Murray Hill: On the Rise
Manhattan changes rapidly. Developers, restaurateurs and city government all have an enormous impact on which neighborhood will become the next best investment... Recently, the Bowery area -- also known as the “new Meatpacking” as heard on Million Dollar Listing -- was the next big thing. Now, NoMad (north of Madison Square Park, the area from 25th to 30th Streets and between 6th and Lexington Avenue) has become the new hot neighborhood. With new developments such as 10 Madison Square West, One Madison Park and Huys, NoMad is exploding.
NoMad’s current average price is $2,024/foot; compare that with the 2010-2012 average of $1,434/foot. That’s a 30% increase.
Just a few blocks northeast of NoMad, Murray Hill has long held the reputation of a low-key residential neighborhood, populated by college grads and an older crowd using it as a pied-a-terre. For the past decade, Murray Hill has been home to Manhattan’s cheapest real estate below 100th Street.
Murray Hill is currently the cheapest on a price per square foot basis anywhere below 100th street in Manhattan.
Why is Murray Hill on average half the price of NoMad -- just 7 blocks south -- and 10% cheaper than living in the skyscraper- and corporate-packed Midtown East?
Here’s the deal: For decades, Murray Hill has suffered from a lack of amenities, from adequate public transportation to parks and green spaces suitable for walking, biking or just relaxing. That’s not even mentioning a general scarcity of perks like shopping, nightlife and eateries.
But all that’s about to change. Here’s why.
Accessible Transportation: Second Avenue Subway
In the first major subway expansion in more than half a century, the MTA has announced that the Second Avenue Subway will run for an additional 8.5 miles along Manhattan’s East Side, connecting Hanover Square to 125th Street – and running right through Murray Hill.
With entrances on 41st & 2nd and 34th & 2nd, the Second Avenue Subway line will provide easy accessibility for residents living on 1st and 2nd Avenues. Plus, the expansion will also connect to the existing Broadway and 63rd Street line and the Q train, allowing direct service from the Upper East Side to West Midtown, continuing along the Broadway Line, across the Manhattan Bridge and into Brooklyn.
Parks and Recreation: East River Development
(Depiction of future East River Park) (Hudson River Park)
What’s one of the biggest amenities of any Manhattan neighborhood? Parks -- Central Park, Madison Square Park, Thompson Square Park and Hudson River Park, just to name a few. If you live in Murray Hill, the closest park is Madison Square Park… but not for long.
The coming-soon East Midtown Waterfront Esplanade – an almost-mirror copy of the Hudson River Park – will include construction of a continuous greenway stretching from East 38th through 60th Street, with an entrance on 38th and 1st. Not only will this riverfront esplanade provide a sorely needed transportation corridor for cyclists, pedestrians, joggers and roller bladers, it’ll also create recreational and rest areas for everyone to enjoy. Most importantly, it will provide local Murray Hillers with their own place to relax. A recent study found that apartments near parks can demand 20% or more of a premium.
What does this mean for Murray Hill? Just like on the West Side -- where buildings by the river demand huge premiums – prices will jump on the East Side, too.