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	<title>Observer &#187; Is Park Avenue Losing Its Prestige?</title>
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		<title>Observer &#187; Is Park Avenue Losing Its Prestige?</title>
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		<title>Is Park Avenue Losing Its Prestige?</title>

		<comments>http://observer.com/2011/12/is-park-avenue-losing-its-prestige/#comments</comments>
		<pubDate>Thu, 22 Dec 2011 11:24:42 -0400</pubDate>
					<link>http://observer.com/2011/12/is-park-avenue-losing-its-prestige/</link>
			<dc:creator>Elise Knutsen</dc:creator>
				
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		<description><![CDATA[<p><div id="attachment_207821" class="wp-caption alignleft" style="width: 209px"><a rel="attachment wp-att-207821" href="http://www.observer.com/2011/12/is-park-avenue-losing-its-prestige/transfers-834fifthave1v/"><img class="size-medium wp-image-207821" title="Transfers-834FifthAve1V" src="http://nyoobserver.files.wordpress.com/2011/12/transfers-834fifthave1v.jpg?w=199&h=300" alt="" width="199" height="300" /></a><p class="wp-caption-text">834 Fifth Avenue</p></div></p>
<p>The numbers are in! In the steep and <a href="http://www.dnainfo.com/20111221/upper-east-side/fifth-ave-steals-park-aves-thunder-real-estate-smackdown">longstanding real estate rivalry between Fifth and Park Avenue</a>s, there is a clear winner, DNAinfo reports. While Park Avenue may boast gilded grandaddy coops like 740 and 1050, it costs more money to live on Fifth Avenue, the most recent statistics show.</p>
<p>The median price for a Fifth Avenue pad is $2.83 million, while the median price on Park Avenue is a paltry $2.55 million. But the outlook isn't all bad for Park.<!--more--></p>
<blockquote><p>Park Avenue, however, has more going for it in terms of the number of  sales. The fancy stretch saw 230 sales this year compared to Fifth  Avenue's 133.</p></blockquote>
<p>Between the combating avenues, the most expensive sale on this year was at fabled edifice 834 Fifth, when Leslie Wexner's place sold for $34 million. In comparison, the <a href="http://www.observer.com/2011/10/189391/">Fischbachs' $27 million sale</a> to <a href="http://www.observer.com/2011/11/william-lie-zeckendorf-is-mystery-buyer-in-contract-at-740-park/">William Zekendorf</a> at <a href="http://www.observer.com/2011/08/recession-reaches-redoubt-of-redolently-wealthy-at-740-park/">740</a> was the largest on Park.</p>
<p>Both sales, however, went scurrying back to their coops, tails between legs, in the face of <a href="http://www.observer.com/2011/12/na-zdarovia-dmitry-rybolovlev-fertilizer-kingpin-buys-sandy-weills-88-m-penthouse/">Dmitry Rybolovlev's $88 million purchase</a> at 15 CPW, the building that seems to defy market logic.</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_207821" class="wp-caption alignleft" style="width: 209px"><a rel="attachment wp-att-207821" href="http://www.observer.com/2011/12/is-park-avenue-losing-its-prestige/transfers-834fifthave1v/"><img class="size-medium wp-image-207821" title="Transfers-834FifthAve1V" src="http://nyoobserver.files.wordpress.com/2011/12/transfers-834fifthave1v.jpg?w=199&h=300" alt="" width="199" height="300" /></a><p class="wp-caption-text">834 Fifth Avenue</p></div></p>
<p>The numbers are in! In the steep and <a href="http://www.dnainfo.com/20111221/upper-east-side/fifth-ave-steals-park-aves-thunder-real-estate-smackdown">longstanding real estate rivalry between Fifth and Park Avenue</a>s, there is a clear winner, DNAinfo reports. While Park Avenue may boast gilded grandaddy coops like 740 and 1050, it costs more money to live on Fifth Avenue, the most recent statistics show.</p>
<p>The median price for a Fifth Avenue pad is $2.83 million, while the median price on Park Avenue is a paltry $2.55 million. But the outlook isn't all bad for Park.<!--more--></p>
<blockquote><p>Park Avenue, however, has more going for it in terms of the number of  sales. The fancy stretch saw 230 sales this year compared to Fifth  Avenue's 133.</p></blockquote>
<p>Between the combating avenues, the most expensive sale on this year was at fabled edifice 834 Fifth, when Leslie Wexner's place sold for $34 million. In comparison, the <a href="http://www.observer.com/2011/10/189391/">Fischbachs' $27 million sale</a> to <a href="http://www.observer.com/2011/11/william-lie-zeckendorf-is-mystery-buyer-in-contract-at-740-park/">William Zekendorf</a> at <a href="http://www.observer.com/2011/08/recession-reaches-redoubt-of-redolently-wealthy-at-740-park/">740</a> was the largest on Park.</p>
<p>Both sales, however, went scurrying back to their coops, tails between legs, in the face of <a href="http://www.observer.com/2011/12/na-zdarovia-dmitry-rybolovlev-fertilizer-kingpin-buys-sandy-weills-88-m-penthouse/">Dmitry Rybolovlev's $88 million purchase</a> at 15 CPW, the building that seems to defy market logic.</p>
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