The Changing Reputation of Murray Hill

 

The neighborhood of Murray Hill has long been known as the post-grad playground. Because of its slightly cheaper home prices than most areas in NYC, recent college graduates tend to flock to this area. Murray Hill, which spans roughly 85 blocks, has around 41,500 residents, many of which are recent college graduates and young professionals. Though a reasonably priced area and quiet oasis, its reputation generally kept away families and older generations. In recent years, however, there has been a huge change in the demographics of the area. Many families with young children appear to be moving to and remaining in this area, and this change has not gone unnoticed by longtime residents.

Murray Hill runs from 40th Street to 27th Street, and from Fifth Avenue over to the East River. The small Murray Hill Historic District between Lexington and Park Avenues is largely 19th century brownstones and rowhouses, while Park Avenue has towers with co-ops and high end apartments. The east side contains mainly large rental and condo buildings which appeal mostly to the younger residents. Although Murray Hill remains a young area, the area is evolving into a family-friendly neighborhood due to a number of factors.

With young families just starting out, Murray Hill’s prices are hard to beat. The education system is another evolving facet of Murray Hill bringing in a new group of residents. Public School 281, the River School, will eventually be teaching prekindergarten through Grade 5. The River School recently opened in 2013 and currently has 78 students enrolled. Public School 116, Mary Lindley Murray School teaches children of prekindergarten through Grade 5 and received high recognition on its most recent student progress report. There are also a number of daycare facilities throughout the area, which are however spreading thin due to the large influx of families into the neighborhood.

New developments are continuing to appear throughout Murray Hill due to its high appeal. Because of this, home prices are trending upward. The 33-story condo at 325 Lexington Avenue has been under construction intermittently since 2008, but it set to launch this coming fall. According to broker Julie Perlin who has lived in Murray Hill for 30 years, new condos in this Lexington Avenue development will start at $2,000 per square foot. Condos in the neighborhood are priced at around $700,000 to $800,000 for studios and run up to $2.9 million for three-bedrooms. Rental apartments, however, range from about $2,200 to $2,400 a month for renovated studios and about $4,400 for a two-bedroom, according to Town Residential Broker, Mattie Weiser.

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