The Real Deal New York

Uptown developers use Central Park views to lure buyers

December 20, 2013 03:40PM

Developers are looking to lure buyers further Uptown with a powerful carrot: Central Park views. And these come at a fraction of the cost of tony developments such as One57.

At One Morningside Park for example, a 2,160-square-foot space that was combined from three apartments sold for $2.74 million. The 22-story building offers views of both Morningside and Central Parks, as well as the Cathedral Church of St. John the Divine. Compare that to Gary Barnett’s One57, where the smallest three-bedroom available as of November was asking $18.75 million.

“The people who have bought here realize very quickly the value of this building,” Brown Harris Stevens’ Shlomi Reuveni, who is marketing the building, told the New York Times.

Other projects looking to tap into Central Park views are 111 Central Park North and the Robert A.M. Stern-designed One Museum Mile, where a three-bedroom condominium recently sold for just shy of $3 million, according to data from MNS Real Estate seen by the Times.

“We’re seeing high-rise development along Central Park North that has tremendous views, but yet you’re in neighborhoods that are not as expensive as those to the south,” Miller Samuel’s Jonathan Miller told the newspaper. Indeed, while the average sale price on the posher Upper West Side is north of $2 million, in Morningside Heights the average is $981,000, Miller Samuel data show. [NYT]  – Hiten Samtani