One of the most vibrant neighborhood that is most overlooked until recently. Midtown West Neighborhood is being categorized as a hot commodity right now. You can find more about the transformation of Hells Kitchen from a gritty neighborhood to a must visit Manhattan neighborhood.
New condominium projects such as 540 West 49th Street are selling extremely well, higher end luxury condominiums are in development with a number of large luxury rental projects currently being built. Phrases such as the "Next Chelsea" are becoming more commonplace when describing Hells Kitchen.
There are many exciting new condominium and rental developments always bring demand with them. A project like 540 West is a good example of how when priced and developed within the expectations of the buyer demand for a particular neighborhood you will see a large turnout and apartments will sell fast.
One bedroom new construction condos priced less than $1.1 Million is near impossible to find now, but most of the inventory at 540 West was priced in this in demand segment of the one bedroom market.
With a variety of buildings planned for development in the neighborhood it will be exciting to see new inventory come on the market and how it sells within the context of what is already available.
To continue reading about Midtown West condo numbers we have tracked in January 2014, visit Part two of this Midtown West condo Market Report.
For more information about what is happening in your Midtown West condo building or your specific condo unit, call us at (917) 837-8869 or email (Morgan.Evans@elliman.com), as we focus our expertise on the Midtown West neighborhood.