Park Views = High Prices
It’s always been the case that proximity to parks is desireable for a multitude ot reasons. But this article draws some lines which are uncomfortable to say the least – how far is it from “located by Central Park” to “exclusive access to Central Park”?
From the New York Sun
City’s Parks Attract Exciting Residential Development
BY MICHAEL STOLER
August 30, 2007
While some of the new residential development around New York City is likely to suffer from a drop in demand due to the credit crunch and Wall Street jitters, one bulletproof corner of the market is apartments in close proximity to New York City parks, which are selling at record prices. Apartments adjacent to parks in Manhattan, which include Central Park, Madison Square Park, Gramercy Park, and Carl Schurz Park, and in Brooklyn near Prospect and Brooklyn Bridge parks, are selling at premiums of at least 25%.
Last month, Mayor Bloomberg launched the first phase of the Schoolyards to Playgrounds Initiative, an $111 million investment toward the improvement of schoolyards, which will significantly advance his PlaNYC goal of having every New Yorker live within a 10-minute walk of a park or a playground. The PlaNYC initiative includes a $1.2 billion investment in the city’s parks and open spaces that would create new parks and recreational facilities and rehabilitate many existing park facilities.
Many of the 44 million visitors who travel to New York City this year will visit Central Park, a famed National Historic Landmark that is the most visited park in America. Residents of New York City and visitors who have a desire to own residences near Central Park are willing to pay record prices, in certain instances in excess of $3,000 a square foot.
A number of new condominium developments are in various stages of development all around Central Park.