Last Friday, The New York Times ran an interesting trend article, dissecting the recent residential developments happening throughout Midtown’s Hell’s Kitchen neighborhood. As Manhattan continues to experience a lengthy season of exponential growth and development within the real estate industry, this piece was extremely timely and informative. It was written with a combination of realism and affection that really captures the atmosphere of an area that has come from behind in an impressive way. The piece did a great job of diving into Hell’s Kitchen’s past, present and future with gusto and attention to detail.
Well aware of the recent developments and potential of this area over the past decade, we have built a steady portfolio of work within the neighborhood helping sellers and buyers navigate the many condominiums and cooperatives of Hell’s Kitchen, closing on nearly $50 million worth of transactions. The attraction for buyers has always been – and still is, for now – Hell’s Kitchen’s lower housing costs, relative to other comparable neighborhoods and housing stock. We don’t believe that this “Hell’s Kitchen discount” will last forever, so for buyers looking for one of those transitional areas of the City where a higher rate of appreciation is possible, this is not only a prime choice, but one of the only choices in this intense market.