Who Really Wants to Spend Millions on ‘Central Park North?’

I'm on top of the city, ma! (Streeteasy)

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.

mewing@observer.com Who Really Wants to Spend Millions on ‘Central Park North?’