When it comes to the most expensive real estate in New York, homes along Central Park are perennially the most expensive in the city. And based on new analysis from our data team here at StreetEasy, there’s not another area of New York that commands per-square-foot prices like Central Park South.
This primo area rests strictly along Central Park South between 5th Avenue to the east and Columbus Circle to the west. From the Essex House to the Plaza, this stretch of New York City isn’t just a tourist and geographic epicenter. It’s a luxurious and prime location with no equal, especially when it comes to the kinds of buyers it attracts.
With some of the most iconic prewar buildings — many of them classic, luxury hotels that have undergone $100 million renovations to house apartment residences along with hotel rooms — Central Park South tops the median price per square foot price at $2,521. For all of Manhattan, the median PPSF based on recorded sales price for Q4 2015 was $1,416.
And while price per square foot is just one metric when it comes to assessing NYC real estate, it can be an eye-opener when considering that one square foot is 12 inches by 12 inches. In many neighborhoods, you can expect to pay hundreds, more often thousands of dollars for a square space that is equivalent to the length of a women’s size 11 shoe or a men’s size 14 — it’s not that big!
Click on neighborhoods below to see median price per square foot:
Central Park South’s ppsf is considerably higher than Tribeca ($2,018); Nolita ($2,005); SoHo ($1,992) and Flatiron ($1,929). All of these neighborhoods may be the new bastions of urban cool, thanks to the influx of the uber-wealthy and one percenters, including celebrities, pro athletes and Wall Street bigwigs. But while all of New York has seen prices soar, Central Park South continues to be in a class by itself.
Why? Well, in addition to views of Central Park and access to Lincoln Center and Fifth Avenue shopping, what also helps this area’s spike in value are purchase rules that cater to foreign buyers and those who want to use these apartments as investments or pied-a-terres. Add some pretty swanky amenities and concierge services, it’s easy to see why buyers are willing to pay a premium to own here.
One example: Look at this listing at 50 Central Park South, located in the former St. Moritz Hotel, which is now called the Residence at the Ritz Carlton. This 33rd floor unit spans 4,536 square feet and is listed for $45 million. That means its per-square-foot price is $9,920. With prices like this, it’s no wonder that Central Park South towers above the rest of Manhattan.
|Top 20 Priciest Neighborhoods By Median Square Foot|
|Central Park South||$2,521.05|
|Battery Park City||$1,414.36|
|Upper Carnegie Hill||$1,410.06|
|Upper West Side||$1,407.97|
So, where are more down-to-earth square-foot prices? Just below $1,000 per square foot are neighborhoods like the Lower East Side ($999), Greenpoint ($988), Prospect Heights ($963) and Sutton Place ($957).
And truly at the low end of the scale are the outer boroughs like Kew Gardens ($256), Parkchester ($175) and Springfield Gardens ($99) proving once again that the farther away from Manhattan proper, the cheaper the prices.