What I Can Get for the Money in Midtown Manhattan
What Can I Get for My Money in Midtown?
Midtown Manhattan has a lot to offer those looking to buy a home in New York City. Not only is Midtown centrally located with a bevy of landmarks and attractions in close proximity, but it also has seen exciting new real estate developments in recent years along with new openings of great restaurants and stores that make the area more livable rather than being primarily a commercial center.
Moreover, if you’re wondering “what can I get for my money in Midtown?” the good news is that this area offers relatively good value in terms of what you can expect to pay for Midtown condos and co-ops compared to those in other areas of Manhattan.
Whether you’re looking for a luxury building or walkup, The Modern Agent, a Midtown real estate specialist, has important insights on what you can get for your money in Midtown. Read on to get a better understanding of what this neighborhood has to offer and what you can expect to pay for Midtown condos and co-ops.
What areas comprise Midtown?
Midtown stretches across the center of Manhattan from the Hudson River to the East River, from approximately 34th Street to 59th Street, though some consider the area to span a bit more north or south. This area encompasses several smaller neighborhoods, but three primary ones include Midtown West, Midtown East, and Midtown South, which are also somewhat loosely defined but generally correspond to their names, i.e. the western, eastern or southern areas of Midtown. Some of the more distinct neighborhoods within Midtown include Murray Hill on the east side and Hell’s Kitchen on the west.
Within Midtown lie some of the most important points and attractions in New York City, including the Empire State Building, Grand Central Station, Penn Station, the United Nations, the main branch of the New York Public Library and much more. Moreover, the area includes or borders many beautiful natural areas including the city’s two rivers, the south side of Central Park and all of Bryant Park.
How expensive is Midtown real estate?
The median asking price for condos, co-ops and townhouse units in Midtown is $1.2 million, according to Streeteasy’s Q1 2019 market report, with the median recorded sales price at $936,500. In contrast, the median asking price throughout downtown Manhattan is $2 million, with a median recorded sales price of $1.4 million. The Upper East Side and Upper West Side also command higher prices than Midtown.
Within Midtown, the most expensive area is Midtown South, with a median asking price of $1.3 million, followed closely by Midtown West, which also has a $1.3 million median asking price due to rounding. In Midtown East, the median asking price is just shy of $1 million, one of the few areas of Manhattan where that’s the case.
In addition to condos and co-ops that fall below median asking prices in other Manhattan neighborhoods, Midtown also has homes for sale at the highest end of the market. Billionaires’ Row, for example, is a stretch of premium luxury residences within skyscrapers along 57th Street near the southern edge of Central Park. Some of the penthouses and large residences along Billionaires’ Row cost tens of millions of dollars, making it one of the most expensive real estate areas in the US.
What Are Some Popular Condo Buildings in Midtown?
In addition to Billionaires’ Row, many other great luxury buildings are sprinkled throughout Midtown, which complements a number of more modest yet still charming walk-ups.
Some newer luxury buildings include:
15 and 35 Hudson Yards: Depending on your definition of Midtown, the new Hudson Yards complex either falls just below the southern edge of the area or encompasses an area where Chelsea ends and Midtown begins. Either way, 15 Hudson Yards, and 35 Hudson Yards are magnificent new developments that offer stunning views of the Hudson River and the New York City skyline, with easy access to Penn Station and all that Midtown has to offer. Residences within these buildings start at around $4-5 million.
Waterline Square: Waterline Square also falls along a somewhat ambiguous border, where Midtown West meets the Upper West Side. Like the Hudson Yards developments, Waterline Square also stands alongside the Hudson River and provides dramatic city views. The complex includes unique amenities such as a bowling alley, indoor skate park, indoor soccer field and much more. Waterline Square will also feature a new public food market from the family behind New York’s famous Cipriani restaurants, which should raise the profile of the area. Available residences start at just below $2 million. (Link)
One United Nations Park: On the other side of Midtown lies a new luxury building right near the United Nations building and the East River. These condos emphasize smart home technology, such as with the ability for residents to control lighting, window shades and indoor temperature from touchscreens or smartphones. Residences at One United Nations Park start at $1.5 million.
The Lindley: The Murray Hill area of Midtown recently got an upgrade with the construction of The Lindley, which includes 74 new luxury condos. Available residences range from around $1.4 million-$2.9 million and provide a sense of modernity and serenity within the hustle and bustle of Midtown.
As you can see from this guide, there are plenty of options to consider when buying a home in Midtown Manhattan, and the Modern Agent can help you find the perfect one. Take a look at our guide to buying real estate in NYC if you’d like to get a better sense of what’s involved in the process, and if you’d like more personal advice about what you can get for your money in Midtown, you can contact us via the chatbot in the corner, or email us at firstname.lastname@example.org today.