Traditionally a neighborhood of jet-setters, Central Park South may be getting more sedate, as a slew of luxury hotels turn condo.
However, brokers who work in the area don’t see an impending transformation to a high-end version of Strollerville.
“It will pull more to a neighborhood, but it’s still not going to be like the Upper West Side or the Upper East Side,” said William Morris Hunt III, president of Coldwell Banker Hunt Kennedy.
Other brokers agree.
“People may stay there for longer periods now, but it’s still basically pied-a-terre-land,” said A. Laurance Kaiser IV, president of Key-Ventures Inc.
There are no conveniently located or priced grocery stores, Kaiser pointed out, and while horses pulling carriages in Central Park may titillate short-term visitors, they are a smelly daily reality for full-time residents.
“A neighborhood basically has people of all ages,” he said. “How many people with baby carriages live there? The apartments generally are not large they’re not family apartments and there are no schools around.”
Developers of the Inter-Continental Hotel at 110 Central Park South, set to convert to 65 co-op units, said they’ve been surprised at the potential buyers they’ve heard from, including families.
Stephen Glascock, president of Anbau Enterprises, the Inter-Continental’s developer, said the opening of the Time Warner Center has bolstered Central Park South’s credentials as a residential neighborhood.
“There is no substitute for living right on the park and being able to wake up and see trees in the morning in the center of New York City,” Glascock said. “Central Park Conservancy also is renovating the children’s area across the street, which will just add to the attractiveness of Central Park South as a residential neighborhood.”
Despite the scenery, Central Park South can be a hard sell without basic amenities. In an ironic twist, the full-service hotel-condos being developed in the area might actually curtail development of any services that make the neighborhood more appealing to full-time residents.
However, Kirk Henckels, director of Stribling Private Brokerage, points out that there is a more developed residential neighborhood just two blocks south on 57th Street.
Most apartments in the neighborhood are small one- or two-bedroom units under 2,000 square feet, Kaiser said.