The Real Deal New York

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

Side street developments almost as expensive as corner lots
September 22, 2014 01:10PM

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.

“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