260 Park Avenue South #5I
2 beds•2.5 baths•1,328 ft²
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2 beds•1 bath
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Condo in Midtown East
6 sales•11 rentals
In hind sight, I should have purchased something downtown back four years ago (I did not given the lack of condos at the time, and what I considered expensive valuations for older buildings). Given the proximity to where I work, I naturally gravitated towards a condo in Turtle Bay.
Obviously it is no surprise that midtown east has not recovered since its 08 highs, given the continuing shrinkage on Wall St. With that being said, any reason for potential price moves higher, say 1 year or 5 years from now?
IMHO, most of the Turtle Bay drivers are the same factors as the Manhattan bull case: continued economic recovery, increasing desirability of condos for potential investors who hate other asset classes, increasing desirability of condos for foreign investors seeking U.S. assets, rising rents.
Biggest X factor/negative factor might be a massive change in our interest rate environment.
The only factor I would separate out or say is "additional" is the zoning exception of Midtown East commercial -- if you think that would cause massive redevelopment in the area of Grand Central, that might make Turtle Bay's "walk to work" factor more desirable.
DG Neary Realty