Monday, December 31, 2007

Condo Market Update: Midtown West

Area: Midtown West (West 38th St.-West 58th St.- West of Sixth Ave.)
Median New Condo $/psf: $1136.
Median New Condo Price: $1,015,000.
Price Ranges:
Studios: $500k-$800k
1 Bedrooms: $650k-$1.25Mil.
2 bedroom: $970k-$2.5Mil.
3 Bedroom: $2.3Mil-$4Mil.
4 Bedrooms: rare
Midtown West is an exciting area which has some of the best values in Manhattan and also some of it's best investment potential. The area includes Times Square, The Theater District and ample Hudson River views and frontage on the West Side. Areas which 20 years ago were absolutely derelict (like the far West Side and Times Square), have been cleaned, renovated, sterilized and are now the home to upscale condos with countless amenities. The area is very central and between Sixth and Eighth Avenue there are a dozen subway lines to chose from. Farther West transportation options dwindle to buses and taxis, however the 7 train is expected to be extended across 42nd Street to 10th Avenue and down to The Javitz Center. A 10th Avenue station is still being debated and makes a great deal of sense. Condo development and sales continue in the area at a rapid pace. Newcomers like The Platinum Condo, The 505 Condo, and Hudson Hill Condo have been very well received. With 2 bedrooms starting under $1Mil, and an average $/per square foot of just over $1000, it seems that there is still plenty of upside for this quickly developing and improving area.


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