MIDTOWN WEST & HELL'S KITCHEN

THE BASICS: The new generation of Hell’s Kitchen—sorry, Clinton—residents are folks who started looking on the Upper West Side, then realized they could enjoy much the same lifestyle south of Lincoln Center. For the past century, the typical apartment here was a walkup tenement; now it’s a luxury rental with fancy condo finishes: grandiose lobby, lots of granite, high-speed Internet access, health club.

WHAT’S NEW: “The 42nd Street corridor used to be the armpit of the city,” says Andrew Heiberger, president and CEO of Citi-Habitats. “Now it’s become a flower.” Four luxury-rental buildings have gone up in that area in the past few years. “Midtown has become a much easier sell,” says Corcoran’s Barbara Matter. And don’t forget the 800-pound gorilla that could change everything: The AOL Time Warner Center, on Columbus Circle, should open this fall, with 191 luxury condos priced from $2 million to $32.5 million.

BARGAIN HUNTING: A preponderance of new luxury rentals means discounts: up to three months’ free rent and sometimes even moving expenses or a health-club membership. For purchases and rentals alike, prices fall as you head west, away from midtown offices and the train.

HOT SPOTS: Float, a dance club on West 52nd Street, and the Hudson Library Bar on 58th have resuscitated local nightlife. The neighborhood is packed with great restaurants, from the small storefronts of Ninth Avenue, like the Afghan Kebab House and Uncle Nick’s, to hit pretheater standbys like Molyvos, Baldoria, and Esca.

PREDICTION: “To everyone’s great amazement,” says Robert Clepper, a broker at William B. May, “sales have been stable.” Chalk it up to the newcomers. Prices may be held down some by the luxury-rental glut, but that won’t last, says Heiberger: “Then the area will be occupied, and it will be like any other Manhattan neighborhood.” In the long term, the AOL center plus the proposed stadium complex on the far west side—if it’s built—should boost values across the board.