Manhattan transfer
A guide to the prime residential neighbourhoods
The distinct neighbourhoods that make up Manhattan are a special part of New York’s appeal, slotting together in a neat jigsaw of unique character and rich history. And while fashions come and go, especially in this most fashion-focused city, there’s long-term constancy in the most prized areas for prime residential demand.
Hugh Dixon, head of Knight Frank’s New York Private Office has been based in Manhattan for three years and is adept at advising clients on the locations and property styles that will best suit them.
“When clients come to me looking for property in New York, some arrive with a firm idea of where they want to live,” Dixon says. “One European client I am currently working with for example is very specific about her desire to live Downtown. That’s where her friends are, that’s where she feels comfortable and with fashionable boutiques and excellent amenities on hand, she has no need - or desire - to go uptown. Other buyers are less sure of the pros and cons of the different neighbourhoods and which are best suited to investment or lifestyle.”
Upper East Side
Upscale, affluent, sophisticated and historic, the Upper East Side has always been a smart and wealthy address, made famous by the predominant names in American society: the Roosevelts, Rockefellers and Kennedys among them. The Upper East Side stretches along the eastern edge of Central Park, from 60th Street up to 90th Street and was once considered the very best location in Manhattan. In the 1980s when the noted Parisian architect and interior designer Robert Couturier arrived in New York, his grandmother told him that he should only live “between 59th and 86th Streets from Fifth Avenue to west of Lexington”.
It includes Museum Mile, a culture-packed stretch of Fifth Avenue, long-established five-star New York Hotels and beautiful brownstone buildings. The areas excellent range of schools is a major pull for this area says Dixon, and it is a favourite with many Europeans in particular for its traditional elegance, grandeur and somewhat more sedate pace than other areas of the city.
“For super prime property, the larger than average properties in the Upper East Side range from $10 - $20 million,” says Dixon.
Billionaires' Row
“International clients looking predominantly for an investment are drawn to the contemporary apartments in the tall towers of Billionaires' Row, lining 57th Street and directly overlooking Central Park,” says Dixon. This is the southern edge of Central Park and the northern edge of Midtown where notable sales in the past 24 months include a penthouse in the 82-storey 111 West 57th Street for $52 million and $110 million for a seven bedroom duplex penthouse in neighbouring Central Park Tower.
Midtown
For buyers focused on lifestyle, Midtown is a good option, well placed for Broadway, the designer shops of Fifth Avenue and many of the city’s most notable restaurants. It runs the width of Manhattan from around 34th Street up to Central Park and is the buzziest part of the city, including tourist sites such as the Empire State Building, Times Square and Madison Square Gardens. Cultural highlights include MoMA, the Museum of Modern Art and the transport hubs include Penn Station and Grand Central.
It also includes Park Avenue, a prestigious boulevard that acts as New York’s backbone with both business life and exclusive hotels. Property for sale includes Residences at Waldorf Astoria where after extensive refurbishment there are now 375 branded residences, all with access the hotel’s facilities and over 50,000 square feet of private amenities. Prices start from $1,800,000.
Chelsea, the West Village and Tribeca
Excellent schools are one pull factor for Chelsea to the southwest where a favourite is Avenues The World School. This opened in 2012 and now has close to 2,000 pupils on its campus beside the High Line.
“The appeal of Artsy Chelsea goes well beyond just its good schooling, and along with West Village and Tribeca is the top choice especially for younger clients,” says Dixon. “They view this trio of neighbourhoods along the Hudson River as less corporate, less staid and distinctly family friendly. Overall, their village-type feel equates to Marylebone or Notting Hill in London, one reason perhaps why they are popular with many British and European buyers.”
They certainly have a slightly quieter, slower pace than Midtown with many buildings in Chelsea and the West Village low-level and human in scale.
“A shortage of quality stock in the West Village has helped sustain values there,” says Dixon. “I am currently helping a client purchase a West Village townhouse at around $40 million, and prices can go much higher.”
Co-operatives and Condos
Co-operatives have traditionally made up the majority of Manhattan’s older housing stock, a rare New York structure where owners must be approved by the building’s Board of Directors, and international buyers have tended to avoid these often time-consuming and arduous purchases. Some co-ops have become more open recently says Dixon who recently oversaw a smooth transaction for a European financier on the Upper East Side.
“A recurrent focus among investors is wealth preservation and capital growth and they choose a New York property for the exposure it gives them to the US market with a dollar asset,” he says. “For these purchasers, my advice is to find opportunities that are difficult to replicate, one off rare assets.”
“It is a standout city for culture, for arts and for urban energy, somewhere impossible to replicate,” he says. “New York is unique.”
Hugh on Knight Frank’s partnership with Douglas Elliman
“Our global alliance with Douglas Elliman allows our international client base to be fully services across the US market with expert agents, while on the flip side, we get to know their clients and see how we can help them through our extensive global network. Together, we can achieve all the goals any client has in global real estate. Douglas Elliman are the number one real estate brokers across the US, and it is superb to be aligned with them.”
