George Vallone, president of the Hoboken Brownstone Company, said international investors have been buying apartments in Manhattan and driving up prices, but that’s not happening along the Gold Coast, writes CBS New York.

"They just have a stigma that Manhattan is New York City and they don’t recognize Brooklyn or Hoboken and Jersey City," Vallone said, who noted that because of this, the prices are much more affordable across the river from Manhattan.

"The young generation and the baby boomers now that are moving into their retirement years, they want to be able to walk to the grocery store, walk to a corner bar, corner restaurant, take the train into Manhattan and see a show," he noted.