Inwood: Hunting real estate deals at the tip of Manhattan

By Magdalene Perez | Special to amNewYork

9:52 AM EST, December 5, 2008

Seaman Avenue and Beak Street in Inwood. (Photo by Alana Abel / November 23, 2008)

When schoolchildren in New York are taught that the Dutch purchased Manhattan Island from American Indians for just $24 and trinkets some 400 years ago, it's unlikely the teacher also mentioned the transaction occurred in Inwood, the borough's most remote neighborhood.

Perched at Manhattan's north end, Inwood blends a unique mix of big-city feel with serene settings. Three beautiful parks, Fort Tryon, Isham and Inwood Hill, surround the Art Deco walk-ups in an oasis of green. Apartment buyers are often attracted to Inwood by the prospect of Hudson River views and good schools, at prices much lower than downtown.

Once the setting of some of the most heated battles of the American Revolution, Inwood transformed from rural to urban in the early 20th century. With the subways came development, and for many years Irish and Jewish families dominated the neighborhood.

That changed in the 1970s and '80s, when an influx of immigrants from the Dominican Republic gave the neighborhood a distinctly Caribbean flavor.

A concentration of buyer-owned co-ops west of Broadway and rented apartments on the east side shape the neighborhood. But that is changing. With younger downtowners coming north in search of cheaper rents, Inwood is seeing a transformation, with more bars, restaurants and hangouts opening to suit the newcomers' tastes.

FIND IT
Inwood is bounded by Harlem River to the north and east, Hudson River to the west, and Fairview Avenue to the south.

REAL ESTATE
Long ago, development came in waves, first on the east, then west of Broadway, and today the avenue is still a dividing line of sorts. You'll find co-ops on the west -- some in beautiful Art Deco buildings -- and rentals on the east.

Prices have risen in recent years, but the overall pain in the housing market has made a dent, according to Lisa Snyder, a real estate agent for Halstead Property. "Everything's come down in price pretty significantly," Snyder said. "Right now the market is dead."

To buy
$229,000 : Studio in a 1939 co-op, 425 sq. ft. (Seaman Ave. near 215th St.)

$275,000: One-bedroom, one-bath co-op in elevator building with parking (Park Terrace East and 215th St.)

$675,000: Three-bedroom, two-bath in a 1954 co-op (Indian Road near 215th St.)

$1,720,000: Three-story four-family home with garden patio, 3,456 sq. ft. (95 Park Terrace West) Recently sold

$290,000: One-bedroom, one-bath co-op on Arden Street, 725 sq. ft.

To rent
$1,500: Two-bedroom with river views (Cumming St. and Seaman Ave.)

$999: Studio with views facing Inwood Hill Park (Seaman Ave. at 204th St.)

$1,050: One-bedroom (Sherman Ave. at Thayer St.)