Park Avenue New York Condos located in the Upper East Side Part 1 of 3
A Park Avenue address is one of the most distinguished and desirable places to live not just in Manhattan, but arguably the entire United States. What makes a Park Avenue Condominium so desirable is that this street is almost entirely dominated by co-operative apartments. On Park Avenue within the Upper East Side, there are literally just a handful of condominium buildings and there will continue to be as new condominium projects are quite rare. So if you do not want to go through the somewhat intimidating and arduous process of getting approval from a cooperative board and want to live on Park Avenue in the Upper East Side, then a condominium will be your only choice. If you are looking to purchase an apartment as investment and want to buy on Park Avenue in the Upper East Side then a condominium will be your only option.
Looking at Park Avenue Condominiums in the Upper East Side is going to be fairly focused and directed, simply because the inventory is limited to certain buildings. As of right now, I see approximately Twenty Five (25) different condominium apartments ranging in size from studio to Seven Bedroom Penthouses; Priced from $895,000 for a studio, to $35,000,000 for a Full Floor Seven Bedroom Penthouse atop 502 Park Avenue. These Twenty Five (25) apartments are located in Ten (10) different Park Avenue condominium buildings.
The total number of Park Avenue Condominiums for sale at any one time will fluctuate give or take 5 to 10 apartments, but the number of condominium buildings on Park Avenue is going to remain more constrained. In the last couple of years, there have been a couple of new condominium buildings that have come up along Park Avenue. These have not been large developments, rather boutique condominiums, examples being 949 Park Avenue, 1055 Park Avenue, and 985 Park Avenue. The next big project that has been publicized is a condo conversion at 737 Park Avenue. Currently a rental building, this project is just at it's infancy, but stated for possible completion in 2013. 737 Park Avenue will be very unique as this pre-war building located at 71st St opposite the famous 740 Park Avenue Cooperative Building.
If you are looking to purchase a Park Avenue Condominum within the Upper East Side and want to have some idea of the pricing, here is a very approximate range of pricing. Keep in mind that pricing can vary tremendously depending on what you are looking for; For example a standard two bedroom condominium and a two bedroom condo fully renovated on a high floor with open views could be twice the price or more as the lower floor not renovated apartment.
Studio Price Range- A studio condominium is extremely rare on Park Avenue. You will probably only see a couple come up for sale every year, the studio condo on Park Avenue that sold in 2011 so far sold for $590,000.
- One Bedroom Price Range-As of October 2011 so far approximately Eight (8) One Bedroom Park Avenue condominiums have sold in a price range of $900,000-$1,500,000.
- Two Bedroom Price Range-As of October 2011, the price range for sold Two Bedroom Park Avenue Condos has been in the range of $2,000,000 - $5,300,000.
- Three Bedroom Price Range- As of October 2011, the price range for sold Three Bedroom Park Avenue Condos has been in the range of $3,800,000 - $6,675,000.
- Four Bedroom Range- The sold range for 2011 has been $3,850,000 - $15,000,000.
- Five Bedroom Condo- A penthouse 5 bedroom at 610 Park Avenue sold for over $23,000,000 in 2011.
If you are interested in purchasing or selling a Park Avenue Condominium in the Upper East Side and need help with the purchase or sale, you can contact us at (917) 837-8869 or http://manhattannycondosforsale.com/contact/
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