What you can get for $1 million in Murray Hill, an affordable area close to Midtown and Downtown
- Pre- and postwar co-ops prevail, though some rentals are being converted to condos
- For less than $1 million, you can get a one bedroom or 'as is' two bedroom
This 1940 building at 50 Park Ave. has 131 units, one of which—a one-bedroom, one-bath corner co-op—is listed for $725,000, down from $750,000.
Compass
Have you always wanted to live in Murray Hill but assumed you were priced out? In this new series, Brick looks at listings in New York City’s most in-demand neighborhoods for under $1 million—roughly the median sales price for Manhattan co-ops and condos—as well as higher-priced options below $2.5 million.
If your goal is to live large, think small: Buying a studio or one bedroom is a way to net the nabe of your dreams. New to buying NYC real estate? Be sure to wrap your head around the difference between co-ops and condos. Co-ops are generally less expensive but also are older and have fewer bells and whistles than condos—plus more rules. With that in mind—happy hunting!
In this week’s Your Next Move, Nicole Grandelli, an agent at CORE Real Estate, and Harry Vollmer, an agent at Douglas Elliman, give us the inside story on Murray Hill, an under-the-radar neighborhood with a post-college culture.
What draws buyers to the neighborhood?
Murray Hill’s moderate cost and central location—Grand Central Terminal is on the border—are the main attractions, Grandelli says. “Traditionally, recent college graduates who have jobs in Midtown came because of the affordable rentals,” she says, adding that medical doctors and support staff at area hospitals also predominate. “In the past, Murray Hill hasn’t been seen as the most desirable place, but that’s changing. It’s one of the last frontiers.”
Calling Murray Hill “the nexus of Midtown and Downtown,” Vollmer says that “its central, smart location” attracts buyers. “It’s great for people who want to be close to the hustle and bustle of Midtown and the lively energy of Downtown,” he says. "It’s a very vibrant neighborhood that attracts a lively population.”
What are housing and pricing like?
Co-ops are the most prevalent type of housing, but rental apartments are now being converted to condos, too. Townhouses can also be found here.
The median price is just under $800,000, and the average price is a little less than $1,200 per square foot, according to Grandelli, who says starting prices for co-ops are closer to $850,000.
What type of property can I get for under or around $1 million?
A small two-bedroom condo or a two-bedroom co-op are your options, Grandelli says.
There are lots of choices: StreetEasy lists 183 such properties for sale.
I can stretch my budget. What can I get for $2.5 million?
For this price, Grandelli says you can buy a condo duplex that’s about 2,400 square feet. A comparable two-bedroom, two-bath co-op, she notes, would be closer to $1.7 million.
Are there any newer condo developments I should check out?
Newer condos typically offer the most luxurious amenities and finishes, features that attract many buyers.
New development is limited in Murray Hill.
One United Nations Park, at 695 First Ave., is a luxury glass-tower condo developed by Soloviev Group and designed by Meier Partners. Opened in 2019, it has 43 stories and 148 units. Amenities include a private underground motor court and garage, 70-foot indoor lap pool with steam and sauna rooms, fitness center and private training studio, billiards and games lounge, catering kitchen, private dining room, screening room, children’s playroom, and club lounge. The least expensive unit, a two-bedroom, two-and-a-half-bath that’s 1,640 square feet, is $2.35 million.
Eastlight, at 501 Third Ave. (straddling Kips Bay and Murray Hill), is a glass-tower condo development with 34 stories and 144 units. Opened in 2021, it has an amenity suite for entertaining, roof deck with outdoor seating and grill, private dining room, games room, fitness center, and lounge. A 488-square-foot studio with an asking price of $827,000 is the least expensive unit.
Which attractions do you show buyers who have never been to the area?
Grandelli likes to show old and new features of the neighborhood. She takes clients to The Morgan Library & Museum, which she calls a “beautiful piece of real estate,” the new Dover Street Market New York, The Campbell, a bar in Grand Central Station with a 1920s setting, and the observation deck of SUMMIT One Vanderbilt, Midtown’s tallest skyscraper.
Vollmer’s go-to is The AKC Museum of the Dog, which he calls “fun and exciting. There’s an exhibit where a computer analyzes a photo of you and tells you what breed of dog you are.”
For a healthy lunch, he takes clients to Little Beet Table or, for a higher-end experience, to the Italian restaurant Fasano, which he calls a “date spot.” Both are on the neighborhood’s border.
What are the nearby neighborhoods, and are they less expensive?
Midtown East and Kips Bay, which flow into Murray Hill, are comparable in price, Grandelli says, while NoMad and Gramercy Park are more expensive.
Check out these listings that are around $1 million in Murray Hill.
16 Park Ave., #13C
Listed for $545,000, this one-bedroom, one-bath co-op has high beamed ceilings, a renovated kitchen and bath, and a custom walk-in closet. The 16-story 1924 building has 64 units, a 24-hour doorman, live-in super, private garden, laundry room, and personal and bicycle storage. Pets are allowed.
137 East 36th St., #21K
The original $999,000 asking price for this two-bedroom, two-bath co-op has been reduced to $949,900. Described as a “diamond in the rough,” it has custom built-ins and a chef’s kitchen. Amenities of The Carlton Regency, a 1966 building with 24 stories and 115 units, include a 24-hour doorman, concierge service, a resident manager, gym, rooftop deck, gardens, private storage, bike storage, and two laundry rooms.
50 Park Ave., #4A
Located a 17-story, 120-unit building that dates to 1940, this one-bedroom, one-bath co-op is listed for $725,000, down from $750,000. The corner unit has 9-foot beamed ceilings, hardwood floors, built-ins, two walk-in closets, and a kitchen with stainless-steel appliances. The pet-friendly building has a 24-hour doorman, a live-in super, and a roof deck. The lobby, elevators, and hallways have been renovated.
35 East 38th St., #10G
Located in the Elysabeth, which has 113 units on 13 stories, this 775-square-foot condo has one bedroom, one bath, parquet floors, a kitchen with stainless steel appliances and a dishwasher, and a view of The Empire State Building. It is on the market for $899,000. Dating to 1961, the pet-friendly building includes a full-time doorman, live-in super, fitness room, renovated laundry room, and a bicycle room. Private storage may be rented, and there’s a parking garage next door.
120 East 36th St., #10C
This corner co-op, with an asking price of $499,000, has one bedroom, one bath, and views of the Chrysler Building. It is in The Stimson House, a 1957 development with 13 stories, 95 units, a part-time doorman, live-in super, and laundry room. Pets are allowed. The listing advises potential buyers “to bring your architect and make your dreams a reality.”
Nancy A. Ruhling is a freelance writer based in New York City.
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