The luxury real estate boom taking over Midtown South

45_east_22nd_street_-_heroa-300x200Take a walk down Park Avenue South, then up Lexington Avenue between 18th and 28th streets — a small crossroads of the NoMad, Flatiron and Gramercy neighborhoods — and it’s immediately evident that this commercial pocket is now taking on a new residential identity.

Two fresh apartment buildings — the ground-up 350-unit 400 Park Ave. South and the 58-unit Huys at 404 Park Ave. South — stand on either side of East 28th Street.

Nearby, the block-long, two-building conversion at 88 and 90 Lexington Ave. came to market in June and anticipates closings by year’s end.

Just one block wide and 10 blocks long, this zone is quickly evolving into a neighborhood of its own, with a number of other residential projects now selling or in the pipeline.

Industry sources attribute its growth to two main factors. First, builders discovered this untapped stretch as a convenient location between Midtown and Lower Manhattan, making it an attractive spot for buyers who work in either district.

Second, they’re tracking a series of upscale commercial openings in the immediate area — restaurants and bars among them — and placing bets that residents also want to be in an all-in-one location where trendy amenities are within easy reach.

 

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