The neighborhood fondly nicknamed Hell's Kitchen runs between 34th and 57th Streets and between 8th Avenue and the Hudson River. Also known as Clinton and Midtown West, the area provides hospital and warehouse infrastructure to the midtown business district and figures big in many Damon Runyon stories. Its earlier ethnic conflicts spawned the musical WEST SIDE STORY.
In the last decade, development has come to the Kitchen. High rises dot 9th and 10th Avenues, while on most of the side streets the building limit of 6 stories remains intact. Because it's close to the Broadway theater district, you find actors and theater-related people living in the tenements and townhouses that fill those streets (there are also plenty of restaurants, especially on 9th Avenue and in the Forties, all geared to the theater crowd).
This is a neighborhood where you can buy a building in the 2-3 million dollar range, considerably lower than Chelsea to the south and the Upper West Side to the north. Granted, the property may not be as manicured as in those two other areas, but there is almost always a rental upside because of proximity to midtown business. In terms of condos, studios begin in the 400,000 range and you can still find a decent two bedroom at or under a million dollars. These, again, have considerable rental potential.
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