The successful sales at 520 Fifth Ave signal a rise in Midtown’s residential market, according to Curbed. Credit: Binyan Studios.
KPF’s mixed-use tower has seen strong sales of its centrally located, luxury apartments, marking a shift in Midtown’s real estate trend.
In the first years of the pandemic, demand for both office and residential space in Midtown Manhattan dropped significantly as people adjusted to remote work. Now, as employees return to work and the construction of big office projects surges ahead, the residential market is beginning to see a corresponding sales bump. According to a report in Curbed, the office workers, recent graduates, and international buyers repopulating Midtown are seeking out mixed-use real estate that offers convenience and luxury.
The article cites sales at several major residential projects following the construction of Midtown’s newest office towers. Among them is KPF’s 520 Fifth Avenue, which sold 60 percent of its units in only a few months. Recent buyers, the article explains, are hungry for efficient and well-appointed apartments close to the office and public transportation as opposed to alternatives further away. 520 Fifth Avenue, which offers one- to three-bedroom units with interiors of white oak and green marble, is in close proximity to both Midtown workplaces and Grand Central Terminal, as well as luxury shopping options. On top of its elegant architecture, the mixed-use tower includes Moss, a members-only club for leisure, exercise, dining, and entertainment.
The success of 520 Fifth Avenue’s initial sales indicates an improvement in the mixed-use and residential real estate market, signaling an optimistic future for activity in Midtown Manhattan.
Read the full article from Curbed here.