How much more would you pay for having Manhattan’s most prominent patch of grass in your „front yard”? This might still sound out of place to some, but last year home buyers considered it worth paying a median sale price premium of 118% for living in one of the condo or coop units bordering Central Park. The numbers also show a slight increase over 2010, when the premium was 116% and 2009, when it was 111%.
Overall, there were fewer transactions completed in 2011 compared to 2010, both on and outside Central Park, and the median sale prices suffered little change in 2011. The median sale price for a residential unit on Central Park was $1,850,000 compared
to $850,000 for the surrounding ZIP Codes.
Let’s flesh out the numbers a bit more by building types.
The coop sales bordering Central Park registered large premiums for all zip codes except for 10026, at the border with Morningside Heights. On the Upper East Side (zip code 10075), where the median sale price for
a coop was $6,091,350 compared to only $623,750 for all other sales for the same zip code,the premium paid was as large as 877%.
The number of condo sales on Central Park declined last year compared to 2010, when some important condo buildings—at 15 Central Park West or The Plaza for example—closed a significant number of transactions. The median sale price premium was as low as 3% in 2011 while in 2010 it was 39%. As expected, people still paid considerably more for condos bordering Central Park on the Upper West Side and Upper East Side compared to the rest of the units with the same ZIP Code.
What we see here at PropertyShark.com is that the numbers seem to confirm what Beth Fisher, a senior marketing at Corcoran Sunshine Marketing Group, pointed out recently– people still consider it a great advantage to live in the heart of Manhattan and so close to an internationally known park.