Why is park avenue so expensive




















Noteworthy buildings include Park Avenue, which surrounds a formal drive-in courtyard and occupies the entire blockfront from 93rd to 94th Streets, and Park Avenue at 89th Street, whose courtyard has a fountain. Park Avenue has no buses, so it is quieter than many other avenues. There is almost no commerce, either, except for scattered cleaners, florists and salons.

Gorgeous Market, an upscale deli once opposed by neighborhood residents, is at 75th Street. Ground floors are often occupied by doctors' offices. For shopping, people head east, toward Lexington Avenue.

Park Avenue's character changes along its length. The 60's, near the bustle of Midtown, include ''some wonderful buildings that have one or two apartments per floor, though some have been cut up over the years,'' Ms. TWO condominiums -- a new tower at Park Avenue, at 60th Street, and a recently renovated building at Park Avenue, at 65th Street, the former Mayfair Hotel -- ''have attracted some investors and foreign purchasers who can't otherwise get into Park Avenue buildings because they don't have substantial assets in this country,'' she said.

The 70's are ''prime Park Avenue, more residential in feeling,'' Ms. In the 80's, where Park Avenue runs through Carnegie Hill, it becomes yet ''more family oriented and down to earth, with a lot of private schools in the area. You have to put down at least 50 percent cash. Monthly maintenance charges are steep because ''the buildings are highly serviced,'' she added.

Even for apartments of similar sizes, the price range is vast, said Maria Theodore, a broker at Brown Harris Stevens. Turnover on Park Avenue tends to be low -- and ''apartments sell immediately if they are spacious and sunny,'' she said. Some buildings include gyms or playrooms -- and people especially like having a maid's room they can turn into an office or laundry room, Ms.

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Since , when marketing began, 66 apartments, or about half, have sold, a project spokeswoman said. The tower, which extends from a granite base like a knife from a sheath, opened last summer; 75 percent of the units have been sold since marketing began in , a spokeswoman said. He may have a point. On Jan. And prices are climbing. Those elegant sit-down restaurants mingle with take-food-back-to-your-desk joints like Cosi, Chipotle and Pret a Manger , which has three locations, on East 32nd, East 28th and East 23rd Streets.

Banks are also numerous: One Chase branch takes up almost the entire block between East 18th and East 19th Streets. But dry cleaners and bodegas, which once dotted the area, have largely moved thanks to gentrification, forcing some residents to walk to Third Avenue for basic supplies, they said.

Also resilient is Curry Hill, a collection of Indian shops and restaurants that has been clustered around Lexington and East 28th Street for decades. Students are zoned for Public School , Mary Lindley Murray School, which enrolls about students in prekindergarten to fifth grade outside of the neighborhood. Part of the assembly involved the controversial acquisition of the air above the neighbouring Art Students League , an elegant French Renaissance-style building from In order to get the best views of the park, the tower now cantilevers out over its neighbour, a metre cliff face of luxury flats hovering ominously above its decorative stone balustrade.

The strange pairing will forever stand as a typically Manhattanite monument to the messy compromise of development-rights trading. A few doors down to the east stands a similarly odd couple. The newly restored white limestone facade of the s Steinway Hall , where Sergei Rachmaninoff, Nina Simone and Marvin Gaye all played, now cowers at the foot of one of the most audacious structures ever conceived.

The former piano showroom and recital hall will soon serve as the luxury health club for residents of West 57th Street , a metre tall, metre wide wafer of a building. With a slenderness ratio of , it is set to be the skinniest skyscraper in the world.

Try making that stand up in gale-force winds. Making this gossamer-thin strip of a tower stand up has some strange consequences inside. In order to leave the north and south facades open for uninterrupted views, the two bracing concrete side walls are up to a metre thick, creating deep arrow-slit windows — perhaps an appropriate aesthetic for these fortified luxury bunkers in the sky. The developers even hung a Ferriss-inspired image of the building over the scaffolding, perhaps the first time a planning diagram has been used as a marketing tool.

But rather than stepping the building back in big chunks, the architects have reduced the mass in slender increments, giving it the feathered look of a quill pen. It is one of the few hyper-luxury apartment buildings that actually has the ethereal aura you would expect — a fitting costume for the eyrie of an untouchable elite. To stand in the show apartment across the road is to be transported to another realm.

It is a place where the walls of his-and-hers dressing rooms are covered with leather and velvet, where sinks are carved from solid blocks of Italian onyx, where walnut drawers are lined with ostrich skin. A thick-set year-old with a soft Long Island accent, Stern makes for a disarming luxury real-estate tycoon. Leading me around the palatial apartment, he points out how the shower doorframe is made of solid bronze, how the kitchen cupboards are single pieces of curved glass, how the spiral staircase has solid stone treads.

At least the weight of all the marble should be enough to keep the tower from tipping over. So what does Stern make of the criticisms that these silos of billionaires are casting ever-longer shadows across Central Park, and that the negotiations happen well away from public scrutiny?

If all of the air rights were built out in slender towers, rather than blocky buildings, the shadow impact would be much less. The rules merely allow potential floor area to be shifted, not created.



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