If you lived here, you’d be eating chocolate covered pretzels by now.
There’s a Trader Joe’s bump, and it’s not just when someone bumps you while trying to grab the Ketchup Flavored Spud Crunchies.
A new study shows that owners of homes near Trader Joe’s tend to have a return on investment of 51%, while homeowners living near a Whole Foods have an ROI of 41%. In a Yahoo News article about the study, Warburg Realty agent Susan Fishman said that home values jumped by more than $300 per square foot in the year after Trader Joe’s opened at 100 West 93rd Street at Columbus Avenue. On a 1,000-square foot apartment, that amounts to $300,000.
Fishman is the listed agent on a one-bedroom listed in the building for $1.241 million. The listing notes that “Trader Joe’s just opened their second Upper West store right downstairs, and Whole Foods is just a few blocks away.”
The Trader Joe’s on 93rd opened in 2018. A one-bedroom that sold in the building in 2016 went for $954,000, according to Streeteasy.
There are some skeptics of the Trader Joe’s bump, given that the store tends to locate in neighborhoods that may already be climbing in value.
“People would pay more to live near a nicer grocery store. But, I think this might be more of a chicken and egg question,” said Steven Gottlieb, another agent at Warburg Realty, in the Yahoo article.
Prediction: The Whole Foods Market loction will close within 2 years, as Trader Joe’s poaches its customers.
Trader Joe’s will then occupy the Whole Foods Market location, and will no longer be so crowded that nobody shops there anymore.
Property values will auto-correct.
I love this oxymoron in the above, “so crowded that nobody shops there anymore”.
People are staying away in droves.
Gosh. Imagine an UWS site where people don’t recognize Yogi Berra takeoffs.
A Yogi Berra quote? Lots of these folks don’t even know who Yogi Berra was. Maybe Yogi Bear but not Berra…by the way, he had 10 World Series Rings!! The guy…not the bear.:)
Where have you gone Joe Dimaggio?
The nation turns its lonely eyes to you.
Woo woo woo
Makes perfect sense in a city where nobody drives because there’s too much traffic.
Yeah this is nonsense. I know of beautiful condos in that area that are not selling even when prices are reduced by 50k or more every two months. It’s a buyer’s market right now.
A buyer’s market!!?!?!?
True only for a very narrow segment of buyers, those with independent wealth or 6 figure incomes.
Do you know what a buyer’s market is? Barring catastrophe, it does not drastically change market rates so much as it gives buyers incentives.
Its just an over priced and understaffed dumbed down version of “whole paycheck”
Why anyone would pay another 500K for that reason is unreal. Perhaps buy or rent across the street, save the 500K and pay down your debt or even better sock it away for a rainy day
Doubt you’ve ever shopped at TJ, or at WF since the Amazon takeover. TJ has better prices than any other grocery store in NYC, and its employees bend over backwards to assist. WF is surprisingly affordable if you stick to the store brand & sales. You just have to know how to shop.
Clearly you do not shop there. Hands down cheapest market in the neighborhood with incredible friendly staff workers. I have never had an issue finding help when I had a question.
And their staff is friendly because they are well paid.
Sounds like you’ve never shopped there because, famously, TJ’s business model is low prices and lots of staff. Should try it, there’s lots of tasty stuff.
What spin!!!
The thing the realtors don’t tell potential buyers or renters that living next to or in a building with Trader Joe’s means you will be living in ear shot of 24/7 truck loading zone with tractor trailer delivery throughout the day starting at
4 o’clock in the morning. And the unloading can take a couple of hours, there is always another 18 wheel trailer truck waiting on Columbus Avenue to get unloaded after the first truck is unloading.
Yes they are loud at 4 in the morning when the the neighborhood is quiet
Unlike traditional super markets that have storage space in the basements or store so they have the dry goods delivery from the tractor trailers once or twice a week.
Such as the model of D’Agostino or Whole Foods deliveries at a normal Business hour and infrequent.
I asked TJ manager about the 4:00 7 day a week am deliveries, and told the model trader joe uses in the New York City stores is to not have any storage because of expensive real estate ( this keeps their prices low in the stores) they use storage outside the city and transport through out the day starting at 4am by to stock the store.
The Store on Columbus Avenue is the fifth busiest Trader Joe’s in the country.
And anyone who lives near the store which is hundreds of apartments in the 30s story high-rises next to the Columbus’s ave store.
Dont move-into the apartment buildings near trader Joe on Columbus and get fooled by real estate broker bull.
I live across the street from Trader Joe’s, I love their products, I shop there, but the constant noice throughout the day from tractor-trailer delivery is not something I would have chosen to live next to on Columbus Avenue.
This is complete BS. my apt has been for sale for 5 months right overlooking TJ’s. Beautiful 3 bedroom going for market value.
Great article about apartment values around Trader Joe’s and Whole Foods:
https://www.thestreet.com/story/13449363/1/houses-near-trader-joe-rsquo-s-or-whole-foods-reap-better-property-value-returns.html
Every night(and sometimes day) a huge trailer truck comes to restock Trader Joe’s.
It takes up 2 lanes in front of the store.
On the east side of Columbus is a bike lane.
This causes the avenue to narrow.
Now we have screaming ambulances trying to get by daily. Lovely planning.
This is a bogus story, meaning nothing. TJ’s customers understand the value of shopping store brands while Whole Food customers are well off enough to not even glance at the receipt when they leave the store. If anything, the price hike has more to do with Whole Foods than TJs. The clientele is completely different. The median incomes of the shoppers of the two outlets are world’s apart.
This is ridiculous. I (and most people I know) shop at both. Whole Foods for produce and the convenience of Prime Now delivery and Trader Joe’s for snacks/packaged foods.
Um, people don’t like to buy into buildings with gynormous unrented retail space. The financials from before the store moved in likely tell the story…
Sounds like a real estate agent trying to talk up prices more than anything.
I wouldn’t want to live in that building considering the sidewalk is a 24/7 loading dock and the trash.
You mean just like Fairway on Broadway?
No one lives above Fairway.
But they certainly do in the immediate area. It’s a hollow down there and the sound travels up. The loading dock is actually on W74 but it’s not used.
The apartments upstairs would not be worth much if there was a Waldbaum’s downstairs.
I miss Waldbaum’s 😢
Mani Mart right across the street is a small family run grocer. If anything, prospective buyers are becoming wise to the great deals, unique finds and service that exist when you use a neighborhood grocer.
So I’m a 90-second walk to Trader Joe’s to the south and a 3-minute walk to Whole Foods to the north. My apartment must be worth millions.
I would rather pay more at Whole Foods than wait on line at TJs. I don’t understand the appeal of that place.
the lines move pretty quickly at TJ’s, unlike Whole Foods, which can have you waiting quite a while, especially on weekends.
Here is the thing WF &. TJ, are two very
different super markets what one offers
the other does not, if WF closes its door in
a year or two it’s because Amazon is trying
to convert WF into a COSTCO. Now
all the sales are geared to Prime Time
Members. What the management can’t
seem to understand is the the Baby Boomers
are everywhere, retired and not all have a need
to pay Amazon Membership to purchase a few
items at WF, they no long are spending thousands
on cloths, shoes, makeup like they use to,
step into a bus and notice how many young
people compared to SENIORS are in the
bus, those are the people who want to eat
healthy and spend money on healthy
choices, today’s generation don’t cook
they order out, or eat out. WF needs to
know in NYC, we have tons of places to
buy food. So TJ is not taking business from
WF, it’s Amazon Prime Time.
Yeah and a lot of older people around here like the processed foods of their childhood. Cocoa Puffs are big sellers.