From Non-Neighborhood To Neighborhood: Meet NoMad, The Rising Murray Hill-ish 'Hood North of Madison Square Park

NoMad Murray Hill Luxury CondosIf you browse the Manhattan apartment listings at New Construction Manhattan, you won't find anything under "NoMad." You'll find apartments for sale in Murray Hill and Gramercy Park condos for sale, but nothing on apartments for sale in NoMad. This is not an oversight -- until brokers slapped a name on the area just north of Madison Square Park in what's generally thought of as Murray Hill, NoMad didn't exist. But this is more than the usual Fun With Contractions NYC real estate name game -- the stretch of Murray Hill that we'll now (somewhat grudgingly) call NoMad is indeed on the rise, whatever one chooses to call it. (Not to pat ourselves on the back too much, but we wrote about this back in August) With a feature in the Wall Street Journal touting the new semi-neighborhood's transition into a full-on neighborhood, though, NoMad has gotten its imprimatur as a Manhattan neighborhood to watch. Which is to say that you'd better get used to that name, like it or not.

"With the new Gansevoort hotel on Park Avenue South and 29th Street, and Eataly, a 50,000-square-foot Italian megastore, both opening this fall, this 'un-neighborhood' — as Corcoran Group agent Shakti C'Ganti puts it — is experiencing a renaissance after years of being a no-man's land sandwiched between the Flatiron, Gramercy and Murray Hill districts," the Wall Street Journal's delightfully named Shelly Banjo writes. "Since 2006, nearly 1,000 units have been sold in the area and the price per square foot has risen by 20% to $1,232, according to Corcoran."

As Banjo points out, real estate developers were hip to the potential of NoMad years ago, as evidenced by new construction luxury condo listings such as Sky House and Twenty9th Park Madison. But while the presence of desirable new construction condos is a good sign for any neighborhood's real estate prospects, what's going on in NoMad looks more sustainable because of the non-condo developments in the area. Thanks to tech companies moving into what used to be a neighborhood dominated by rug dealers and perfume shops -- got to love that old Manhattan weirdness -- and coffee shops and restaurants beginning to make the neighborhood something notably more like a neighborhood, NoMad looks likely to become more than a collection of luxury condo listings near the subway and a shortish walk from Shake Shack.

It's that, too, of course, but as this new neighborhood figures out its personality, it should also become a viable place to live. It's hard to overstate the power of Shake Shack, which has done a lot to revitalize Madison Square Park itself and adds value (and ice cream!) to any neighborhood. And Eataly -- a massive Italian market co-founded by Mario Batali and the Bastianich restaurant clan -- looks like it could be a character-setting commercial development as well. Yes, NoMad still doesn't have a supermarket and no, as awesome as it almost certainly will be, Eataly isn't going to sell dish detergent or aluminum foil or all the goofy things we buy at the grocery. But it's another sign that, however awkward that name might look right now, NoMad's future as a legitimate Manhattan mini-neighborhood is bright.

NYC Daily Real Estate Blog