Park Avenue real estate news
New investment opportunities in one of the most colourful boulevards in New York City
Park Avenue – also known as Fourth Avenue – is one of the busiest and most colourful boulevards in New York. It is a lively place to live and socialize and its liveliness continues in evening hours, too. Park Avenue South was known as a drably-commercial, dead-at-night and seedy area, but now it has assumed a more residential character thanks to the implementation of residential construction projects that have brought plenty of new foot traffic.
These changes have made housing prices increase in this live-and-work neighbourhood. One-bedroom apartments 39 East 29th Street cost about $1,400-1,500 per square foot. Condominium development units, instead, are sold for $ 1,700 per square foot at 240 and 260 Park Avenue South.
Park Avenue has always been an appealing street thanks to its location. The avenue is well connected to the rest of the city and hosts excellent schools and restaurants. Furthermore, thanks to the opening of the Gansevoort Park Avenue Hotel, new neighbourhood services – such as child-care facilities and several gyms – are now provided. Businesses having their seat at Park Avenue – such as trendy restaurants and bars – have benefited from the increase in the number of residents.
Midtown Manhattan is much more convenient. The housing stock comprises dwellings that can meet the needs of potential buyers seeking bright housing units: apartments with high ceilings, homes with large rooms and flats with big windows.
East 23rd Street is the best residentially-established stretch of the avenue. Large buildings can be found at Park Avenue South, where the United Federation of Teachers headquarters were converted into 86-apartment condominiums in 2006 and sales did not stop despite the economic slowdown. The apartment blocks above East 23rd have become appealing investment options since the opening of new restaurants and hotels in the area.
What about prices? Apartments in the 54-unit 240 park Avenue South are sold for $ 1,600 per square foot and represent some of the most alluring investment options available for potential buyers. Average prices above 23rd Street are much lower – under $ 800 per square foot. Why is there such a disparity? The big difference in prices is due to the fact that luxury condo developments overlook the southern end of the avenue.
Rentals are also very high and difficult to be found. One-bedroom units in condo buildings are rented for $ 4,000 a month. Rentals for two-bedroom units, instead, start from $6,500.
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