May 2014 Market Report
Since our last market report in January 2014, Midtown West and other neighborhoods prices have continued to climb throughout Manhattan Real Estate. The Hudson Yards projects is going in at full steam anchoring the South Side of the neighborhood.
57th Street to the North is becoming the home to the very most expensive real estate in Manhattan. The Hells Kitchen neighborhood is in a perfect position for price appreciation and seller's are seeing a great opportunity to take advantage of the marketplace
WHAT IS SELLING IN MIDTOWN WEST NEIGHBORHOOD?
· New Construction Condominiums-Not officially on the market yet, Stella Tower at 425 West 50th Street which is planned to be 51 units of mainly One and Two Bedroom Condominiums. We have seen the building already and the views are impressive. Because of height restrictions of the surrounding neighborhood, Stella Tower is positioned itself with commanding views of the entire Midtown West neighborhood. Expect a lot of the inventory at Stella Tower to go into contract quickly.
· Studio's in the sub-$600,000 price range are typically having contracts signed within 21 days of coming on the market. At the new development condominium at 540 West 49th Street, almost all of the studio apartments went into contract quickly with a price range of $705,000 to over $950,000. Any studio condominium priced competitively has a very good chance of seeing a lot of activity as the supply for this segment of the market is very low right now. We can discuss your Midtown West condo on the phone. Give us a call today.