“NoMid,” or North Midtown, is seeing new development activity galore, as land prices in the area haven’t climbed quite as quickly as those in other prime Manhattan neighborhoods.
The neighborhood runs from 50th to 63rd Streets and Second to Fifth Avenues. “It’s been under-utilized for residential development,” Jonathan Miller of real estate appraisal firm Miller Samuel told the New York Post, who also noted the area’s unique location between Midtown and the Upper East Side. “In some ways, it’s been discovered because it straddles both worlds and all of their amenities.”
Projects in the area include the 57-unit 301 East 50th Street, developed by CBSK Ironstate, Macklowe Properties’ supertall 432 Park Avenue, Euro Properties’ 118 East 59th Street, and Aby Rosen’s 100 East 53rd Street, a Norman Foster-designed 94-unit project.
“People are starting to notice it — it’s priced right,” SK Development’s Scott Shnay said. “Most of what’s coming online is new development that’s a bit more affordable and a bit more realistic.” [NYP] — Tess Hofmann