Shareholders at the Southgate co-op, a cluster of scattered buildings anchored on the East end of 52nd, tucked between Beekman Place and Sutton Place, have purposed a new way to boost awareness of the area.
The New York Times reports that shareholders wish to abdicate the 52nd street name and utilize a brand new one, in an attempt to discard the now infamous and unflattering atmosphere associated with the area.
Although Southgate committee members are trying to gather momentum for their cause, no new name has been announced. However, speculation on ‘River Place’ has generated the most support.
Four of the Southgate buildings create a uniform line of reddish brick and polished brass down the south side of the street. In addition the co-op has a fifth building adjacent to 51st street.
According to StreetEasy, homes on the neighboring streets do tend to be more expensive. Since early 2004, the median prices for homes on Beekman Place and Sutton Place were higher than the median prices on 52nd Street every year except for one. In addition, some real estate brokers agree that a more elegant name on 52nd Street might give prices a small boost, as well as generate positive buzz for the area.
For the full story, visit The New York Times.
