REAL ESTATE | ALEXA
May 6, 2014
By Max Gross
In most cities, the valuable real estate is along the water. But new York is a big global exception - our priciest real estate is along our parks.
"We're inward looking," says Jonathan Miller, president of the appraisal firm Miller Samuel. "We like to look to the neighborhoods. While there's certainly a premium to [river views] the greater premium is being in close proximity to a park."
"Depending on the park, the apartment and the views it can be as much as double," says Ziel Feldman, founder of HFZ Capital, which has built along Central Park, the High Line and other parks. "But it's at least in excess of 20, 25 percent."
And if you were to tick off many of the most desirable neighborhoods - Gramercy, West Chelsea, the Upper West Side - with few exceptions they have some great green spots anchoring the neighborhood.
Indeed, there are old parks, new parks, private parks, elevated parks and riverfront parks. And the real estate on their periphery is some of the city's most luxe and desirable.
Never have wrought-iron bars looked so tantalizing as they do from the outside of Gramercy Park.
There are fewer than 400 keys to this 2-acre square of greenery, the only private park in Manhattan (est. 1831), and only two ways to experience this coveted beauty up close: One, come on Christmas Eve, when its gates are open to the public. Two, buy some property along its landmarked edges.
The exclusivity factor has certainly tantalized plenty of developers, who have done everything they could to cash in on this serene, picturesque quarter of the city. Ian Schrager and Julian Schnabel bought (and fixed up) the down-at-the-heels Gramercy Park Hotel in 2003. Arthur and Will Zeckendorf, likewise, bought a rundown Salvation Army at 18 Gramercy Park South to turn into luxury condos. (The penthouse sold for $42 million and there is an apartment on the market there for $37.6 million.)
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This article has been edited from its original version.