Midtown East, 2022

A recent Curbed article by Christopher Bonanos “Is Everyone Moving To Turtle Bay In 2023?” takes on why it’s strange that the eastern Manhattan neighborhood is on track to become the city’s next hot spot. The cycle that makes a so-called hot neighborhood used to be familiar.  It was somewhere a bargain could be found. Often a couple of express subway stops from an already expensive neighborhood. One that was gentrifying (at some human cost) or deindustrializing.  That dynamic, however, is disappearing these days. Simply because there are no actually cheap neighborhoods to be had. There are only less expensive ones.  So “hot neighborhood” increasingly means just “where a bunch of interesting people decide to hang out.” Somewhere that’s a little uncool and thus a very slight bargain. Now it can be anywhere, even in the dense urban core.  Interstitial areas, spots on the edge of well-established destination areas that have slipped between the cracks, are prime candidates.  Exhibit A:  Dimes Square. and Exhibit B:  last week, Crain’s, via Street Easy, suggested that Turtle Bay and Kips Bay will be 2023’s hot neighborhoods.  Search in the area is up 47 percent, and prices 25 percent.  Those prices (while absurd in the way all 2022 prices have been) are a little lower than the Manhattan median.  These facts are surely related.  Three-quarters of a million bucks to buy a one-bedroom or $4,495 a month to rent one is, in this environment, a mild bargain.

When it’s this cold and dark I think of light and sunshine and Midtown East does not disappoint with some amazing interior green spaces you may not know about.

The Ford Foundation Building is an office building in East Midtown, Manhattan designed by architect Kevin Roche and engineering partner, John Dinkeloo.  Designed in 1963 and completed in 1968 on the former site of the Hospital for Special Surgery. Its large tree-filled atrium was the first of its kind in Manhattan. It is widely credited as setting the precedent for indoor public spaces in Manhattan office buildings.

550 Madison Avenue a serene oasis is a privately owned public space.  According to a study from the year 2,000 40% of New York’s privately owned public spaces are considered unusable to the public but 550 Madison Ave does not fall into that category. The glass canopy keeps you sheltered from the elements although you’ll probably need a decent jacket to keep warm In addition to the aesthetics this Plaza has public Wi-Fi bathrooms and three eateries

Le Jardinier, located in the Heart of Manhattan’s Midtown East, is a contemporary, light-filled oasis in the form of a restaurant and cocktail bar designed by prominent French architect and interior designer Joseph Dirand.  Minimalist interiors with maximalist materials are a duality Dirand has masterfully executed yet again.  His signature green marble is found all throughout, accompanied by indoor plants and floor-to-ceiling windows for a tranquil and lush garden dining experience.

Le Pavillion is a culinary oasis by chef Daniel Boulud located on the ground floor of One Vanderbilt’s state-of-the-art skyscraper.  One Vanderbilt blends elements of art, technology, architecture, and thrill to take the concept of an “observation deck” to entirely new heights.

It has been an exciting year, meeting new faces and making it possible for clients to have the life they have always envisioned for themselves. As an advisor, not an oracle, the market data is showing stabilization after 16 months of exuberance and six months of rate changes to reign in inflation. This slower market pace could be a rare opportunity for buyers to secure a home purchase in a less competitive market. For our clients needing to sell, I will continue to help them navigate a challenging market and will think outside the box with marketing to make their properties stand out and sell for the highest possible price. 

To be well-prepared to sell, and/or ahead of your competition as a buyer. It’s not a bad time to understand your options and make a plan.  The future is bright as we create a new plan together.

 

 

 

 

When you live in Midtown East, Murray Hill, or Kips Bay, all of New York—and beyond—is at your disposal. Much of that is due to the presence of the transportation hub Grand Central Terminal. But it is also because neighborhoods are, like the city itself, a glorious medley.  READ MORE

 

 

Culture
 

 

 

If you want it, you can no doubt find it in Midtown East. Yagenbori spice blend and bunashimeji mushrooms? Head to Katagiri, the country’s oldest Japanese grocery. Dreamcatchers or books about numerology? Quest Bookshop has them, and it offers tarot readings too. Pickleball paddles or tennis skorts? Mason’s Tennis has you covered. And of course, just about every national and international apparel, jewelry, and footwear brand of note seems to have a store here, from fast-fashion purveyors to couturiers.  READ MORE

 

 

Midtown East has it all: restaurants, museums, shops, parks, landmark buildings, and a bustling residential real estate market. During the first 10 months of 2022, 965 sales closed in the neighborhood. Nearly 60% of those properties sold for less than $1 million. A third cost $1 million-$3 million, and the remainder were priced at $3 million-$8 million. READ MORE

 

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