The topic of the newly formed Central Business District in Manhattan, which starts at 60th Street south of Central Park and covers the entire areas of Midtown and Downtown Manhattan from the East River to the Hudson River in the west, has been a hot one lately. Everyone seems to have an opinion or a gripe that they want to share with the world about it. But one thing most aren’t mentioning is its effect on the real estate that exists in this exclusive zone.
If precedence has anything to do with it, then London’s introduction of its Central Business District in 2003 is a historically great example from which to take a closer look. When the program was first introduced, property prices dipped by 13%. However, a study by the National University of Singapore revealed that property values bounced back not once, but twice. As subsequent congestion rate hikes took place, property prices surged by 4% and 8% consecutively. To be within the District was to be exclusive.
UNLOCKING THE SECRETS OF PROPERTY VALUES
Within the boundaries of Manhattan's Central Business District exists some of the most expensive real estate in the city, both residential and commercial. It is also home to many of the city’s most famous iconic landmarks such as Billionaires Row along 57th Street, which features the tallest buildings in North America and the world, the vibrant Hudson Yards on the west side, the prestigious United Nations on the east side, and the bustling Financial District’s Wall Street and the New York Stock Exchange.
My prediction is that Manhattan’s Central Business District will add further pressure to property prices within this exclusive zone. It will be a haven for the “haves,” a place where convenience and exclusivity intertwine. Just like in London, being a part of this district is a testament to your status and wealth.
SEIZING THE OPPORTUNITY
So, are you planning a move to the city? Or perhaps you're considering a relocation to the vibrant heart of Manhattan? Keep the District in mind. “In my opinion, the potential for improved quality of life, reduced congestion, and the promise of positive property value growth are factors you won't want to overlook,” states Mukul.
Whether you're a real estate enthusiast, a curious city dweller, or someone seeking the next big opportunity, the Central Business District of Manhattan holds untapped potential. Don't miss out on this real estate jackpot.
If you need help, and don’t know where to start, be sure to download my free Ultimate Buyer’s Guide. And if you are like me and want someone to walk you through the process, contact my team, UNDIVIDED, we walk our clients through the complicated process of buying and selling real estate in this fine city.
