind of money on a 100 years old crappy 1800sf 6br(!!!) row house. I mean seriously, how large are those bedrooms? These will be bought by deep-pocketed developers who will tear them down and build new condos. I don't know who in their right mind would actually buy a property like this to live in.
As far as more remote areas go, there's a few interesting spots. Hamilton heights somebody mentioned is interesting. Parts of Manhattan Beach/Brighton Beach are rapidly gentrifying and becoming a "luxury shorefront community". However, after factoring in 1hr commute one has to ask oneself: why bother? There's actually 'burbs that are closer to places where I need to go than those "city" neighborhoods. I wonder if this wave of gentrification is going to run into some natural commute length boundaries in fringe neighborhoods and begin spreading to the near suburbs in NJ (and I don't mean Hoboken and JC as they're clearly already there). I just don't understand how anyone in my position, and my situation is fairly typical, would chose a remote area of the city over a closer suburbs. Suburbs suck, but they just seem like so much better deal right now.
There no such thing as living comfortably in NYC. Even the wealthy ones are constantly annoyed by the frequent costs of living in NYC. For many landlords, their job is to deal with tenants and managing their aging properties. It's a full time job even if you hired someone to manage it.
Even millionaires in NYC are constantly looking for ways to get above or beat the system that's giving them constant grief. I met a business owner who has a net worth of hundreds of millions but he will fight any parking or moving violations ticket. It's not only about money, it's those who have the most connections in this city are the ones that lives the most comfortably.
Making over $200k/year and having over 1 million in bank. This is what I call a real problem Don't worry pal, things will get better over time, just have patience.
In all honesty, what is the new middle-class in NYC? I find myself in a bizarre position. I make over 200K a year and have seven figures in the bank. Some would call me rich, some would call me affluent. Yet I can't afford to live in the city anymore. My wife doesn't work and no matter how you cut it, the best I could do with the money I have and earn is a 2br condo on the UES/UWS or some remote part of Brooklyn. This is not nearly large enough for a family (assuming we would have 2 kids), so it looks like we heave to move to the burbs which we are both dreading. Who are these people buying apartments left and right and driving up prices in the city to insane levels? How much money one has to make these days to be able to afford raising kids in the city??
Unfortunately, 200k per year and slightly over 1 million in the bank is not wealthy in this town.
Welcome to NYC, where millionaire is mere middle class.
I know low & high wage earners who work long hours as well as others who work the 40 per week. I personally know people who make seven figure who pulls a 40 hr work week. I do admit the 40 hour work week is shrinking in the past 10 years or so but it does exits. As for somewhat of proof....try hanging out at Penn or GCT at 5-5:30pm....its packed.
There's no way I am spending that kind of money on a 100 years old crappy 1800sf 6br(!!!) row house. I mean seriously, how large are those bedrooms? These will be bought by deep-pocketed developers who will tear them down and build new condos. I don't know who in their right mind would actually buy a property like this to live in.
As far as more remote areas go, there's a few interesting spots. Hamilton heights somebody mentioned is interesting. Parts of Manhattan Beach/Brighton Beach are rapidly gentrifying and becoming a "luxury shorefront community". However, after factoring in 1hr commute one has to ask oneself: why bother? There's actually 'burbs that are closer to places where I need to go than those "city" neighborhoods. I wonder if this wave of gentrification is going to run into some natural commute length boundaries in fringe neighborhoods and begin spreading to the near suburbs in NJ (and I don't mean Hoboken and JC as they're clearly already there). I just don't understand how anyone in my position, and my situation is fairly typical, would chose a remote area of the city over a closer suburbs. Suburbs suck, but they just seem like so much better deal right now.
Not all of them. This is based on preference but for your income you probably could afford to live in some nice, really charming suburbs: Bronxville, Rye, Scarsdale, Greenwich, Darien Cliffside NJ, Oyster Bay... You might even experience a better quality of life there than in far flung neighborhoods of the outer boroughs.
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Don't worry pal, things will get better over time, just have patience.
