Despite its obvious lack of anything hip, cool, or trendy (sorry, Upper West Siders!), commercial and residential real estate investors appear to prefer that neighborhood to buzzy ones like the East Village, Chelsea and Williamsburg. The Journal reports on a study by brokerage Eastern Consolidated that examined the allure of the area?namely, why both real-estate investment trusts and institutional investors have bought there despite yields that range from 1 to 4 percent. Ay, here's the rub: It seems that many folks believe that return on their investments (aka capitalization rates) may be low now, but when the rent-stabilized tenants eventually leave their prewar classic sixes or sevens and landlords can boost rents to market levels, profits will start rolling in. The best (or most insensitive?) comment comes from mortgage broker Mark Scott: "What are the alternatives? Treasury bonds for 2%, or you could buy Procter & Gamble stock and earn 4%, or you can invest in real estate and get 3% or 4% now, then when these existing rent-controlled tenants are out, get a much better return."