Frank Lampard has announced that he will be leaving Chelsea and may well continue his playing career at New York City football club. We thought we’d take a look at what will could mean for his living situation? Assuming he is probably not considering a long-term move to the Big Apple, he may be tempted to rent rather than buy. If he does, what could he get for his money?
Currently, Lampard lives at the heart of Chelsea, in a property estimated to cost approximately £10.2 million with a rental value of £33,395 pcm – measuring roughly 3,760 square foot, plus a garden. What would happen if Lampard was looking to rent in New York’s Chelsea equivalent, the glamorous Upper East Side?
Here, he’d be able to let a 10,494 square foot apartment for the same monthly rent, three times the size of his current London property. The reason for this difference is simple supply and demand. - Upper East-Siders are flocking to the more trendy, hip areas of the city like Brooklyn (where rents are soaring), and as a result the Upper East Side has now become more affordable. In addition to this migration, the Manhattan real-estate market is still feeling the effects of the 2008 financial crisis which saw heavy job losses and shrinking bonuses in the financial sector, with less people capable of affording these properties.
However, will Lampard want to reside in central Manhattan? Or will he follow in the footsteps of the majority of Yankees and Mets who settle down in the outer boroughs? We can’t assume that he will be looking out for the London Chelsea equivalent, which in central Manhattan will not give him a spacious back garden for his family, but a ‘nice view’ over Central Park instead – perhaps not ideal.
We can deduce from the above statistics is that a straight comparison between London and New York is not simple. With the reverberations of the crash still being felt in NY, coupled with the diminishing rental prices in the Upper East Side, Lampard would manage to get a lot more for his money if he chose to settle in the Chelsea equivalent of NYC. But will he even choose the cramped but posher postcode over the less glamorous but more spacious outskirts?