Friday, July 16, 2010
Midtown East: Blue-Chip Manhattan Neighborhood
Midtown East: Blue Chip Manhattan Neighborhood
My article as published in TheStreet.com 7/16/10.
NEW YORK (TheStreet ) -- Manhattan, New York's Midtown East neighborhood has some of the largest concentration of Fortune 500 offices, highest real estate prices and fanciest retail shops in the world.
The Midtown East area is bordered by Fifth Avenue on the west, East River on the east, 42nd Street on the south and 57th Street on the north. Turtle Bay, secluded Beekman Place and Sutton Place are sub-neighborhoods located in Manhattan's Midtown East.
Midtown East is the combination of corporate headquarters and residential living. Citigroup, Chase, Boston Consulting Group, Unilever, Ferrari, Mercedes, Bloomingdale's and Saks are some of its world-famous corporate residents. In addition, Midtown East is the location of prominent addresses such as Trump Tower, The Veneto, Beekman Regent and Sutton Place.
Midtown East is also an area that we, a New York investment property broker, recommend to clients seeking investment property in a solid neighborhood. This is because of high demand, low vacancy and good appreciation potential. A blue-chip among Manhattan neighborhoods.
Real estate prices are higher because this is an established neighborhood with no oversupply issue. At the high end, a one-bedroom apartment goes for about $2.4 million, or $3,000 per square foot, at the Trump Tower. 211 East 51, a new development residential building, is asking about $800,000, or $1,400 per square foot, for its one bedroom apartments.