If you are thinking of buying in Midtown west, maybe you should take a look on West 52nd street where there are several conversions between 8th and 10th avenue. One of those developments is Nine52 which is located at 416 west 52nd street and it is in the sweet spot of affordable luxury and with it’s Midtown Manhattan location, it is not suprisingly selling well.
On the same block is 432 West 52nd street which will have 55 units ranging from studios to 2 bedrooms. This building will feature a 4200 sqft landscaped roof terrace, exercise room, doorman and a residents’ lounge. There are currently 5 listings on streeteasy and 2 are in contract. The most expensive is a duplex with 1153 sqft(107m2) of interior space and 1454sqft(135m2) of exterior space with an ask of $2.25 million and about $4k in monthly carrying charges.
Also on West 52nd street is the Sorting House which is a new construction building built on top of a Post Office. 27 units on streeteasy.com and 27 units in contract. Prices were around $2000 per square foot on average and the apartments ranged in size from 605 sqft (56m2) to 1409 sqft(130m2). Several of the apartments had outdoor spaces and the common charges and taxes together range from about $2.20 per sqft to about $2.80. The developer is Cadence Property Group and architect is Architecture Outfit.
All of these developments are doing well partly because they were ahead of the curve in that they address the affordable luxury market and their location speaks highly to both owner/occupants, local investors and foreign nationals who may not be able to afford Billionaire’s Row.
