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Young, Hip New Yorkers Bringing Midtown Back

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(Illustration of Real Deal by Getty / Kevin Levon)

Go to Williamsburg. Come here … Midtown?

Residents and brokers specializing in the area, known for their dilapidated office buildings and executives, say they have changed over the course of the city’s recovery, becoming younger, more hip and trendy. increase.

You can surely use new blood.

The densely populated area of ​​skyscrapers from 34th Avenue to Central Park South has been hit by a pandemic, causing office tenants to bleed even though other pockets in the city appear ready to move out of the pandemic. I’m continuing.

Banks and technology companies Look south and westGoogle, Meta Platforms and other companies have purchased Lower Manhattan space, and HSBC has signed a 20-year lease. Hudson Yards.. Meanwhile, occupancy rates remained low and the total value of office buildings in New York fell for the first time. 20 years..

“They don’t go to the Upper East Side, but I think it’s cool to live in Midtown.”

Bertland Butin, Douglas Elliman

It casts a cloud of uncertainty in the neighborhood, home of some of the city’s most iconic real estate.

But while old office towers are declining, brokers want young homebuyers to flock to their neighborhoods and take advantage of prices that aren’t as high as in other parts of Manhattan and many parts of Brooklyn. Said.

Douglas Elliman realtor Bertland Butin said: “They don’t go to the Upper East Side, but I think it’s cool to live in Midtown.”

Silpa, a businessman in his twenties who has lived in Midtown since 2018 and recently bought a condo in East 50 between Lexington Avenue and 3rd Avenue, has never really thought about moving elsewhere. said. To protect her privacy, her surname was omitted.

“I think it’s a really nice residential area,” she said.

She went on to explain why she wasn’t sold in West Village, a constantly-demanding district known for luxury homes, restaurants and nightlife.

“If you’re on the subway, it’s really inconvenient to get to and from other places,” she said.

According to brokers, the pandemic has accelerated the tendency of pre-pandemic residents to move to Midtown. The area remains relatively affordable due to the comfort and convenience of young high-income professionals who want to walk to work and Midtown.

Neighboring housing markets have historically lag behind other markets in the autonomous region, but transactions remain, but prices per square foot are beginning to recover to pre-pandemic highs.

“Now I feel like I can spend a lot of time in Midtown East alone. There are many restaurants,” Silpa said, adding that the region has seen significant changes over the last four years.

Midtown prices, unlike most parts of the city and elsewhere, are not record highs and are an attractive market for young and first-time buyers. However, according to Brown Harris Stevens data, inventories are declining and prices are rising, so trading may not last that long.

This year’s average price for a one-bedroom condo in Midtown is just under $ 1.4 million compared to last year, but down from its peak of $ 1.6 million. Supply is better than in other Manhattan areas, but has been declining over the past year.

“The secret to finding value is actually where it’s in stock, that is, where it’s most often for sale,” said Clifford Marks, brown Harris Stevens broker. “In the Midtown market, knowledgeable buyers have a chance.”

Douglas Elliman’s broker Diane Johnson said the new developments she’s marketing have room for wiggles at 138 East 50th Street, called Central.

“We are still negotiating,” she said.

“They’re talking about office occupancy, but from a retail and housing perspective, it seems to be on fire.”

David Abrams, Mason

David Abrams, Founder and CEO MasonCommercial real estate companies know that demand for retail space in Midtown has skyrocketed among “cooler” health and fitness brands in the last three months, and smart operatives will start looking for it last summer. I said that. He said this was a sign that the neighborhood was actually young and distorted. Brands want to maintain their presence only in areas where they have customers.

Restaurant and club owners are also keeping an eye on demographic changes in their neighborhood.

Among the recent arrivals is Pebble Bar on West 49th Street, which boasts an investor list studded with stars, including Saturday Night Live star Pete Davidson. Hugh, a food court that opened at 601, Lexington Avenue, where there is a place like Kaznori in November. Lodi is an Italian cafe opened at 1 Rockefeller Center by the owner of Village’s classic Altro Paradiso last summer.

“Everyone is talking silly about Midtown because they don’t know about retail transactions,” Abrams said. “They’re talking about office occupancy, but from a retail and housing perspective, it seems to be on fire.”

Butin said when he appeared for an instant drink with a friend last weekend afternoon, Lodi found a difficult way to deal with the locals.

“At 3:15 I thought I was going to be there, and they told me it was a wait of 1 hour and 15 minutes,” Butin said. “It’s not the same crowd who come to see Rockefeller Center, but the young people on the terrace … you wouldn’t have seen this three years ago.”

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