Investing in New York City
Why is Midtown Manhattan So “Hot” Right Now?
If one takes a look at the performance of the Manhattan real estate market in the past few months, then one will see that there is one neighborhood that seems to be doing especially well for itself—Midtown Manhattan. This is —one headline will talk about a property here nailing an eye-popping sale price, while another will speak of a new development in the works here. So why is Midtown Manhattan one of the most desirable places for a home in New York City? Read on to find out.
Midtown has the views : Midtown is home to some of the city’s tallest buildings, with all of them jostling each other for space in this bustling neighborhood. When people talk about the New York skyline, they are often talking about the Midtown Manhattan skyline—and living here allows you to be a part of this stunning spectacle. Besides being able to see skyscrapers like the Chrysler and the Empire State Building in close proximity, many Midtown buildings also offer stunning views of Central Park—these are the vistas people pay top dollar for.
Midtown has the buildings : Given that the neighborhood has these stunning views, it should come as no surprise that real estate developers flock to Midtown as a site for residential development. In fact, two of the most anticipated developments in the city today are happening on a narrow stretch of 57th Street: One57, located at 157 West 57th Street, and 432 Park Avenue, just a few steps away, and both have had stunning sales figures to boast of. The developers’ code of “if you build it, they will come” is certainly true in the case of Midtown Manhattan.
Midtown has the hangouts : With all these people around, is it any surprise that Midtown is considered to be a “happening” neighborhood? Thanks to the presence of Times Square in Midtown West and Grand Central in Midtown East, , and the neighborhood has a multitude of restaurants, bars and clubs to keep everyone entertained. And in case you are on the lookout for more natural places, Midtown’s proximity to parks like Bryant Park and Central Park is also a blessing.