But the nature of that premium may surprise even some lifelong Manhattan dwellers. A new report finds that the price of an apartment sold in buildings that border Central Park was more than double the price for apartments in nearby neighbourhoods in 2011.
Worth it? Well according to the Property Shark report, the appeal of a Central Park address is still enticing New York property buyers into shelling out the big bucks.
The median apartment sales price on the park border was $1.85 million compared to $850,000 for ZIP codes surrounding the park. This amounts to a 118 per cent premium on the Park address.
In a Wall Street Journal article, Betty Fisher, a senior managing director at the Corcoran Sunshine Marketing Group said buildings on the park are centrally located and internationally known. This, of course, gives them a big advantage in bringing in buyers willing to pay the park premium.
The report also points out that a resurgence in the popularity of the waterfront may diminish the premium paid for ‘hoods on the park. While this may lead to a slight decline in the premium, you can bet that a Central Park address will always fetch a healthy purchasing price when compared to surrounding neighbourhoods.