Of course, the view of Central Park from the southern ends are mind-blowing and dream-esque, but have you ever considered the views from the north side of the park?
Apartments with views overlooking the park sell for as much as $88 million and the penthouse at One57 is projected (read: hoping) to be sell for $115 million. But The Times raised an interesting question: What about the residence at the north end?
The development 111 Central Park North, located on 110th Street, overlooks all of the hustle and bustle of Midtown for cheap. A three-bedroom three-bath condo—roughly 2,000 square feet—on the 18th floor is only listed at $2.39 million.
The penthouse didn’t even break double digits:
In 2008, as the financial crisis took hold, a buyer sold a penthouse in the building for $8 million, $500,000 less than he had paid, after trying to flip it for $12 million, said Jill Sloane of Halstead, a broker on the deal.
Don’t be turned off by the low price tags, either. The area is gentrifying: a white collar criminal recently moved into a correctional facility around the block and a new organic grocery store is opening nearby. It just happens to be next to some “low-slung residential buildings”:
Walking east along Central Park North I passed low-slung residential buildings of no more than six stories, a correctional facility that houses the disgraced Tyco executive Dennis Kozlowski, and a church on the corner of Fifth Avenue. A small organic-food store is expected to open soon on the block, a sign, real estate brokers say, of the area’s gentrification.
How home-y and welcoming!
About half of the buyers in the building so far have been foreign, and have predominantly been all-cash buyers, according to Kathleen Corton, a principal of Brickman, the developer.
Someone needs to tell those foreign buyers that they can’t carry around that much cash on those streets.
But let’s face it: who wants a view of where they should be living? In New York, the term “north” has a negative connotation. It means the suburbs, the Bronx, and the disenfranchisement of being a New Yorker. No matter how you spin it, 110th Street is just another way to say Siberia.