Deanna Kory

Select Market Survey Spring 2010 Perspective WINTER - SPRING 2010 almost a casual ambiance that speaks of comfort and ease. New Yorkers who live on West herald that quality as part of their living experience. IN THIS ISSUE: The Central Park West market was And it is that spirit that has helped golden last year during the depths of CURRENT MARKET REVIEW maintain and even imbue this Avenue the recession and led the way into our THE HISTORY OF CENTRAL PARK WEST with what it is today: A place for the current modest recovery of the market. DIGITAL ADVANTAGE discerning resident who desires to be Had the market not picked up steam CABINET OF CURIOSITIES on Central Park with the quiet and less in the last 9-12 months, Central Park COMING SOON “LIVING ON CPW” formal nature of its surroundings. West would have continued to sell, and CPW SALES SAMPLING in some cases out performed sales of in other prime MEET THE TEAM Central Park West has a unique locations. Historically Central Park physical presence: West has demonstrated steadiness and consistency of sales through good times - There is a wide variety of building and bad. CPW-A League of its Own styles and ages – everything exists on this avenue from one of the oldest The exceptional apartments that lead the Central Park West. Whether you are houses in Manhattan (and certainly its way in any market are properties with a native New Yorker or come from most famous), “The Dakota” all the way panoramic Central Park views. Properties abroad, the name alone conjures up to the most modern 15 Central Park that clear the trees and have high floor numerous images. While it isn’t as West, built recently by Robert AM Stern. panoramic views have been selling far famous as Fifth or Park Styles range from turn better than those at or below tree level. Avenue, most residents of of the century, to Art Some apartments, especially in the Central Park West would Deco, mid-century, to exceptional condominium buildings in certainly say that they 1980s, 90s and 2000s! the West 60s, have hit very high prices. prefer it even better. The architectural diversity is far greater Conversely, the units in both buildings The tone and majesty than any other Avenue on Central Park West and ones on of Central Park West is in the City. Central Park West side streets that don’t established by the many - There is a wide face the park are selling only when they stately buildings: some range of apartment are priced properly - and the prices are historic, some only nine sizes: ranging from 13 still a significant percentage lower than stories and others with twin rooms and townhouses peak pricing. However, any grand scale towers rising to thirty-five to studio apartments. apartment in a prime Central Park West floors overlooking Central building still sells above similar units Park. These buildings were designed to As a result, Central Park West appeals to located on other major avenues on the be and still are the ultimate marriage a broad variety of people. These qualities Upper East and West Sides. of prestige and luxury. Yet what sets and features have allowed Central Park Central Park West apart from its more West to be what I consider the most Lack of inventory for fine apartments still flamboyant neighboring Avenues is its recession-proof Avenue in , persists, and people looking on Central spirit: there is a peaceful atmosphere - and very possibly the World! [continued on page 2] Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 1 [continued from page 1] market review Park West continue to be frustrated outdoor space) at 15 Central Park West where the average asking price is well with their inability to find a suitable for $37,000,000! It is fair to say that, the over $3000/sf. 6 of which are asking apartment. And especially in this market, ultimate high-end on Central Park West over $10M. Notably, comedian, Conan there is a premium to be paid for well in the condominium world is far from O’Brien’s apartment is on the market renovated apartments. dead. at The Majestic for $29.5M. Another interesting one to come on the market is CO-OPS and HIGH END SALES at 271 CPW at 88th Street. Former real OVERVIEW There are simply not as many super large estate legend Agnes Nolan’s penthouse In this analysis, I will provide you apartments in Central Park West co-ops apartment is asking $13.9M and needs with a segment by segment overview of sales. So far this year, however, the sale a lot of work, rumors are abound though what is happening since the beginning of singer Sting’s apartment at 88 Central that it is selling. of 2010 on Central Park West. Park West has not yet closed. It was asking $19,000,000 when it went into 7-8 Room Apartments CONDOS and HIGH-END SALES contract in April. CONDOS: The high-end condominium Prior to the 1980s, there were no on the market in this category is at 43 condominiums on Central Park West. West 64th Street off Central Park West. Now there are several condo conversions It is a penthouse asking just under $13.5 and buildings capped elegantly by Million. There isn’t much else of note Central Park West’s jewel and the gold on the market in this category. Average standard of condos: 15 Central Park asking prices are in the $2100/sf range. West. This building stands out in the Recent sales are more notable with 3 city for continued record-breaking prices units having sold at 15 West 63rd Street through boom and bust. in the $3000+ per square foot. The views are magnificent from these units. Also Also faring well are the following sales at both 1 Central Park West and 15 condominium buildings in the “gold Central Park West have resulted in lifting coast” area of Central Park West: 1 this category way up on a price per square Central Park West “Trump International foot basis. Hotel and Condo”, 25 Central Park West “The Century”-an CO-OPS: There are 16 units available masterpiece built by Irwin Chanin in ranging from $2.85M to $17.5M for a 1931- and a sleeper building just north: at . 15 West 63rd Street, also known as the The other two sales of Central park The recent sales volume is healthy with “Park Laurel,” built in 2000 also has had West co-ops above $10M were the ones records showing 13 units in contract – some impressive sales: a record-breaking at The Majestic for $15,100,000 which with an average asking price of $3.5M, penthouse sale as well as top sales of high was $600,000 above the ask price of and 7 closed sales averaging $4M per sq floor 3-4 bedroom homes. $14,500,000 and closed in April. The ft. Notably, the units that sold this year other was a large apartment in the back were not on Central Park but instead One notable sale for high-end of the Dakota asking $12,500,000. So were side views and also just off Central condominiums since the beginning of sales in the high-end are definitely not Park West. the year was the remarkable foreclosure dead. Rumors abound of other sales yet sale of the Penthouse at 1 Central Park to hit the street of high end properties. 6-Room Apartments West for over $33 Million, which is also CONDOS: There are 8 condos on the a record for that building. The contract 9-Room Apartments and Larger market asking from $3.3M to $21M. was signed in January and it closed in CONDOS: Notably there are only 2 The recent sales have been strong. 10 March of this year. The other large sale units actively being marketed: A triplex at units have been sold since the beginning that took place was in 15 West 63rd 15 West 63rd Street for just under $5.1M of the year averaging over $2500/sf. Street where a duplex apartment sold for and a 15-room apartment at 15 Central $23.98 Million and closed in February of Park West which is asking a whopping CO-OPS: Oddly there are 23 units on this year. So far this year, there have been $55M!! The two sales this year in this the market in this category. The prices no huge sales at 15 Central Park West but category are above in the introduction. range widely from $1.5M to nearly $6M for those who are unfamiliar, there was a CO-OPS: There are 9 large co-ops (at The Dakota). The average price is sale in the fall of a Penthouse (without actively on the market in this category [continued on page 4] 2 Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] nyc history undeveloped. Yet Clark, who named The Elegance and Majesty of the building the Dakota in their honor, proved correct. His grand and gracious Central Park West: building, which featured a central court- yard and three-story mansard roof, was A Brief History fully rented by opening day despite its In Henry James’s 1881 novel, Much attention was paid to relatively out of the way location. The Washington Square, the author explores what developers believed would be the Dakota set the tone for the entire Ave- the ever-changing nature of New York three anchors of the new west side neigh- nue. Other apartment hotels eventually City, the city of his birth. One of his borhood – Riverside Drive, the Grand appeared on Central Park West, includ- characters, Arthur Townsend, has recent- Boulevard, more commonly known as ing the Majestic, which faced the Dakota ly “taken” a home for himself and his new , and Westbourne, the name across West and opened in wife, but explains that “it’s only for three initially given to the northern exten- 1894. or four years.” According to Townsend, sion of Eighth Avenue by the West Side By the 1890’s, the general char- moving frequently in was Association, a group dedicated to the acter of the thoroughfare had been set; “the way to live.” “It’s because the city’s improvement of the . Central Park West was known for a few growing so quick,” he explained, “you’ve first-class private homes, elegant church- got to keep up with it. It’s going straight es, and its famous apartment houses and up town – that’s where New York’s go- hotels. This essential nature of the thor- ing.” He went on to elaborate that if it oughfare still holds true, but a building wasn’t for his wife’s potential loneliness, boom in the 1920’s and early 1930’s al- he would “go up there – right up to lowed Central Park West to soar to new the top – and wait for it. Only have to heights. New York architect wait ten years – they’d all come up after started the trend that set the street sky- you.” ward in 1929 with his design for the James set Washington Square in San Remo apartments at 145 Central the 1840’s and 1850’s, and the buoyan- Park West. Roth called the building cy he described certainly applied to the the “aristocrat of Central Park West” for mood surrounding the development of good reason – it towers twenty-seven sto- the upper reaches of Manhattan island ries over the park and was the city’s first during that period, especially the two twin-towered building. The design was swaths of land flanking the newly con- so spectacular that three twin-towered ceptualized Central Park. Construction buildings attempting to repeat the San on the park began in 1856 and real estate Westbourne wouldn’t officially become Remo’s success appeared on Central Park development followed shortly thereafter Central Park West until 1890, but the West by 1931: the Century at 25 Cen- as investors bought up large plots of land shifts in the Avenue’s name did not affect tral Park, the Majestic, located on the and roads began to be extended further developers’ expectations. The most obvi- increasingly glamorous thoroughfare be- north into what was then the hinterland ous fact – that it overlooked the beauti- tween West 71st and West 72nd Streets , of upper Manhattan. Homes were built fully landscaped and intensely popular and , for which Roth was and new residents began to migrate to Central Park – made it an incredibly de- the associate architect, at 300 Central the newly developed area, but financial sirable location. Park West. One of Central Park West’s panics and the lack of reliable transporta- Edward Clark, head of the Sing- other gems from the period, the Beres- tion slowed growth. During the 1870’s, er Sewing Machine Company, was one ford at 211 Central Park West was also Townsend’s predictions about upper of the boldest developers of the bunch designed by Roth in 1929 and featured Manhattan seemed to be more fantasy and essentially set the character of Cen- not two but three towers that lord over than reality. Yet all this began to change tral Park West in one fell swoop. In the the magnificent Park below. when the New York elevated railroad be- late 1870’s, construction began on a mil- Overall, the elegance of Central gan service up what was then Ninth Av- lion-dollar “family hotel” at the corner Park West was a fantasy before it became enue (the street was renamed Columbus of Central Park West and 72nd Street. a reality. But the words of James’s pro- in 1890) in the summer of 1879. Build- The story of the building is legendary; phetic character ring true today. New ers were soon at work around the new el Clark’s associates allegedly joked that he York was headed “straight uptown,” right stations and the development of the Up- might as well have built in Indian Coun- to the elegance and majesty that is Cen- per West Side began in earnest. try as the Upper West Side was still so tral Park West. Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 3 digital advantage Deanna Kory CPW-A League of its Own Internet Advertising and Marketing - [continued from page 2] we maintain an ongoing and aggressive search engine marketing campaign in the $3.2M range but the majority of generating website traffic through those apartments do not have Park views keyword placement and targeting. We in this category. There have been 19 constantly review and optimize the sales with average sales prices just under campaigns to ensure the most effective $3M. results. The Deanna Kory Team appreciates 5-Room Apartments the key role technology now plays and • Other advanced tools include: CONDOS: Six condos are on the is committed to remaining an industry • Property Renderings and Fly- market for 5+ Rooms: 3 of them at 15 leader to better assist clients in both throughs Central Park West. Four sales have taken marketing their homes and finding • 3-D Floor plans place mostly at 15 West 63rd Street. properties to purchase. As part of the Full Screen Photos Corcoran Group, the Deanna Kory • Video Walk-throughs CO-OPS: Thirteen co-ops are on the Team clients already benefit from Custom Website Development market; only four have park views above the marketing power of a recognized the trees. There were eleven sales with leader in the industry and New York’s only three above the tree level on the #1 real estate website, Corcoran.com. The Deanna Kory Team Park. When you choose the Deanna Kory Team, you’re choosing to work with Website 4-Rooms Apartments: the most technically savvy, experienced Video - our site is rich with video, CONDOS: This is a great category for professionals in the New York City real including personal interviews with team Pied-e-terres, where 11 have sold since estate market. Our property listings members to help users find out who the beginning of the year. There are 6 receive the best possible online reach and we are as professionals, our individual units currently on the market – none distribution, resulting in higher prices philosophies on guiding clients, and of which are directly on the Park. So in shorter times. In this era of instant average asking price is currently $1,300/ communication, timing is everything. sf which is lower than the average sales price of $2,000/sf (this includes some Innovative Marketing Tools high-end top condos). Every Team DEK exclusive receives maximum exposure on the industry’s top CO-OPS: There are only 7 units in real estate websites through Corcoran’s CPW buildings in this category right comprehensive partnership network, now. One is a penthouse at 322 Central including NYTimes, Trulia, StreetEasy, Park West asking $3,250,000. The Google and many more. In addition, our experience in assisting our clients others have limited views in general as our marketing team has developed in buying and selling real estate in most 2-Bedroom co-ops were placed in advanced tools that incorporate the Manhattan. We also include video of our the back or on the side of the buildings. digital and video mediums. We can exclusive events, television promotion of There were 8 sales in Central Park West creatively enhance properties that may properties, and tours of our listings. buildings of 2 bedrooms--most of them need specialized marketing, such as raw are not “view” apartments. Video Blogs - in an effort to offer up-to- spaces, new development, and homes date information in a new and exciting that need to be gut renovated. We 1-Bedroom Apartments: format, our creative team presents are constantly striving to improve our CONDOS: Of the available units on the Deanna Kory via video answering the marketing skills by utilizing THE most market, all except 8 units are off CPW. most current and frequently asked real up-to-date software and design. Of those 8 Units, 3 are in The Century estate questions in her own words. This (25 CPW) and 5 in the Hotel Condo monthly video is sent via email to our Social Media - we regularly update and portion of 1 CPW. 15 sales took place clients and maintained on our website. promote all our listings on social media on or just off CPW in this category. sites like Twitter, Facebook, LinkedIn, Custom Listings - our exclusive property YouTube and Flickr. listings do not have the restrictions [continued on page 7] 4 Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] museum of natural history

From Curiosity Cabinet to closely aligned with the European tradi- tion dating to the 17th century. Time Museum Collection was in earlier centuries when anyone of means who traveled to distant lands re- efore museums existed, objects of history. 17th-century cabinets, actually urned with a few artifacts that were ar- Bnatural history, art, and technology room-sized collections, were filled ranged systematically in a special room at were held in private collections. Curios- with preserved animals, horns, tusks, home that reflected the emerging thirst ity cabinets — also known as cabinets of skeletons, minerals, and so on. Their for categorical knowledge. A gentleman’s wonders or chambers of curiosities —of the collections consisted of both factual cabinet of curiosities is what these first 16th and 17th century included all sorts and fictional items -from mythological museum-style rooms were called. of attractive or interesting objects. Rare creatures, specimens, and artifacts. The Cabinet of Curiosities was a sign items were especially prized. The Cabi- specimens displayed were often collected of wealth, education, social status and net of Curiosities consisted of collections during exploratory expeditions and power among the ruling classes. For the trading voyages. wealthy and the powerful, cabinets of cu- riosities were not merely expensive toys, Cabinet of Curiosities in America but the ultimate expression of their egos. The culture, art, and business As is always the case, at the beginning of the Cabinet of Curiosities arrived the impressive collections of curiosities in the United States with the settlers. resided in the hands of a few elites. Originally, they simply Early museums began displayed these artifacts as the private collections of for the amusement of wealthy individuals, fami- their friends. But the idea lies or institutions of art soon spread to the streets and rare or curious natural and, when profit entered, objects and artifacts. Once of natural history specimens (and some so did fraud. It is widely they opened, with free ad- artifacts) kept and often displayed in believed that one of the mission, “…for the cre- cabinets, by many early practitioners of first people to capitalize ation of a Museum of Nat- science in Europe. (The cabinet of curi- on this “curiosity” type ural History for the City osities can be a cabinet, room, or audito- of entertainment in the of New York, to be Open rium.) This specific culture was a result United States was the and Free to all members of of explorers in long-distance voyages by late P.T. Barnum. In the Public, without restric- ship from continent to continent. 1841, Barnum opened tion…” they put most of the doors to the American Museum in the Cabinets out of business and as they In a sense, the cabinets were a lower Manhattan. He acquired a large went bankrupt, the curator bought most collection of high-quality curiosities from of the artifacts for the museum. precursor to the Museums of all over the world. However, his concept Natural history museums quickly Natural History of public entertainment went far beyond grew into impressive research collections. a room full of his prized curiosities. In Today natural history museums around The first Cabinet of Curiosities is fact, P.T. Barnum owned one of the the world hold about three billion believed to have been created in ‘Ferrante largest cabinets in New York. specimens. The Smithsonian Institution’s Imperatos Dell’Historia Naturale (Naples Barnum was a man of vision and National Museum of Natural History, 1599), but by the following century they genuine genius who could charm his au- established in 1850, has over 126 million became more popular and spread to other dience with his innovative and outstand- specimens of plants, animals, minerals, countries. Major collectors strove to ing entertainment. During the same era, rocks, fossils, and human artifacts. collect curiosities of four - five elements there were a number throughout the city Note: from around the world to enrich their at which customers could pay to view The “suggested” admission at the American collections. These elements are water/ such oddities as a two-headed calf. Typi- Museum of Natural History is $15, you can liquid, soil/solid, fire, wind/gas, (and cally, the second head would be sewn on. make whatever contribution you see as appro- sometimes divine life/soul/energy as fifth By contrast, “The Public’s Treasures” re- priate to enter the museum (though you’ll have element) which are ultimate components trieves items from the New York Public to pay full price for planetarium shows, etc.). of our universe, often been diligently Library’s very real archives and displays by: Fabio Carli investigated by alchemists throughout them in authentic cabinets much more

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 5 coming soon LIVING ON CENTRAL PARK WEST An Experience through Images COMING SOON! A new book presented by Deanna Kory

This wonderful new book is full of high atop some of the most famed buildings, extraordinary photos that capture all aspects there is so much splendor and beauty to this of life on Central Park West. Often times, we enchanting and historic residential enclave. miss the beauty before us and photographs can This book explores through images many of the seize images that we see every single day but aspects of why owning a residence here is special often go unnoticed. From the subtle seasonal in countless ways and the reasons it enjoys such transformation, to the late 19th century detail a full and vibrant history.

Living on Central Park West was created by the Deanna Kory Team to share specifically with the residents of this wonderful community as we continue to be enamored by its eternal appeal from its stunning architecture, magnificent history, world-renowned cultural institutions, residential community nature, and of course the beauty of Central Park!

6 Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] CPW sales sampling [continued from page 4] of most template-driven websites, so we can customize your property The Deanna Kory Team listing with as much information or as many links or features as needed. Central Park West Sales Sampling

Deal Management System 65 CPW – 11D 5 Rooms in - in contract *RB Just as corporations utilize extensive tracking systems to catalog and record 75 CPW- 5D 6 Rooms in - in contract pertinent information, monitor 420 CPW- 4J 3.5 Rooms - in contract *RB effectiveness, and communicate within 4.5 Rooms the organization, the Deanna Kory Team 75 CPW- 8C has an internal system that was created for 372 CPW- 19AB 6.5 Rooms our team exclusively. This state-of-the- 239 CPW- 15A 7 Rooms *RB art system gives our team the capability to most effectively assist our clients 327 CPW- 5B 5 Rooms *RB by tracking important information to 225 CPW – 1101 6.5 Rooms keep us up-to-date on all aspects of our 115 CPW- 28D 6 Rooms business. 300 CPW – 5D1 5 Rooms Complete customer reporting system 455 CPW- LM20 6 Rooms - this system is extremely effective in 455 CPW- LM16 7 Rooms tracking our buyers’ requirements for purchasing a property. No broker can be 455 CPW- LM18 7 Rooms effective if he or she is not fully aware of a 262 CPW- 12D 6 Rooms buyer’s needs and requirements. We track 8 Rooms all properties viewed, buyer comments, 333 CPW- 76 and new listings that match each buyer’s 455 CPW-LM11 7 Rooms criteria. Our entire team is aware of every 372 CPW- 8R 4.5 Rooms one of our client’s requirements through this system, so each client has a broader 300 CPW- 5G 7 Rooms *RB scope of guidance, information and 320 CPW-4D 4.5 Rooms *RB ideas. 333 CPW -121-122 10 Rooms *RB-Represented buyer • Database of all deal information • Digital open house sign-in sheets CURRENTLY ON THE MARKET • Record of all appointments 101 CENTRAL PARK WEST 455 CENTRAL PARK WEST In a highly sophisticated real estate market, sellers need access to the finest marketing tools to achieve their desired results.

For more information on our current exclusive listings, up-to-date market news, or assistance in the intricacies of purchasing and selling an apartment in Manhattan, please visit deannakory.com Triple Mint and Elegant Renovation Landmark 9 -Rm Grand Duplex or contact Deanna: [email protected] Price: $4,150,000 3 Beds/3 Baths Price: $5,650,000 5 Beds/5.5 Baths (212) 937-7011 Web # 1997235 Web # 792100 Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] 7 Deanna Kory Senior Vice President Top of the Manhattan MEET THE TEAM Real Estate Industry! Christine Morgan With over twenty-four years of Vice President experience in the real estate industry, Deanna Kory has built a reputation as a hard-working broker with the Meghan Kelly intellect, knowledge, sensitivity, and Vice President expertise to assist all of her clients in realizing their real estate goals. She has a predominantly referral- based clientele which is a testament Jane Martin to these attributes. Along with her Senior Associate Broker team, Deanna has sold over $1 billion of residential real estate in Manhattan. Wendy Clark Vice President She was named one of the 2008 Top Women in New York Real Estate by Tri-State Weekly Was among the top 3 salespeople in the entire company at Corcoran in 2007 Lynn Nguyen Has been honored amongst the city’s real estate elite by Avenue Sales Associate magazine in both 2008 and 2009 Member of the President’s council; the top 25 brokers at Corcoran, and the Multi- million – dollar club repeatedly year after year, she consistently ranks within the top 5 brokers at the Corcoran group company- Dan Tudor wide every year, as well as holding many other honors. Sales Associate deannakory.com Dane Hope Sales Associate Deanna Kory | Senior Vice President and Associate Broker | 660 Madison Avenue, New York, NY 10065

the corcoran group real estate - 660 Madison Avenue, New York, NY 10065 - [email protected] The Corcoran Group is a licensed real estate broker. Owned and operated by NRT LLC.