Midtown On The Rise: How New Luxury Condos Are Making A Nice Place To Visit Into A Nice Place To Live

Midtown Manhattan Luxury CondosThere's plenty to do in Midtown Manhattan -- New Yorkers know that, and so do the tourists who throng to the luxury shopping on Fifth Avenue and such tourist mainstays as St. Patrick's Cathedral, the Empire State Building, and everything in between. In short, most Manhattan residents and Manhattan visitors think of Midtown Manhattan in the same way: a nice place to visit, shop, and eat, as well as work or take photos, depending on whether you're arriving from within NYC or without. The proliferation of new construction luxury hotels in midtown Manhattan reflect its status as a tourist hub, but those hotels have a secret. Well, two secrets, if you count the secret hamburger joint inside Le Parker Meridien. But the secret that's more important for those browsing Manhattan condo listings, though, is this -- midtown luxury hotels such as Cassa NYC and The Centria are also home to some stunning new construction condominiums for sale. Hotels with residences for sale are nothing new in Manhattan real estate, but what's most striking about these midtown luxury condos is the way in which they've helped change the face of this neighborhood -- and make a very nice place to visit into an increasingly nice place to live.

The apartments for sale at these luxury NYC hotels have proven especially popular with international clients, the New York Post's Max Gross reports. Condominiums this luxurious, though, and offering the suite of amenities that these new condo listings do -- Cassa NYC offers a la carte access to a luxury spa and butler service; residents at The Centria have access to a wine lounge, private cigar-smoking room, and a private terrace -- will work well for well-heeled condo buyers in any language. Liberal pied-a-terre policies and the opportunity to use these luxury midtown condominiums as investment properties add to the appeal.

“The idea,” Prudential Douglas Elliman broker Ilan Bracha told Gross, “is you’re getting hotel services and you’re paying for it for much less than going to a hotel. If you’re coming in for three, four months a year, it’s the same [cost] as a hotel. If you’re going to rent it for the rest, you have an income.” And if you have enough of these luxury condominium listings inside of luxury hotels, then you have a neighborhood that's making a smooth transition from a place to visit to a place to live -- and maybe another Manhattan real estate success story.

NYC Daily Real Estate Blog