Move over, Williamsburg. Here comes … Midtown?

The skyscraper-laden district stretching from 34th Street to Central Park South was disemboweled by the pandemic and continues to bleed office tenants. But while older office towers languish, young home buyers have flocked to the neighborhood, eager to take advantage of prices that haven’t soared like they have in the rest of Manhattan and much of Brooklyn.

The pandemic accelerated a pre-pandemic trend of hipper residents moving to Midtown, as stodgy bankers and executives moved away, usually for bigger spaces elsewhere in the city or the suburbs. The area remains a relative bargain for young, high-earning professionals who want to walk to work and the amenities and convenience of Midtown.

Prices in Midtown — unlike in most parts of the city and elsewhere — are not at record highs, making it an enticing market for younger and first-time buyers. However, inventory is dropping and prices are rising, so deals may not be around for much longer.

The median price of a one bedroom condo in Midtown so far this year is just under $1.4 million, up from last year, but down from a peak of $1.6 million. Supply has fared better than in other Manhattan neighborhoods, but has still fallen in the past year.

Demand for Midtown retail space has spiked among “cooler” health and fitness brands in the past three months. It’s a sign the neighborhood is in fact skewing younger. Brands only want to maintain a presence in areas where they have customers.

(source: therealdeal.com)