Most valuable real estate in New York? Park view required

Unlike other towns, properties near water don't command the biggest premiums in New York

TRD New York /
May 07, 2014 03:25 PM

New York City loves its green spaces, as evidenced by the fact that the priciest real estate can consistently be found along its parks.

While in most cities, the most valuable real estate is usually found along waterways, park-side real estate in New York City commands a premium of anywhere between 5 and 25 percent, the New York Post reported. Along Central Park, a luxury condominium project at 22 Central Park South has a penthouse priced at $24.9 million, while Extell’s 68-unit Carlton House at 21 East 61st Street will offer available units from $7.6 to $65 million.

Around Madison Square Park, one of the city’s oldest parks, listings at 10 Madison Square West are asking $3,455 a foot. And at the 63-unit One Madison, apartments on the upper floors are fetching more than $4,000 per square foot.

While there are few new developments going up along Brooklyn’s Prospect Park, the townhouses on the west side of the park are some of New York’s most desired, according to the New York Post.

And it’s not just these usual spots that are uber-desirable. Since the debut of High Line Park’s first section in 2009, some of the world’s most acclaimed architects, including Shigeru Ban and Jean Nouvel, have been drawn to Far West Chelsea for development projects. [NYP] — Sasha von Oldershausen


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