The Midtown East One Bedroom Condo Market has a very robust amount of inventory. Midtown East is one of those areas that can encompass a number of different neighborhoods within it's general borders. I am describing the Midtown East Condo Market has being geographically located from 57th Street on the Northern Border, 34th Street on the Southern Border and everything between the East River and Fifth Avenue. Naturally that is a very large area so a lot of condominium buildings will be located in this area.
Some of the neighborhoods that could be somewhat included here are Murray Hill, Sutton Place, and Turtle Bay.
There is a vary wide range of Midtown East One (1) Bedroom Condominium Apartments For Sale available. The price range for a Midtown East 1 Bedroom Condos for sale starts around $550,000 and goes up to $2,850,000. Clearly this range is very wide and the size, condition, location and building are all very important factors that distinguish value in the Midtown East 1 bedroom condo for sale market. In total as of this post, I see approximately 130 One Bedroom Midtown East Condos for sale. That might seem like a very large number but what is important is to look at the break down of the price ranges because people searching in the $750,000 range don't look in the $1,500,000+ range.
$550,000-$700,000: There are approximately 30 One (1) Bedroom Condos for sale in the Midtown East Condominium market. This segment of the Midtown East 1 Bedroom Condo market is the most active segment, meaning that you will see apartments sell relatively quickly in this price point without a lot of negotiation. Most of the apartments will be in the 600-650 sq ft range, in doorman buildings probably built in the late 1980s. What you won't see is new construction apartments, high floor with amazing views, completely renovated. You may see one of those elements but not all of them. Some of the buildings in this price range with Midtown East One (1) Condos for sale could be: The Vanderbilt at 235 E 40th St or 216-218 E 47th St-The Octavia. Both of these buildings are very well established, in good locations.
$700,000-$1,000,000: There are approximately 50 One (1) Bedroom Condominiums for sale in the Midtown East Condo Market. This is where the majority of the inventory nearly 40% of the apartments for sale are priced between $700,000-$1,000,000. There is a lot of variety in apartments in the price range, you will see apartment size typically 700-950 sq ft. You will start to see apartments have a 2nd Half Bath, some apartments will start to be on higher floors(25+). Something to consider is that in this area more than likely to get a nice view you will have to be in the 20+ floor range, any lower and you might be looking at the other side of another taller building. Some of these apartments will be in luxury buildings, like 865 United Nations Plaza or other new development buildings. This is a price range where you need to know what you are looking for because there is a lot of inventory out there.
$1,000,0000-$1,750,000: There are approximately 40 One (1) Bedroom Condominiums for sale in the Midtown East Condominium Market. Now at this price range you will start to focus on some of the more luxurious and prestigious buildings such as 845 or 865 United Nations Plaza, or 425 or 325 Fifth Avenue, or the new construction buildings. Now you will be looking in the 800+ square feet category, lots of high floor with very nice views, typically 1.5 bath apartments, dining alcove spaces off the kitchen and living room, and better locations along Fifth Avenue, Park Avenue. This is a very large price point, for a 1 bedroom but there is a payoff that you will be getting a very nice apartment with a lot of features.
$2,000,000+: This price range consists of the some of the best 1 bedroom Midtown East Condominiums that are going to be available. Now you will almost certainly be in certain luxurious buildings, with dramatic Empire State, City and Water Views. Most apartments will be renovated or recently renovated, you will be on Fifth Avenue or Park Avenue locations or in one of the Trump World Tower buildings. This is a price point where there is not a lot of inventory, approximately a dozen apartments on the market, but those apartments will definitely give you a lot in terms of size, views, location and building amenities.
In Summary: As you can see the One (1) Bedroom Midtown East Condominium market is varies in price from approximately $600,000-over $2,000,000. There are a variety of buildings to choose from in this area. If you are interested in this area, our advice is to give us a call (917)837-8869 and we can talk about the current availability and what is selling in this market.
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