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.
Property Shark only looked at prices of condo and co-op units between January and August of this year for every area that borders the park. The most expensive neighborhood near Central Park on the Upper East Side is Lenox Hill, which spans from East 60th Street to East 77th Street. According to sales data, units in the first row of blocks in Lenox Hill sell for a median of $2.3 million, compared to a median price for the entire neighborhood of $1.19 million. That’s a whopping 93 percent difference.
Carnegie Hill residents also pay a higher premium than other park-adjacent neighborhoods. On that coveted first block, residents paid a median of $2.2 million, which is $408,314 more than the median of the neighborhood.
Notably, Central Park South is the only neighborhood out of the nine where the median home sale price is lower for buildings near the park than its entire median. But, as Property Shark points out, two rows of two blocks make up Central Park South, the smallest neighborhood included in the study.
Overall, co-ops next to Central Park were found to be more expensive this year than condos in the same location. Between January and August 2018, co-ops near the park sold for $1.5 million and condos sold for $1.3 million. On the flip side, looking at neighborhoods as a whole, condos were more expensive, selling for $1.5 million compared to $915,000 for co-ops.
Read the full report from Property Shark here.
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