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 Central Park 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 apartments in other prime Manhattan 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 apartment 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 New York, 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 art deco 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: penthouse apartment at the San Remo. 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.