Made in the Shade?: As the W. 57th St. Area Sprouts Superdeluxe Towers, Long-Term Residents Face a Choice

New York Daily NewsOctober 16, 2014

Call them the humble millionaires of Billionaires’ Row.

 

Apartment owners living just south of Central Park are seeing their neighborhood altered by a stream of uber-pricey skyscrapers debuting along the short corridor between Sixth and Eighth Aves. from W. 57th to W. 59th Sts. The question on some of their lips: Should we stay or should we go?

 

Resales of existing condo and co-op units along the 57th St. corridor have ticked up in recent months as owners opt to sell their pads amid the development boom. There was an 83.9% increase in resales in the area in the second quarter, according to listings website StreetEasy, an early indication that some long-term owners in older buildings may be starting to get itchy feet.

 

“This is a case of a rising tide lifting all boats,” said Alan Lightfeldt, a data scientist at StreetEasy. “There’s certainly more interest in properties on the 57th St. corridor, which used to melt into the rest of Midtown. Now, it’s quite a powerful address.”

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