Central Midtown Real Estate Market Trends

Market Overview for Quarter 1, 2021


Median Sale Price

$830K

-74% YoY


Median Price/Sqft

$1,085

36% YoY


No. of Transactions

60

-45% YoY

Manhattan Median Sale Price

$1M

-1% YoY

In Quarter 1, the median home sale price in Central Midtown was $830K, down 74% year-over-year. There were a total of 60 transactions, representing a 45% drop compared to Quarter 1 last year. The median price per square foot was $1,085, a 36% YoY change. In Quarter 1, the median home sale price in Manhattan was $1M.

Central Midtown Neighborhood Map

As the name implies, Central Midtown is smack dab in the middle of it all. This quintessential New York neighborhood may seem at first glance to be all office spaces and skyscrapers, with honking horns and neon signs galore, but a walk down the side streets uncovers relatively quiet family-orientated condos and co-op buildings.

Central Midtown Median Sale Price

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Median Sale Price Per Square Feet

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Real Estate Transactions in Central Midtown

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Top most expensive neighborhoods in Manhattan

Central Midtown median price compared with other neighborhoods in Manhattan

Property values in Central Midtown are lower compared to the borough of Central Midtown overall.




Central Midtown median price compared with all the neighborhoods in Manhattan

Neighborhood Borough Median Sale Price
Hudson Yards Manhattan $5,504,250
TriBeCa Manhattan $3,550,000
SoHo Manhattan $3,250,000
Hudson Square Manhattan $2,906,012
Civic Center Manhattan $2,760,000
NoLIta Manhattan $2,647,450
Central Park South Manhattan $2,147,500
NoHo Manhattan $1,935,000
Little Italy Manhattan $1,925,000
Garment District Manhattan $1,900,000
Flatiron District Manhattan $1,865,000
Chinatown Manhattan $1,733,179
NoMad Manhattan $1,623,500
Carnegie Hill Manhattan $1,500,000
West Village Manhattan $1,312,500
Two Bridges Manhattan $1,225,900
Greenwich Village Manhattan $1,165,000
Lenox Hill Manhattan $1,150,000
Gramercy Park Manhattan $1,119,375
Upper West Side Manhattan $1,100,000
Chelsea Manhattan $1,077,600
East Village Manhattan $1,049,500
Lincoln Square Manhattan $1,040,000
Theatre District - Times Square Manhattan $997,500
Financial District Manhattan $967,500
Central Midtown Manhattan $830,000
Yorkville Manhattan $824,000
Turtle Bay Manhattan $820,000
Sutton Place Manhattan $803,750
Manhattan Valley Manhattan $800,000
East Harlem Manhattan $790,000
Clinton - Hell's Kitchen Manhattan $779,500
Battery Park City Manhattan $762,900
Murray Hill Manhattan $750,000
Lower East Side Manhattan $728,000
Harlem Manhattan $705,000
Roosevelt Island Manhattan $676,551
Morningside Heights Manhattan $670,000
Koreatown Manhattan $645,000
Kips Bay Manhattan $597,000
Washington Heights Manhattan $590,000
Inwood Manhattan $535,000
Tudor City Manhattan $492,500

Residential Properties Sold in Central Midtown

Property Type Median sale price Y-o-Y Median sale price/sqft Y-o-Y Transactions
Condos $1.5M -54% $1K 6956% 26
Coops $614K -82% $778 -43% 33
Houses - - - - 0

The median condo price in Central Midtown in Quarter 1 was $1.5M, down 54% year-over-year. Median coop sale price in Central Midtown were $614K, a change of -82% year-over-year. There was no statistically significant data for median house sale price activity for the period of Quarter 1 in Central Midtown.

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Central Midtown Neighborhood Guide

When tourists imagine New York, they often imagine the entire city to be exactly like Central Midtown: skyscrapers everywhere, bustling crowds, car horns honking on every street corner, and neon lighting up the night. One of the most famous spots in the entire world, Times Square, is located in this famous neighborhood, and though it has one of the highest concentrations of hotels anywhere in the city, Central Midtown also includes numerous quiet side streets with picturesque New York City charm, while the dizzying variety of eateries, nightlife, and shopping venues would be difficult to beat.

Architecture and landmarks

Preservation efforts in Central Midtown have not been as successful as they have been in other areas of the city. As a result, there are many new condos and office buildings being built all the time. Some developers do maintain the integrity of the exterior of the building, such as the recent renovation of Christ Church, built in 1905, to a 28-story hotel. That being said, there are many existing landmarks in the area, including Art Deco buildings like the General Electric Building, the Chanin Building, the Chrysler Building, the Empire State Building, and Rockefeller Center. The Museum of Modern Art, Radio City Music Hall, Trump Tower, Tiffany's and St. Patrick's Cathedral are also located on the busy streets of Central Midtown, as are an incredible variety of famous retailers and some of the world's most iconic hotels.

Transport

There may be nowhere in the world with more public transportation options than Midtown Manhattan. With over a dozen subway lines, dozens of bus lines - including express buses - there's always an easy way to get where you're going. The Port Authority Bus Terminal, Penn Station, and Grand Central Terminal are all in Midtown.

Schools

There is only one elementary school zoned for this neighborhood - PS 59 Beekman Hill International - and no zoned middle school. One public high school, the Art and Design High School on 2nd Avenue, serves the community, and there are several options in neighboring areas like Turtle Bay and Lenox Hill.

Health

There are two main options for general medical services in Central Midtown, the New York Presbyterian Hospital and the NYU Langone Medical Center on Madison Avenue. Residents can also visit a handful of urgent care clinics, private physicians, and alternative health options such as acupuncturists and chiropractors.

Safety

The good news is that most crimes in the area are property crimes and serious crime rates have dropped 7% in the last decade. The high overall crime rate is due to the large number of tourists and foot traffic the area sees. In 2016, there were 45.63 crimes per 1,000 residents reported in the Manhattan North Precinct, which covers most of the neighborhood. The Manhattan South Precinct that patrols the lower end of Midtown had 135.44 crimes per 1,000 residents over the same period.

Things to do

Since Central Midtown is considered the tourist hub of New York City, it's not surprising that there's a seemingly endless list of things to do. Popular attractions include a trip to the Plaza Hotel, an awe-inspiring stop at St. Patrick's Cathedral, a stroll through Central Park, or shopping along 5th and Madison avenues. In fact, Midtown is one of the best shopping districts not just in the U.S. but in the world. Check out legendary spots like Bergdorf Goodman and Saks Fifth Avenue, or visit the hundreds of boutiques.

For those with an appetite, there are many delicious eateries in the area for every need from a quick bite to an elaborate 12-course meal. American fare can be found at Park Room, Nerai has a unique take on Greek classics, and The Modern is regarded as the apex of fine French-American dining. To quench your thirst for a cocktail, head over to the swanky Salon de Ning, listen to jazz at The Rose Club, or visit the Milk Bar Midtown for some top-tier desserts.

Library lovers will find plenty of opportunity in Central Midtown. The world-famous Main Branch, which is now known as the Stephen A. Schwarzman Building, may be the busiest, but the New York Public Library also operates numerous other branches in the area, including the Science, Industry, and Business Library.