There’s no such thing as an undiscovered corner of Manhattan. After all, it’s a 22-square mile island and probably the most efficient real estate market on the planet. If you’ve ever tried to buy property here, you know that anything that sounds like a “good deal” will draw thousands of people and inevitably turn into a bidding war. But, don’t let that discourage you. Certain neighborhoods are more interesting -- more dynamic -- than others, and those are the ones we’re watching carefully.
The first of these neighborhoods, which we have squarely in the Compound Crosshairs, is the narrow triangle between 25th Street and 31st Street, bounded by 6th Avenue on the West, Broadway on the East. Let’s call it the “NoMad Triangle.”
Not only is the spot quite literally in the center of Manhattan, a few blocks south of Macy’s and Herald Square, but it’s also where several subway lines converge. It’s a stone’s throw to everywhere that it’s taken so long for developers to swoop in.
Signs of change abound. Although most of the storefronts are wholesale discount shops, hip coffee shops and foodie-worthy restaurants are popping up on the side streets.
We love neighborhood hotspot, Her Name is Han, but apparently so does everybody else because the line for a table extends halfway down the block every night of the week. The menu, filled with Korean standards well executed and lightly reimagined, is as memorable as the decor, which is much more on-trend than any of the stalwart Koreatown restaurants. (TJ, our resident gourmand recommends the seafood stew, baby octopus, rice cakes and fire-grilled bulgogi, all of which feels incredibly fresh and even light, an unusual combination when you’re eating food that’s spicy and fermented.) Get a reservation if you can snag one, and on your way to eat there, take note of the subtle winds of change: trendy coffee shops cropping up unexpectedly between wholesale shops and nail salons.
The evolution of this neighborhood over the past few years has been nothing short of dramatic. Midblock, most buildings still look like they did a century ago, but on the avenues construction cranes and newly built high-rises are breaking through. Now, the southwest corner of 30th Street is about to become the most prominent example of the neighborhood’s shifting character as the 476-foot-tall Virgin Hotel begins to rise, at 1225 Broadway.
Here are a few of the listings and buildings we’re watching most closely in the NoMad Triangle, where prices start at $900,000 and go to nosebleed levels in premium buildings like:
And here’s a commercial building for sale in the neighborhood. It’s about 2,800 sf footprint with 10.0 FAR priced at $27MM.
About Compound Asset Management:
Compound is a venture capital-backed asset management firm that creates residential real estate funds designed for the next generation of investors.