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In an article for real estate brokers earlier this month, industry trade mag The Real Deal blew the lid off Murray Hill. Apparently, the East Midtown neighborhood is shedding its modern-day reputation as a giant post-college frat house and reverting to a version of its quiet, convenient underappreciated former self. “Murray Hill has lost some fresh-out-of-college renters to places like the Far West Side and Midtown, where brand-new buildings are offering amenities and concessions," reports The Real Deal. Murray Hill's main "selling point has become its value.”
We headed for the comps to see for ourselves. A search on StreetEasy reveals that the median price for Murray Hill is $824 per square foot, while the Upper West Side and Upper East Side are $1,125 and $1,000, respectively. Not bad.
For the Murray-Hill-curious like us, here are a few deals recently had--or about to be had--in the neighborhood.
- 160 East 38th Street, Unit 34D. This already-converted two bedroom, one and a half bath apartment closed on October 10 for $790,000 ($790 psf), significantly less than the $905,000 it fetched in November of 2006. It is renovated and is located in a full-service post-war building with an indoor pool.
- 300 East 40th, #30P This one-bedroom, one-bathroom unit at The Churchill, a full-service building at 300 East 40th Street, sold a month ago for $600,000. In May of 2006, the same unit sold for $650,000.
- 132 East 35th Street, #14H Following a price reduction two weeks ago, this convertible three-bedroom, two-bath unit with outdoor space is currently is asking $1.095m, or approximately $730 per square foot. While this is higher than the $999,000 the unit sold for in 2004, it is roughly at a 2005 price level.