Manhattan’s Fifth Avenue may be indisputably the world’s most expensive shopping street, but when it comes to home prices it has to battle a reputable contender just two blocks away. Fifth and Park avenues, the stretches between 59th and 96th streets on the Upper East Side, are two of New York City’s toniest thoroughfares, and have been battling for the crown of the city’s most expensive residential street for almost forever. Most of the time Fifth Avenue claimed the top spot.
In the past seven years, on five occasions Fifth Avenue came out as the most expensive of the two, but Park Avenue has made up ground particularly in the past two years, reducing a difference of as much as 44% in 2008 to 11% in 2011. Furthermore, in 2011, Park Avenue real estate was pricier than that of Fifth Avenue in three of the year’s four quarters.
230 sales took place on Park Avenue in 2011, half of them being sold for more than $2.5 million. There were far fewer sales on Fifth Avenue (133) in 2011, but the storied avenue saw some of the largest sales in the city, among them a $36 million sale of a duplex at 834 Fifth Avenue and a $34.6 million sale of a co-op at 927 Fifth Avenue.
Most expensive properties currently on the market on Fifth and Park avenues: