Central Park condos NYC
Posted by Wei Min Tan on March 31, 2023
Central Park, along with Wall Street, Times Square and Fifth Avenue, is perhaps one of the most iconic landmarks in New York City. When I get an inquiry from a foreign buyer, these locations are often mentioned because they are what people see when they envision Manhattan.
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Central Park condos are generally defined as those within a couple blocks from the sprawling green oasis that is Central Park. It covers an area of 843 acres (3.41 km²), and offers countless recreational activities, from boating on the lake to picnicking on the Great Lawn. For context, Central Park is actually larger than the principality of Monaco, which is approximately 498 acres. The park was designed by landscape architects Frederick Law Olmsted and Calvert Vaux, and was first opened to the public in 1858.
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Central Park condos come in a variety of sizes and styles, from cozy one-bedroom units to sprawling penthouses with multiple bedrooms and outdoor space. The size of these condos can range anywhere from 700 square feet for a one-bedroom to over 10,000 square feet for a sixty million dollar penthouse in a trophy building. Many of the Central Park condo trophy buildings are designed by some of the world’s most renowned architects, such as Robert A.M. Stern and Rafael Viñoly.
Having a Central Park condo is considered desirable for a variety of reasons. For one, the location is unbeatable, with easy access to the park, Fifth Avenue, abundant shopping and all the major transportation lines. In addition, Central Park condos are often equipped with luxurious amenities, such as 24-hour doormen, fitness centers, and spas. If a condo is high up, the views are unparalleled, offering sweeping vistas of Central Park and the city skyline. On a per square foot basis, prices can range from $1,400 to over $10,000 per square foot.
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Trophy buildings vs value buildings
Proximity to Central Park does not always mean astronomical price tags. There are Central Park trophy buildings such as the The Residences at Mandarin Oriental, the original Billionaire’s building One 57 and 220 Central Park South that cost between $3,000 to $9,000 per square foot. The average Manhattan condo is $2,000 per square foot.
Then, there are value condo buildings like Parc Vendome and Gallery House that cost about $1,400 per square foot. These value buys are merely two blocks from Central Park.
Within a building, there is a large price difference between apartments facing Central Park and those that aren’t facing Central Park. For example, apartment 52D at 25 Columbus Circle faces Central Park and is asking $7.5 million or $4,027 per square foot. Meanwhile, 57E in the same building does not face Central Park and is asking $4.175 million or $2,900 per square foot.
Choosing the right condo involves intimate understanding of the market dynamics. As the above examples show, merely defining something as a Central Park condo is not enough when choosing an investment. There is still a lot of variability even within the term “Central Park condos.”
What We Do
We focus on global investors buying Manhattan condos for portfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale