Merseyside vs Manhattan:
How far your cash goes each side of the pond
Described in 1851 by The Bankers’ Magazine as the New York of Europe, owing to its prowess as a commercial port, Liverpool has long held a connection with the Big Apple. At this time of year the two riverside cities wow visitors with record-breaking Christmas trees, but how do they compare in the property stakes? Your Move delves deep into both markets to find out how far your cash goes on either side of the pond.
Words by Lawrence Saunders
New York’s official tourism board recently launched a marketing campaign on the back of the new Harry Potter spin-off film ‘Fantastic Beasts and Where to Find Them’.
With a number of scenes set in 1920s New York, the ‘Fantastic NYC’ promotion seems fair enough, only the action was in fact shot here in Liverpool.
This isn’t the first time Liverpool has stood in for ‘The City That Never Sleeps’, thanks in part to its similar grey granite buildings, many of which featured in ‘Florence Foster Jenkins’ and the Jude Law vehicle ‘Genius’ – both released earlier this year.
There’s no doubt that Liverpool and New York share an architectural association but the thought of comparing them when it comes to housing options and trendy neighbourhoods might be more of a stretch for some.
However, the last 10 years have seen Liverpool’s residential offering transformed with a large swathe of new developments springing up, especially in the city centre, and areas such as the Baltic Triangle are beginning to emerge as increasingly vibrant residential communities.
Add this to the historic housing stock the city possesses in some of its more sought-after suburbs and the idea doesn’t seem so far-fetched.
Baltic Triangle vs Meatpacking District
Often dubbed Liverpool’s answer to the Meatpacking District, the Baltic Triangle undoubtedly shares similarities with the uber-cool Manhattan neighbourhood.
Both communities grew out of the decline of their respective industries with the derelict buildings left behind transformed into workspaces, restaurants and, increasingly here in Liverpool, homes.
As the name suggests, the Meatpacking District, which runs roughly from West 14th Street south to Gansevoort Street, and from the Hudson River east to Hudson Street, served as the centre of the city’s meatpacking industry for decades.
At the turn of the last century the district was home to over 250 slaughterhouses and packaging plants but by the 1960s the industry was in decline as the emergence of large supermarkets changed the distribution system for meat.
These days you are now more likely to find a high-end fashion boutique than a butchers as the area has undergone a total transformation to become one of the most glamorous neighbourhoods in Manhattan.
Property-wise, a spacious two-bedroom apartment in the glitzy 345Meatpacking building on West 14th Street will set you back $3,100,000 (£2,503,432). Located in the heart of the district, a stone’s throw from the Apple Store and much vaunted Valbella restaurant, tenants enjoy access to a landscaped roof terrace offering panoramic views of the Hudson River and Lower Manhattan.
“Both communities grew out of the decline of their respective industries with the derelict buildings left behind transformed into workspaces, restaurants and, increasingly here in Liverpool, homes.”
As with many apartment complexes in New York, 345Meatpacking features a range of resident amenities including a 24-hour concierge service and a private fitness centre.
Here in Liverpool, the Baltic Triangle is in the midst of a residential building boom with significant developments in the pipeline including the likes of The Cargo Building (formerly known as Baltic Village), Kings Mill Dock, Norfolk House and St James Court.
The Cargo Building, located near to the Baltic Fleet pub on Wapping, is currently under construction and will include three blocks containing 324 apartments when completed.
The private rental sector (PRS) project, which takes inspiration from the American model with a concierge service, meeting rooms and cafés, is being developed by Promenade Estates.
Earlier this year the firm announced a deal to sell the scheme to Vista Fund and Hermes Investment Management for more than £50 million – reflecting the heightened interest in the area from investors.
“The Cargo Building stood out as a purpose built, high quality residential block in an ideal location,” says Philip Nell, fund director at Hermes Investment Management, which will acquire the development on its completion
“We are also an active investor in the New York residential market and look for similar qualities in our assets – that ideal mix between commercial convenience and vibrant urban living.”
Prices at The Cargo Building are yet to be announced and it remains to be seen whether the scheme will match up to its more time-honoured American equivalents.
Cunard vs Chrysler views?
Standout views are often a key selling point with city centre apartments and Liverpool and New York can boast two of the world’s most recognisable skylines.
Be it a pokey studio flat or exclusive penthouse suite, a premium view of Manhattan’s world famous skyscrapers is a sought after aspect of any stateside development which is sure to add some serious value.
With this in mind, a price tag of $5,850,000 (£4,698,927) for a three-bedroom apartment on the illustrious Park Avenue with uninterrupted views across said vista may not seem so hard to believe.
The Upper East Side is considered one of New York’s finest neighbourhoods with prospective applicants to the nearby 740 Park Avenue, often dubbed ‘the most powerful apartment building in New York’, having to prove a net worth of $100m (£80,526,321) before moving in.
“Standout views are often a key selling point with city centre apartments and Liverpool and New York can boast two of the world’s most recognisable skylines.”
Here in Liverpool, apartments with views of our Three Graces and beyond are somewhat harder to come by.
One way to ensure you can take in the best of Liverpool’s architectural aces from the comfort of your own home is with a residency at the city’s tallest building.
A three-bedroom penthouse apartment on the 35th floor of the gleaming West Tower will do the trick. Lavishly furnished, this spacious property on the market for £725,000 towers over the city and offers views of not just its most famous buildings but also the River Mersey and the Welsh mountains.
With Big Apple prices rocketing to heights of around $100m (more than £78m), comparing the most expensive homes in Liverpool and New York wouldn’t exactly be a fair fight. To even the odds we’ve decided to pit Liverpool’s costliest home up against a similarly priced property.
Currently top of the pile here in the Liverpool area is an exquisite eight-bedroom country manor in Formby, which will set you back an eye watering £12,500,000.
Sat within five acres of immaculately maintained grounds and boasting over 14,200 sq ft of floorspace, this is confidently the most exclusive and extravagant property currently on the market.
Located at the end of a private lane, the main manor house is spread across four floors with an array of amazing features dotted throughout the estate including a tennis court, barn, stables, summer house and a remarkable indoor swimming pool complete with Jacuzzi.
“Formerly the residence of Eleanor Roosevelt, who had an apartment in the 11-room property during the 1950s, 211 East 62nd Street is now being marketed as a single family home.”
Heading over the Atlantic, and for roughly the same price ($15,488,000 or £12,515,078), you can be the proud owner of a true slice of New York history in the shape of a stunning five-storey townhouse.
Formerly the residence of Eleanor Roosevelt, who had an apartment in the 11-room property during the 1950s, 211 East 62nd Street is now being marketed as a single family home.
This jaw-dropping property boasts a number of spectacularly extravagant touches including a Tudor-style living room with a wall of leaded stained glass French doors leading out onto a landscaped garden, as well as a fully working six-stop elevator if you ever get tired of traversing the building’s ornate three-storey wooden curved staircase.