And I don't mean the temperature. "Midtown East does not usually make an apartment hunter’s shortlist. But with prices there lower than in many other Manhattan neighborhoods, buyers and developers are taking a fresh look at the area, roughly defined as from Fifth Avenue to the East River between 40th and 59th Streets, particularly its eastern swath. Until recently, the neighborhood’s biggest draw... [more]
And I don't mean the temperature.
"Midtown East does not usually make an apartment hunter’s shortlist.
But with prices there lower than in many other Manhattan neighborhoods, buyers and developers are taking a fresh look at the area, roughly defined as from Fifth Avenue to the East River between 40th and 59th Streets, particularly its eastern swath. Until recently, the neighborhood’s biggest draw was its enviable commute to the office. Now, that perception is changing.
In recent months, developers have broken ground on several luxury projects, including 50 United Nations Plaza, a 43-story luxury tower rising across from the United Nations Secretariat Building where condominium prices will begin just north of $2 million. As high-rises reshape the skyline, new upscale restaurants are adding a sophisticated flavor to the Second Avenue corridor, which has long been dismissed as a forgettable happy-hour magnet for young office workers.
“People associate Midtown East with work, they don’t think of it as residential,” said Victoria Vinokur, a broker with Halstead Property. “We don’t have the boutiques, we don’t have the SoHo atmosphere. But I think this is such a terrific, true Old World neighborhood. It’s very discreet. It’s very charming.”
Celebrities are taking notice. Last year, the actress Uma Thurman bought an apartment in the exclusive River House on East 52nd Street. And this spring Mary-Kate Olsen and her fiancé, Olivier Sarkozy, bought a townhouse in Turtle Bay Gardens, an enclave of rowhouses between 48th and 49th Streets where the actress Katharine Hepburn lived for decades.
Residential construction has been frenzied recently. A 61-story tower designed by Foster and Partners, the firm headed by the Pritzker Prize-winning architect Norman Foster, is rising at 610 Lexington Avenue next to the Seagram Building. Construction is underway at the Sutton, a 30-story tower at 959 First Avenue. And last month, sales began at the CookFox-designed 301 East 50th Street, a 29-story building with a limestone facade.
Added to that, the commercial area around Grand Central Terminal also might change dramatically in coming years once Mayor Bill de Blasio revives a proposal to rezone about 70 blocks of Midtown East. The original plan, which fizzled in the waning days of the Bloomberg administration, would have paved the way for a new generation of taller, state-of-the-art office buildings. As a first step in a long-term rezoning effort, the de Blasio administration plans to rezone Vanderbilt Avenue to allow for a 1,200-foot-tall skyscraper and a pedestrian plaza, along with infrastructure improvements."
Read on:
http://www.nytimes.com/2014/06/08/realestate/condos-and-restaurants-make-midtown-east-more-desirable.html?_r=0[less]
Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
1. the sizzle might have fizzled
2. according to Real Deal, increasing ##s of Midtown East LLs are offering OPs to brokers
Ignored comment.
Unhide
Response by yikes
over 11 years ago
Posts: 1016
Member since: Mar 2012
midtown east has been an infamous under-performer--that uma thurman was able to buy in the river house, at one point one of the most difficult coops in the city, speaks of desperation.
Ignored comment.
Unhide
Response by Riccardo65
over 11 years ago
Posts: 347
Member since: Jan 2011
Yikes, you are SO right. I love art deco residential architecture in NYC, and have studied all of them carefully. At one point (and not in the too distant past), theater people would never be permitted as much as an interview at River House, let alone an opportunity to purchase an apartment, and the Board boasted that there were NEVER vacancies. On a recent trip, I sat in the (once) charming little park that sits directly under River House, and it was full of hostile homeless people. It really frightened me, and I'm not easily frightened. Also, the building is now dwarfed by hideous, Honolulu-style apartment houses, so that the only apartments with a view would be those fronting on the East River, which to me looked more like a tacky estuary than a River, compared to the Hudson River. All in all, I found the area very unappealing. And since I'm not at all an Uma Thurman fan (I've seen her on the subway looking really hideous), it speaks volumes to the desirability (or lack thereof) of the building.
Ignored comment.
Unhide
Response by steveF
over 11 years ago
Posts: 2319
Member since: Mar 2008
Thx for article RealestateNY. Yes Midtown East is making its move upward. As the article states increasing luxury developments and the new 70 block zone will spike demand. Also the 2nd avenue subway won't hurt either. An investment now in Midtown East looks like your best bet for the future.
Ignored comment.
Unhide
Response by crescent22
over 11 years ago
Posts: 953
Member since: Apr 2008
What 2 Ave subway? The part below 63rd St. is powerpoint only.
Ignored comment.
Unhide
Response by steveF
over 11 years ago
Posts: 2319
Member since: Mar 2008
Crescent...? I don't get your meaning. Everything is powerpoint at first. Are you saying it's not going to happen. Chances of that happening are slim and none.
Ignored comment.
Unhide
Response by NWT
over 11 years ago
Posts: 6643
Member since: Sep 2008
Phase 2 (above 96th) and Phase 3 (below 63rd) don't even have funding yet. The MTA is thinking maybe by the 2030s.
Ignored comment.
Unhide
Response by steveF
over 11 years ago
Posts: 2319
Member since: Mar 2008
NWT...city is flush with cash from economy, real estate values(transfer tax, etc) and the pressure to complete subway will move things along. I said for the future not tomorrow but def. not 2030 maybe by 2020s which is only 6+ years away.
Ignored comment.
Unhide
Response by NWT
over 11 years ago
Posts: 6643
Member since: Sep 2008
You're more optimistic than the MTA is. It says "For example, the currently under-construction Second Avenue Subway took nearly 10 years to go through planning, engineering and required environmental analyses and will take nearly the same amount of time for construction of its first phase." That's from its Capital Needs Assessment, 2015-2034.
Ignored comment.
Unhide
Response by rb345
over 11 years ago
Posts: 1273
Member since: Jun 2009
1. It took a fraction of the time to complete the trans-continental railroad in 1867
2. and I'll bet it cost a lot less too
Ignored comment.
Unhide
Response by NYCNovice
over 11 years ago
Posts: 1006
Member since: Jan 2012
I am a huge fan of Midtown East, but "hot"? No. I like it the way it is.
Ignored comment.
Unhide
Response by pier45
over 11 years ago
Posts: 379
Member since: May 2009
The NYT is right that the area is more desirable than five+ years ago. However, it has a long way to go before shedding its image as an icon of the big retirement community that some areas of Manhattan have become.
Ignored comment.
Unhide
Response by gothamsboro
over 11 years ago
Posts: 536
Member since: Sep 2013
Columbia County was once hot.
Ignored comment.
Unhide
Response by RealEstateNY
over 11 years ago
Posts: 772
Member since: Aug 2009
" No. I like it the way it is."
It's changing, 2 new schools, tallest residential building in the western hemisphere going up on 56th and Park along with new retail. Whole Foods, and a 60 story building going up next door along with new retail.
2 new buildings going up on 2nd Avenue, around 50th street.
Toll Brothers have a vacant lot on 1st Avenue in the low 50's, and of course plans for one of the tallest buildings in the country on Vanderbilt Avenue.
New York City is all about change.
Ignored comment.
Unhide
Response by RealEstateNY
over 11 years ago
Posts: 772
Member since: Aug 2009
" No. I like it the way it is."
It's changing, 2 new schools, tallest residential building in the western hemisphere going up on 56th and Park along with new retail. Whole Foods, and a 60 story building going up next door along with new retail.
2 new buildings going up on 2nd Avenue, around 50th street.
Toll Brothers have a vacant lot on 1st Avenue in the low 50's, and of course plans for one of the tallest buildings in the country on Vanderbilt Avenue.
New York City is all about change.
Ignored comment.
Unhide
Response by alanhart
over 11 years ago
Posts: 12397
Member since: Feb 2007
Columbia County was once hot."
... are you that way?
Ignored comment.
Unhide
Response by aboutready
over 11 years ago
Posts: 16354
Member since: Oct 2007
Only for CoCo.
Ignored comment.
Unhide
Response by aboutready
over 11 years ago
Posts: 16354
Member since: Oct 2007
Although that's just rank supposition on my part.
I have long been an advocate of this area for potential appreciation. For the larger units the many new schools are a huge draw. I believe there will be more as the Con Ed Solow site is developed. There are no projects that I can think of above about. 29th street, and food, shopping, etc. are plentiful, if not so up to date. The options should improve as the area becomes more mixed, age-wise, and I think they already have. I don't want to live there, but I think it's a decent choice when considering both cost and likelihood of value increasing.
I've always thought the Beekman/Sutton area would be the ideal place in the city for celebrities to live because it's so relatively private and "off the beaten path" so to speak, and was always surprised that it wasn't more popular with them.
Ignored comment.
Unhide
Response by yikes
over 11 years ago
Posts: 1016
Member since: Mar 2012
i love uma, and hate dumb arrogant coop boards--but, yes, a freshly single actress would never have ever gotten an interview only a few years ago at river house. there is good bang for bux in midtown east, but if history repeats it will continue to be a laggard. 2nd ave subway wont help, transport to downtown will still be a bitch, even by cab.
Ignored comment.
Unhide
Response by NYCNovice
over 11 years ago
Posts: 1006
Member since: Jan 2012
I saw Val Kilmer on corner of 1st and 52nd not that long ago. Does he live in the neighborhood? (Couldn't believe how big he is in person). Also, Letterman gave a shout out to Jubilee recently as well; did a funny bit about the mussells.
Ignored comment.
Unhide
Response by NYCNovice
over 11 years ago
Posts: 1006
Member since: Jan 2012
mussels.
Ignored comment.
Unhide
Response by gothamsboro
over 11 years ago
Posts: 536
Member since: Sep 2013
Thanks NYCNovice, I thought you were using the Canadian spelling and that confused me.
Ignored comment.
Unhide
Response by Belgariad
over 11 years ago
Posts: 58
Member since: Jan 2011
2 buildings in Midtown East mentioned in this article:
'/%3e%3c/g%3e%3c/svg%3e)
1. the sizzle might have fizzled
2. according to Real Deal, increasing ##s of Midtown East LLs are offering OPs to brokers
midtown east has been an infamous under-performer--that uma thurman was able to buy in the river house, at one point one of the most difficult coops in the city, speaks of desperation.
Yikes, you are SO right. I love art deco residential architecture in NYC, and have studied all of them carefully. At one point (and not in the too distant past), theater people would never be permitted as much as an interview at River House, let alone an opportunity to purchase an apartment, and the Board boasted that there were NEVER vacancies. On a recent trip, I sat in the (once) charming little park that sits directly under River House, and it was full of hostile homeless people. It really frightened me, and I'm not easily frightened. Also, the building is now dwarfed by hideous, Honolulu-style apartment houses, so that the only apartments with a view would be those fronting on the East River, which to me looked more like a tacky estuary than a River, compared to the Hudson River. All in all, I found the area very unappealing. And since I'm not at all an Uma Thurman fan (I've seen her on the subway looking really hideous), it speaks volumes to the desirability (or lack thereof) of the building.
Thx for article RealestateNY. Yes Midtown East is making its move upward. As the article states increasing luxury developments and the new 70 block zone will spike demand. Also the 2nd avenue subway won't hurt either. An investment now in Midtown East looks like your best bet for the future.
What 2 Ave subway? The part below 63rd St. is powerpoint only.
Crescent...? I don't get your meaning. Everything is powerpoint at first. Are you saying it's not going to happen. Chances of that happening are slim and none.
Phase 2 (above 96th) and Phase 3 (below 63rd) don't even have funding yet. The MTA is thinking maybe by the 2030s.
NWT...city is flush with cash from economy, real estate values(transfer tax, etc) and the pressure to complete subway will move things along. I said for the future not tomorrow but def. not 2030 maybe by 2020s which is only 6+ years away.
You're more optimistic than the MTA is. It says "For example, the currently under-construction Second Avenue Subway took nearly 10 years to go through planning, engineering and required environmental analyses and will take nearly the same amount of time for construction of its first phase." That's from its Capital Needs Assessment, 2015-2034.
1. It took a fraction of the time to complete the trans-continental railroad in 1867
2. and I'll bet it cost a lot less too
I am a huge fan of Midtown East, but "hot"? No. I like it the way it is.
The NYT is right that the area is more desirable than five+ years ago. However, it has a long way to go before shedding its image as an icon of the big retirement community that some areas of Manhattan have become.
Columbia County was once hot.
" No. I like it the way it is."
It's changing, 2 new schools, tallest residential building in the western hemisphere going up on 56th and Park along with new retail. Whole Foods, and a 60 story building going up next door along with new retail.
2 new buildings going up on 2nd Avenue, around 50th street.
Toll Brothers have a vacant lot on 1st Avenue in the low 50's, and of course plans for one of the tallest buildings in the country on Vanderbilt Avenue.
New York City is all about change.
" No. I like it the way it is."
It's changing, 2 new schools, tallest residential building in the western hemisphere going up on 56th and Park along with new retail. Whole Foods, and a 60 story building going up next door along with new retail.
2 new buildings going up on 2nd Avenue, around 50th street.
Toll Brothers have a vacant lot on 1st Avenue in the low 50's, and of course plans for one of the tallest buildings in the country on Vanderbilt Avenue.
New York City is all about change.
Columbia County was once hot."
... are you that way?
Only for CoCo.
Although that's just rank supposition on my part.
I have long been an advocate of this area for potential appreciation. For the larger units the many new schools are a huge draw. I believe there will be more as the Con Ed Solow site is developed. There are no projects that I can think of above about. 29th street, and food, shopping, etc. are plentiful, if not so up to date. The options should improve as the area becomes more mixed, age-wise, and I think they already have. I don't want to live there, but I think it's a decent choice when considering both cost and likelihood of value increasing.
Fsteve is just crazy with his prognostications.
c0c0!
http://www.crainsnewyork.com/article/20140610/BLOGS04/140619992/mta-eyes-big-changes-for-midtown-east-rezoning?__hstc=109812634.7720e57b2d1e7c3efd9613bcd8286e9f.1394803457563.1402421043296.1402495547316.75&__hssc=109812634.1.1402495547316&__hsfp=2011880011#
Speaking of Midtown East
I've always thought the Beekman/Sutton area would be the ideal place in the city for celebrities to live because it's so relatively private and "off the beaten path" so to speak, and was always surprised that it wasn't more popular with them.
i love uma, and hate dumb arrogant coop boards--but, yes, a freshly single actress would never have ever gotten an interview only a few years ago at river house. there is good bang for bux in midtown east, but if history repeats it will continue to be a laggard. 2nd ave subway wont help, transport to downtown will still be a bitch, even by cab.
I saw Val Kilmer on corner of 1st and 52nd not that long ago. Does he live in the neighborhood? (Couldn't believe how big he is in person). Also, Letterman gave a shout out to Jubilee recently as well; did a funny bit about the mussells.
mussels.
Thanks NYCNovice, I thought you were using the Canadian spelling and that confused me.
2 buildings in Midtown East mentioned in this article:
http://nypost.com/2014/06/11/classic-condos-co-ops-make-a-comeback-across-manhattan/?__hstc=109812634.32c002e68d0b4beeb513e23d6657e46d.1397498685521.1402600415720.1402605639487.63&__hssc=109812634.2.1402605639487&__hsfp=890677091