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The next big neighborhood
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The next big neighborhood

The next big neighborhood


November 24, 2014 | By Dan Bamberger & Aaron Gordon


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.

Hot Spots and Hotels

 

Still got doubts? Consider who’s already moved in… or will be soon. The SLS Hotel, one of the hottest luxury destinations in Beverly Hills and South Beach, is set to debut their Park Avenue South and 30th Street location in 2014, while the Gansevoort Hotel -- of Meatpacking District fame -- attracts a sophisticated clientele with its new Park Avenue and 29th Street outpost. Then there’s Huys Park Avenue South, with luxurious condo conversions featuring the work of Dutch designers Piet Boon and Piet Oudolf.

The best three buildings to invest in:

 



(The Corinthian)               (Manhattan Place)          (The Horizon)

These three enormous condos -- all located by the river on 37th and 38th Streets -- have 1,800 apartments in total; they've also (currently) got some of the cheapest prices in all of Manhattan. Check this out:

  1. Buying in any of these three buildings is, on average, 10% cheaper than any other condo in NYC.

  2. All three of these buildings will be within one block walking distance to the East River Park, and just an avenue and a few streets from the 2nd Avenue Subway.

  3. Given past studies showing 20% appreciation in real estate near parks and the fact that there will be new public transit, the value of apartments in these buildings experience is set to increase significantly.

The bottom line is this: While this historic district may be steeped in history, it’s certainly outgrown its reputation as a quiet enclave. Murray Hill is undervalued. It will see the most appreciation in the next decade. It’s next after NoMad.

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