New condos are coming to the Upper East Side, and prices have never been higher
- Last Updated: 12:52 AM, February 27, 2013
- Posted: 9:12 PM, February 26, 2013
Long before the first piece of limestone was laid for Rosario Candela’s 740 Park Ave., in 1929, it seemed as if the words “Social Register” were carved on every door on the Upper East Side.
The grand apartment buildings of Fifth, Madison and Park avenues were large, expensive and protected by the most coldblooded of co-op boards. (If you didn’t like it, you could always try Central Park West.) Newcomers were not exactly greeted with open arms. At least this used to be the case.
“There’s a new development resurgence, and it’s very exciting,” says Kelly Mack, president of Corcoran Sunshine, which is marketing the Mark, a condo-hotel building that features a $60 million penthouse and has seen traffic increase fivefold over the past six months.
“What we’re seeing is that the most anticipated and coveted new development locations in town [are on the Upper East Side] — and it’s a new type of property. These buildings have grand designs but amenities of new developments. For the first time in a very long time, these buyers have new options west of Third.”
According to Mack, new-development sales are up 34 percent on the Upper East Side, compared to 24 percent in co-ops and 15 percent in resale condos. And real estate industry titans — names like Macklowe, Barnett and Zeckendorf — have begun snatching up any available land above East 59th Street.
“A condo is so appealing — you don’t have to deal with a board, it appeals to a wider array of buyers,” says Richard Wallgren, executive vice president at Macklowe Properties.
Macklowe is turning the 103-unit prewar rental at 737 Park Ave. (across the street from you-know-what) into approximately 50 roomy condos, ranging from two- to five-bedrooms, which will start at around $5 million for smaller units and go up to over $30 million for the 5,630-square-foot penthouse.
Around the corner, Macklowe has another condo building under way at 150 E. 72nd St.; this is a 100-year-old, 32-unit rental that’s being turned into 21 units, ranging from 2,316 to 4,500 square feet, with the most expensive five-bedroom currently on the market for $14.1 million and will feature a penthouse that’s planned in the $20 million range.