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Curious to get thoughts on Hells Kitchen as a long term investment. Prices have really gone up a lot in this area, but when I walk around it would seem that there is lots of room for improvement and appreciation. Is it overpriced?
I'm really specifically interested in hearing comments about the W. 50's in HK.
HK is nice for long term. 10th avenues are getting developed and it's close to TWC & CP. Easy access to Westside HWY.
' Easy access to Westside HWY.' - if that's best you can say about a location, better to stay away.
I think the entire HK has healthy growth potential--especially compared to the rest of the city.
I personally think, though, the low- to mid-40s along 10th would probably be growing more than the 50s. I think the values have already gone up "speculatively" in the 50s along 10th because of its proximity TWC, those huge rentals/new developments surrounding it, etc. Sure, it'll probably still grow, but I don't think it would be quite as much compared to the low 40s where properties are a bit less "obviously developed."
Also, in my opinion, public-service agencies and facilities as well as low-income housing tend to be more densely located in upper HK, which would draw different types of people into the area throughout the day...
So, for these reasons, I would personally stay away from Griffin Court, for instance, if I were concerned about the investment potential. They are already priced with the potential growth in mind, in my opinion.
Agree that it is nicer in the 40s, but gentrification or yuppification is creeping up the West side from downtown. Nice area - and West side is great if you like going for a jog, bike ride, rollerblade. 50s are not so nice IMO. But cna't really go wrong.
follow the gay$$$ and a lesbo or 2..
not only has it grown, it's overtaken Chelsea as THE 'gay hood, which only means one thing..
more strollers poppin up pricin the gays to UWS/MornHi/HamHi/WashHi, and dare I say it.. east of 6th, return your homocard now thanks.
basically if you're looking for "up and coming" you've missed the boat on HK (especially west 50's), rents are proof of that as midtown west has become the new 'downtown' (still laughing? - i am to the bank, as a plebeian small time landlord in the hood)..
you'd be better off in SoMi/NoChe to get bang for your buck as its still has some grit and MUCH catching up to do to HK.. read value.. 'room for improvement' in hk is partly due to some rent stabilized apts as prev poster mentioned, but I find as a% of 'nabe Chelsea probably has more of that as most of NYC has that situation..
HK definitely WILL grow more due to its convenience to all trains in Times Sq, Central Park, Riverside Prom, the gays so the SATC fughugs can ask moms in ridgewood, nj to pay for their increased rent to try n score an invite to a phil lim brunch showing and possibly get invited to fire isle which has a higher occurrence on the wesside, boosted rents in prime HK (w 50's) from boosted rents in lower HK/upper somi once the trainyard situation is figured out with (possible) high line extension.
ps in general west 50's >>>>>>>>> west 40's.. closer to CP, better food/bars/shop, away from PA..
9th >>>> 10th (obviously) , yes 1 ave makes a huge difference daily, despite 10th seeing new devs & slowly becoming 9th socially, despite being 4 years behind or so..
Interesting and amusing comments... thanks. How about parking garages... any idea on what parking runs in the area? I know on the east side, parking can run about $500 per month. i've heard it is cheaper on the west side. Is that "dated" information?
yes parking on wesside is cheaper runs about 350-500/month, most likely due to saturation/competition for the theater crowd.. used to be sub 200 month in 2009 but came back up.. bestparking is ur frnd
it still is 150-200/month
UES is $350-400/month
When you goto the garage, don't go with what they tell you. Haggle with the manager and you can get 50% off their advertised price.
Thanks for the info folks.