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Broadway hit musical Hamilton boosts property prices in Upper Manhattan

Broadway hit musical Hamilton boosts property prices in Upper Manhattan

It's quiet Uptown, but with property prices rising, it may not be that way for long.

Upper Manhattan is experiencing a property spike, and if you believe reports it’s all down to Broadway’s latest smash-hit musical.

Prices are up by as much as 16.3%, reaching a median asking price of $599,000 (€529,479.46, £422,217.72), according to Streeteasy’s February Market Report.

They’re only expected to rise, leading experts and locals to say the area, is benefiting from something that’s become known as the Hamilton effect, according to DNAinfo reporting from the kick-off event for the Real Estate Board of New York’s 2016 Uptown Open House Expo.

Lin-Manuel Miranda’s Hamilton, telling the story of founding father Alexander Hamilton, is the Great White Way’s hottest ticket and its ever-growing fan base seems unstoppable.

Getting a ticket is tricky to say the least, the cast recording won a Grammy and a book telling the musical’s story sold out and shot to #1 on Amazon’s bestseller list in about a day.

After the death of their first son Philip, who fell in a duel, Alexander Hamilton and his wife moved uptown to grieve in peace, away from the crowds of downtown Manhattan.

Today, 200 years later, crowds flock to their home on West 141st Street, as well as the surrounding areas.

But it’s not just the visits to Hamilton Grange, the founding father’s home overlooking the Hudson and East Rivers, which are up (and by 450%, too).

‘The show has brought Hamilton Grange, Hamilton Heights, Jumel Mansion and even Audubon Terrace to life and given them new meaning, and of course business,’ Corcoran broker Bruce Robertson, who’s organizing a Hamilton-themed open house, told DNAinfo.

‘Sometimes when speaking to folks about our neighborhood they say “Oh, you live up there!” So now The Cloisters isn’t the only cultural reason to go uptown.”’

Manhattan overall has a median asking price of $982,437 (€868,414.37, £692,491.35) for a resold property; in Hamilton Heights, the price is more than 50% lower, sitting at $425,000 (€375,674.07, £299,570.17).