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Betting on the Ace Effect

Uncategorized // Jan 06, 2012

core_010612_nomadmapNew York City’s neighborhoods are always evolving, whether it’s an established area like Fifth Avenue by the park, or a neighborhood without a name. Today the Wall Street Journal shines a light on the area that’s not quite Chelsea, not quite Midtown, and, up until a few years ago, was only known for its discount electronics and fragrance stores. Now the neighborhood has a flashy nickname, NoMad (for north of Madison Square Park), and a boutique hotel, the Ace that is driving all sorts of new restaurant and retail development.

Who stands to profit? Local property owners, of course. “Real-estate people predict the pace of development in the area will continue in the next few years,” the Journal writes, hinting at high-end projects to come like the NoMad Hotel a block away from the Ace on Broadway and 28th Street. Will residential real estate prices mirror the neighborhood’s rise? The paper highlights a handful of for-sale apartments in its look at NoMad, including the one-of-a-kind apartment at 120 West 29th Street listed by CORE’s Parul Brahmbhatt, seen here. (It also made the WSJ’s neighborhood map, right.) It just goes to show that sometimes all it takes is a spark, or in this case, a hotel, to change a neighborhood’s fortunes — and a wise buyer knows when to check in.