NoHo Ranks High as Recession Proof

Straight from Downtown Express....In its annual real estate edition, New York Magazine ranked the city’s neighborhoods by their vulnerability to economic downturns, specifically the recent sub-prime mortgage crisis. Neighborhoods were ranked from 1.0 to 10, with 1.0 being recession-proof and 10 being the top of the bursting bubble.

Downtown faired pretty well in New York’s assessment, with the West Village and Tribeca leading the pack at a 2.0. .....Soho, Noho and the central Village came in at a 2.5 thanks to true loft spaces and the stability provided by N.Y.U. The East Village and Lower East Side, however, were rated a less-stable 5.0 because of young buyers who may have bitten off more debt than they can chew.

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