CompsQueen: Digging for gold in Murray Hill
In an article for real estate brokers earlier this month, industry trade mag The Real Deal blew the lid off Murray Hill. Apparently, the East Midtown neighborhood is shedding its modern-day reputation as a giant post-college frat house and reverting to a version of its quiet, convenient underappreciated former self. “Murray Hill has lost some fresh-out-of-college renters to places like the Far West Side and Midtown, where brand-new buildings are offering amenities and concessions," reports The Real Deal. Murray Hill's main "selling point has become its value.”
We headed for the comps to see for ourselves. A search on StreetEasy reveals that the median price for Murray Hill is $824 per square foot, while the Upper West Side and Upper East Side are $1,125 and $1,000, respectively. Not bad.
For the Murray-Hill-curious like us, here are a few deals recently had--or about to be had--in the neighborhood.
- 160 East 38th Street, Unit 34D. This already-converted two bedroom, one and a half bath apartment closed on October 10 for $790,000 ($790 psf), significantly less than the $905,000 it fetched in November of 2006. It is renovated and is located in a full-service post-war building with an indoor pool.
- 300 East 40th, #30P This one-bedroom, one-bathroom unit at The Churchill, a full-service building at 300 East 40th Street, sold a month ago for $600,000. In May of 2006, the same unit sold for $650,000.
- 132 East 35th Street, #14H Following a price reduction two weeks ago, this convertible three-bedroom, two-bath unit with outdoor space is currently is asking $1.095m, or approximately $730 per square foot. While this is higher than the $999,000 the unit sold for in 2004, it is roughly at a 2005 price level.
