Situated in the West End Historic Collegiate District of New York City, 393 West End Avenue merges … [+]
New York City’s tech sector witnessed a 34% growth in 2021, easily outpacing Silicon Valley, Los Angeles and Chicago. Having taken notice of the fact Google and Amazon have been joined by the likes of more recent arrivals Bowery Farms, Noom and Thirsty Madison, venture capital in 2021 showered $13 billion on New York City startups.
Google, Amazon and Apple have committed to more than 3.1 million square feet of New York City real estate. More than 25,000 new employees are expected to fill tech titans’ gleaming new employment centers along an emerging tech corridor between the west side of Lower Manhattan and the Upper West Side.
Many of these highly remunerated tech professionals will need New York City residences befitting their elevated stature.
All these trends have triggered demand for luxury condominiums in prime enclaves along that corridor, including Hudson Square and Lincoln Center. Demand for downtown domiciles was anticipated. Largely unexpected has been the robust appetite for homes in the exclusive uptown enclave dubbed the West End-Collegiate Historic District. Tech sector stars have been busily snagging homes from the constrained supply of luxury housing along the 1/2/3 train line able to whisk them downtown.
Moving uptown
The emergence of new tech sector offices in Manhattan has also spawned a boom in the new development market along the corridor. The surge blossomed initially in downtown neighborhoods, but has gradually spread uptown.
“Many of these buyers are seeking out the Upper West Side as it’s an easy commute via train or car to their offices,” says Robin Schneiderman, managing director, director of business development for Brown Harris Stevens Development Marketing.
“The technology sector has emerged as a driving force of Manhattan’s residential and commercial real estate markets, rivaled only by members of the financial market,” adds Louise Phillips Forbes of The Louise Phillips Forbes Team at Brown Harris Stevens. “Manhattan is a major contender for the global leader position of what the tech hub currently is and will become. Those who are founders and employees are already here looking for their next chapter. The Upper West Side corridor is of particular appeal as it provides the charm and provenance that Manhattan is known for, with the juxtaposition of shiny and new details that a tech buyer in particular seeks.”
Notable properties
Among properties catching the notice of tech professionals is 393 West End Avenue, within the West End Collegiate Historic District. Three of every five prospects showing interest in the building journeyed northward from the burgeoning tech hub downtown.
Likely the last condo conversion in its enclave, 393 West End Avenue commands eyes on the basis of its prewar charm and the growing paucity of its condominium class. The 75-residence building, preserved by architecture and design firm CetraRuddy and featuring modern details matching its old-world allure, initiated sales this past spring.
“Over the past 12 months, I’ve completed more than 22 sales with tech sector buyers, and 393 West End Avenue has been a particular standout,” Phillips says.
In Lincoln Square, 200 Amsterdam proved one of Manhattan’s best-selling properties last year. Its neighborhood’s tallest building, 200 Amsterdam stands a short walk from Lincoln Center, Central Park and many of the city’s top private schools, and appeals to families who’ve waited for a building of this quality to emerge on the Upper West Side.
“At 200 Amsterdam, we’ve seen interest from buyers in the technology sector who were attracted to the charm of the neighborhood, which gives them a reprieve from the hustle and bustle of Downtown Manhattan, where many of the tech companies are based,” Schneiderman says. “Many of these buyers tend to have families and are looking for more space as well as amenities that cater to their busy lifestyles, all of which we offer in abundance at 200 Amsterdam.”
To sum up, one might say the emergence of luxury condominium demand along the West Side tech corridor is all about welcoming neighborhoods, coveted buildings, and another factor as simple as 1, 2, 3.