Education in Riverdale, NY
Riverdale boasts some of the best educational facilities in the country, particularly its high schools. Horace Mann, Riverdale Country, and Fieldston are all located in the area, and all three are part of the Ivy Preparatory School League.
Riverdale is home to a number of religiously-affiliated educational institutions as well. There are two Catholic colleges (The College of Mount Saint Vincent and Manhattan College) and two Catholic elementary schools (St. Gabriel’s School and St. Margaret of Cortona School). The latter is where former U.S. President John F. Kennedy received his First Holy Communion. Also located in Riverdale are well-renowned Jewish schools, including the Salanter Akiba Riverdale Academy and the Salanter Akiba Riverdale High School.
Investment and Growth in Riverdale, NY
Despite all of the perks that Riverdale has to offer, real estate professionals are a little wary of advising investment in the area. The main issue is that condo inventory is incredibly limited. A search on StreetEasy shows that there are only 26 available units, for example. Lee Moskof of Halstead Property says that many older rental buildings in Riverdale that were built in the 1950s were then converted to co-ops in the 1980s, and co-ops now make up the far majority of housing in the area. “What are people going to invest in,” she asks rhetorically. StreetEasy shows 365 available co-ops compared to the 26 available condos.
Mable Ivory agrees with what Moskof has to say. “Investing in Riverdale may be tough,” she states. Ivory, for example, says that the co-op board for a unit she just recently sold has an incredibly strict sublet policy, making it nearly impossible to rent out.
Ivory does go on to say, though, that Riverdale is a great option for anyone who is simply looking to park his/her money, although any potential investor must make sure the value is there.
Regardless, Halstead Property Associate Broker Sanjya Tidke believes that Riverdale will continue to experience real estate activity as long asother neighborhoods in New York City remain overpriced. She argues that Riverdale prices are still very attractive and that the neighborhood’s uniqueness offers its residents “room to live and breathe a little bit.”