In the New York Times article today, An Elite ZIP Code Becomes Harder to Crack , a story first reported by the New York Sun on Monday about the addition of two new zip codes to the Upper East Side of Manhattan, which includes some of the most expensive properties in New York. The implication was be made that some of the former residents of 10021 will move out from their new 10065 and 10075 designations to maintain their status or perhaps jump out of a window.
The TV show Beverly Hills 90210 comes to mind. And so does the Seinfeld episode about trying to keep a “212” Manhattan phone number when moving to a new place (the new 646 area code was added when the 212 numbers ran out).
A broker was quoted in the New York Times article as saying zip codes are all that matter to some people. No doubt thats true for a few.
Will a zip code change in this neighborhood affect its housing prices?
Let’s look at some basics.
The 10021 zip code has the most sales within its borders every year. Its not the highest priced zip code in Manhattan but contains many of the highest priced sales. Tribeca’s 10013 was first with an average sales price of $2,392,261 was in 2006. The zip code 10021 was 6th on our list at $1,542,173. Why? Because it cuts across a large swath of housing stock, east to west with the more expensive properties generally found closer to Central Park.
Notice the photos of celebrities in the NYT piece? They are all located west of Third Avenue.
I could see potential pricing changes, if say, the new borders within the current 10021 zip code were drawn north and south.
In the long run this seems to be a non-issue, or zip as they say.