, Tue, September 25, 2018
To make Central Park your front yard, you’ll have to fork over $277,000 more than the median sale price of every bordering neighborhood. A new report by Property Shark looks at just how much more New Yorkers are willing to spend to be near the 843-acre oasis, a real estate trend which the group calls the “Central Park effect.” According to the analysis, the median sale price of units along the first row of blocks across the park was 25 percent more expensive than that of every nearby area. And in the priciest section, the Upper East Side’s Lenox Hill, that rose to a 93 percent difference.
More on the Central Park effect
Photo of Michael Cohen via Wikimedia; image of Trump Park Avenue via Google Earth
Michael Cohen, the longtime attorney for President Donald Trump, has put up his family’s Park Avenue apartment as collateral against a bank loan worth millions of dollars. The bank valued Cohen’s condo, fittingly at Trump Park Avenue in Lenox Hill, for $9 million. The financially troubled lawyer is putting his apartment against $12.8 million in loans he took out for his taxi business in 2014. Cohen secured these loans by New York City taxi medallions, which have dropped in value by 80 percent due to the growth of ride-sharing services, according to Bloomberg.
More this way
Summer feels far away… but this apartment’s lovely patio will at least bring back memories of New York’s warmer months. The very private, enclosed outdoor space is a part of this one-bedroom at the Lenox Hill cooperative 150 East 61st Street. After selling in 2010 for $400,000 it’s back on the market asking $599,000. The ground-floor abode boasts some unique design quirks like colorful wallpaper and decor, but a new buyer will have an opportunity to make the interior–as well as that awesome patio–their own.
Photo of Sonja Morgan courtesy of Andrea Arden’s Flickr
The Lenox Hill townhouse owned by Sonja Morgan has experienced about as many ups and downs on the market as the “Real Housewives of New York City” star herself. After years of trying to sell, Morgan is now renting her five-story, five-bedroom home at 162 East 63rd Street for $32,000/month. The hilarious hot-mess, who was formerly married to J.P. Morgan heir John Morgan and went bankrupt following their divorce, is currently being sued by her bankruptcy attorneys for not paying them a court-ordered fee of $350,000. Built in 1899, the Upper East Side townhouse features an elegant foyer, a spacious living room with a gas fireplace and a lush landscaped garden.
Calling this apartment colorful would be a total understatement. Each room of the Lenox Hill co-op, at 875 Fifth Avenue, is decked out in bold paint colors, artwork, and decor. The space was renovated in 2014 by the interior designer Nick Olsen for Michael Lorber, a former star of “Million Dollar Listing,” who purchased the pad in 2014 for $3.6 million. Now fully renovated, the three-bedroom spread overlooking Central Park is on the market for $4.795 million.
Check out the decor
, Wed, September 27, 2017
After months of being on the market, the Manhattan pad of President Donald Trump’s daughter and advisor Ivanka Trump just won’t rent, despite three substantial price chops. The first daughter first purchased the two-bedroom, two bathroom condo at 502 Park Avenue in 2004 for $1.5 million. Upon her father’s election, Ivanka listed the apartment at Trump Park Avenue in November for $15,000 per month. In February, the price dropped to $13,000 per month. On Tuesday, the asking price was $10,450 per month, a 30 percent price cut since the presidential election, according to Bloomberg.
New anchor Jane Pauley and “Doonesbury” cartoonist Garry Trudeau have dropped $2.2 million on a very un-newsworthy co-op at 166 East 61st Street in Lenox Hill. The couple’s last real estate transaction was in 2005 when they traded a $13 million Central Park West pad for a much more modest $1.6 million co-op at 7 Beekman Place in Turtle Bay. Their newest buy, while rather bland, is about 20 blocks north and closer to the park and offers three bedrooms, three baths, and skyline views.
Get a look
Google Street View
Despite winning the presidential election last fall, Donald Trump’s New York City properties have hit a losing streak. Trump-branded hotels and condos throughout the city have seen a sharp decline in event bookings and property values. And at the 55-story Trump Palace at 200 East 69th Street, one of the tallest towers in the neighborhood, the average unit sits on the market for 107 days, 35 percent longer than the average luxury unit. To combat declining property values, an apartment owner at Trump Palace has written a letter asking neighbors to come together and remove the name “Trump” from the building, as the Hollywood Reporter discovered.
Find out more
Award-winning actor Robert Redford’s former Lenox Hill pied-a-terre has hit the market for $1.35 million, reports the Post. The one-bedroom duplex co-op is located in a limestone mansion at 47 East 67th Street, between Madison and Park Avenues. Redford owned the newly renovated pad in the 1980s, and it now boasts plenty of space with a chef’s kitchen, double-height ceilings with massive windows, and a woodburning fireplace.
Take a tour
As 6sqft asked when the 39th floor at The Pierre Hotel at 795 Fifth Avenue hit the rental market two years ago, if you’ve got the cash, why buy when you can rent for $6 million a year? Now that opportunity to refresh your enormous outlay every month is again seeking a renter at $500,000/month, keeping its title as the city’s most expensive rental. The massive 4,786-square-foot space has merely a butler’s kitchen, but the assumption is, of course, that you wouldn’t want to be slaving over a hot stove in a full-service hotel anyway. And that service includes twice-daily maid service, an on-call physician, room service, two restaurants and a chauffeur-driven Jaguar.
See what this hefty price tag gets you