Here Comes The Neighborhood: Gansevoort Park Avenue Hotel's Approval Is Good News For Murray Hill Condo Market

Gansevoort Park Avenue HotelAs good as things have been for Manhattan condo sales over recent months -- and if you're just joining us, the answer is very good indeed -- the boom in NYC luxury hotels has been that much more notable. A whopping 37 hotels have opened in the city over the past 18 months, and 21 more are slated to open over the next year, and occupancy rates are still at an impressive 93 percent. It has gotten so that it's hard to notice when a new luxury hotel opens its doors, but rest assured that Murray Hill and the Flatiron District are aware that the Gansevoort Park Avenue Hotel will soon be opening at 420 Park Avenue South. As well they should -- the perpetually popping NYC scene at the Gansevoort promises to do a lot to enhance the value of condos such as Twenty 9th Park Madison and Sky House, among other Murray Hill condos.

The Gansevoort Hotel's rooftop pool and bar has been a hot spot in the Meatpacking District for years now, and the rooftop pool and bar at the Park Avenue South location will likely be just as jumping a scene -- once it gets its formal certificate of occupancy, at least. But while the addition of a new nightlife destination to the area around Madison Square Park is obviously a welcome development, the broader presence of a hot luxury hotel in the neighborhood is a status symbol that Murray Hill both needs and deserves. This is the way real estate works in New York City -- while offering luxurious apartments for sale obviously help a given condo listing's case, the neighborhood in which those condos reside is nearly as important. Location, as you might've heard, is indeed everything in NYC real estate. With the arrival of the Gansevoort Park Avenue Hotel, the locations of Twenty 9th Park Madison and Sky House -- which already had pretty prime Murray Hill spots, at least in terms of Shake Shack access -- just got that much more appealing.

NYC Daily Real Estate Blog