Midtown East

I lived in Midtown East for 10 years before moving to UES , and I loved it .
Very convenient to everything , restaurants and grocery stores every few blocks , and as you state RE values are reasonable and just starting to catch up
I would definitely move there again

Midtown East is a great neighborhood. Your in walking distance to some great shopping, Saks, Bloomies, Home Depot, TJ Maxx, Bed Bath and Beyond, The Container Store, and tons of restaurants, banks, dry cleaners, supermarkets, and of course , the theater district. Second Avenue in the East 50's has 3 new buildings in various states of completion, plus another new building going up on First Avenue. Being East of Third Avenue is the key, it's much more residential and you don't feel you're in the middle of the tourist and business district. If you work in midtown that even makes it better, although a downtown train on Lexington Avenue is a short hope to most locations. Best of luck.

Midtown East is definitely changing with significant luxury condo inventory in the development pipeline throughout the neighborhood. There is also lower demand than there once was for Sutton Place, and accordingly, units there are seeing lower prices and a longer time on the market (that is mostly co-op inventory, however). Relative to the UWS, prices will be significantly lower for comparable inventory (certainly for 3br condos, which are virtually nonexistent on the UWS), and relative to the UES, prices will be more comparable to those units east of 2nd, although that will likely change once phase I of the 2nd Avenue subway opens (the third phase of the 2nd Avenue subway (from 63rd to Houston) is probably decades off).

Re buying, Midtown East will definitely provide the most value for resale inventory. You won’t be saving much if you go the new development route – prices will be comparable to new development/conversions on the UWS and UES. Also, while east of 2nd is definitely residential in Midtown East, it is less family-oriented than the UWS or UES (although I do have friends in the neighborhood with kids who love it – but they’d still rather be on the UWS).

Dan Gotlieb
Digs Realty Group
www.digsrealtynyc.com

Check out what Barry Sternlict said about midtown

I love Midtown East and recently bought there, but I did not do so thinking that it would appreciate significantly; I bought there because it is where I wanted to live. To me the neighborhood's insurmountable drawback for significant appreciation is the lack of a park. Go back and read the NYT articles from the 20's about the up and coming area; if you just change the century number on those articles (and update the language to today's vernacular), the substance remains the same today.

"To me the neighborhood's insurmountable drawback for significant appreciation is the lack of a park."

How far is Central Park??

MCR, I don't think your location qualifies as Midtown East.

Interesting article about Midtown.

http://www.amny.com/real-estate/city-living/manhattan/midtown-manhattan-attractions-restaurants-real-estate-and-more-1.11116769

Re "how far is Central Park?" - Whenever we stayed at 155 W 66th, I would go to Central Park every day for exercise; since relocating to the far east 50's almost 5 years ago I have not gone to Central Park once for exercise. In other words, it is too far to be part of your daily routine if you live in Midtown East (which I think is defined as east of Lexington and south of 59th but north of something in the 40's), but maybe that's just me. Obviously I think the neighborhood has a lot going for it, but for whatever reason, I don't think it has ever been a hotbed of appreciation. I am certainly no expert and would be delighted if the neighborhood appreciated wildly, but that was not a motivating factor in choosing to buy there.

10th and B is Alphabet City more accurately than it is generic East Village. You live in Turtle Bay.

Okay - sorry for any confusion.

Saks Off 5th is opening on 57th and Lex in March. You can get your exercise shopping. LOL!