Middle-of-the-block condo projects now front and center

Side street developments almost as expensive as corner lots

From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan
From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan

Side streets are getting more popular as locations for upscale condo developments

Those streets — which were once a second choice behind the city’s sprawling avenues — are now much sought after by developers. Prime locations on avenues have mostly been developed and buyers’ tastes have developed, which makes investors and developers — and ultimately those looking for a home — more willing to pay high prices in the middle of the block, according to Crain’s.

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“For buyers, it’s more about the neighborhood now than their exact location in it,” Kevin Maloney, chief executive of development firm Property Markets Group, told Crain’s. One such popular mid-block project is Michael Stern’s Walker Tower on West 17th Street.

Prices for the midblock locations are also up, with buyers and investors willing to spend more money. At a midblock development at 455 West 19th Street between Ninth and Tenth avenues that was sold earlier this year, prices reached $825 per square foot, according to Crain’s. [Crain’s] — Claire Moses