“Our listings on the Upper West Side always get the biggest responses from investors,” states Eastern's chairman and CEO, Peter Hauspurg, in the report. “In Manhattan, which is already one of the most preferred locations in the world, the Upper West Side stands out as one of the elite markets mainly because of its building stock and its history of being a popular place to live.”

REITs and institutional investors are taking note. At the start of the 2012, UDR, Inc.—together with Met Life—closed the largest multifamily transaction in all of Manhattan. They purchased the multifamily portion of Columbus Square, a five-tower apartment complex along Columbus Avenue from West 97th Street to West 100th Street, for $630 million or $890,000 per unit, from developer Chetrit Group and Stellar Management. Also within 2012, the beaux-arts Chatsworth Building, on West 72nd Street and Riverside Drive, was bought by HFZ Capital for $150 million. The company bought the iconic building from owners who held the property for more than 70 years. Eastern Consolidated brokered the deal.

Significant new retail has come into the area over the last few years, helping to boost its appeal, according to the report. Anchored by Columbus Center on the south end of the submarket, big box stores came to the upper reaches in 2010, in a complex that spans from 97th to 100th Streets. That stretch is part of the aforementioned Columbus Square. It includes a Whole Foods, Michaels (craft store), T.J. Maxx and assorted other merchants.

New developments are underway by Extell Development Co. the Dermot Co. and Glenwood Management. The upper west side has broad appeal, says Denham.

“The Upper West Side attracts a well-heeled crowd including many of Manhattan's intellectual and cultural elite,” she says in the announcement. “Despite this wealthy base, it is well regarded for its diversity. Most of the area's housing stock contains significant rent-regulated units that keep the cost structure intact for a number of residents.

“Its outlook has never looked better,” Denham continues, “and the area will continue to draw residents and investors for its amenities and stability.”