A look at Midtown West, the Manhattan ‘hood with the biggest drop in inventory

TRD New York /
May.May 31, 2013 10:30 AM

There was a time when few would have considered Midtown West to be a hot residential market, but the boom changed that. Indeed, new towers filled the West 42nd Street corridor, like Extell Development’s 551-unit condo the Orion and the Moinian Group’s 475-unit Atelier. Despite its unconventionality, or maybe because of it, this neighborhood — which spans West 30th to 59th streets, from Eighth Avenue to the Hudson River — lured many foreign buyers, who liked its proximity to major tourist attractions.
Overseas investors may have a hard time parking their money there today, however. As of last month, there were only 257 units for sale in Midtown West, a 51 percent decrease from 521 in 2009, according to an analysis of data provided to The Real Deal by the listings website StreetEasy. The inventory is also 33 percent lower than it was last year at this time, when there were 385 listings available. Not surprisingly, prices have swung hard in the other direction: The average list price in 2009 was $1.4 million, but in 2013, it was $1.9 million, a 36 percent spike.

This is an excerpt from “The inventory squeeze,” which originally appeared in The Real Deal’s May issue. To read the complete article click here.

Related Articles

One Manhattan Square Extell Development CEO Gary Barnett (Credit: Curbed NY)

Extell lands $690M refinancing package for One Manhattan Square

Brooklyn Point at 138 Willoughby Street and Extell Development’s Gary Barnett (Credit: Alistair Gardiner for The Real Deal)

And you get an incentive! Extell offers to pay carrying costs at Brooklyn’s tallest tower

Raizy Haas and Gary Barnett (Credit: Getty Images, iStock)

One of Gary Barnett’s longtime deputies is leaving Extell

Gary Barnett and 1855 Broadway (Credit: Google Maps)

Gary Barnett assembling Columbus Circle development site

Extell Development chairman Gary Barnett and One Manhattan Square (Credit: Anuja Shakya, StreetEasy)

Rent now, buy later at Extell’s One Manhattan Square

José Cuervo owner Juan Beckmann Vidal and 1010 Park Avenue (Credit: Getty Images, StreetEasy)

Mexican billionaire buys Park Ave pad for $25M amid shopping spree

Anna Karlin

How Anna Karlin designed the interiors of Extell’s One Manhattan Square

From left: 241 East 73rd Street, 1514-1528 First Avenue, and Extell Development's Gary Barnett (Credit: Google Maps)

Here’s what the $10M–$20M NYC investment sales market looked like last week