Park-Front Locales Remain NYC’s Most Valuable Properties

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.”

 

On the Upper East Side, Miller says that there’s a 5 to 10 percent premium on being between Madison and Fifth — a block from Central Park — than one block east.

 

Other real estate pros suggest that number might be too low when you account for other factors.

 

“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.

 

 “What’s interesting,” says Beth Fisher, senior managing director for Corcoran Sunshine, “is that what constitutes the perfect park-front location has really changed.”

 

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.

 

These are eight of our favorites.