Features

Google Earth aerial showing The Park Imperial in context with future towers (CItyRealty)

From Future New York Park Imperial No More: Falling Prices Caused by View-Blocking Billionaires' Row Towers?

By CityRealty Staff Wednesday, July 25, 2018

Prices at The Park Imperial, a 111-unit condo perched on the top 25 floors of 230 West 56th Street, have fallen over the past three years, raising questions about whether the rise of nearby Billionaires' Row towers—in particular, 220 Central Park South and Central Park Tower, at 225 West 57th Street—have directly affected sales in the building.

Sellers in The Park Imperial, constructed in 2002, have long used the building’s north-facing Central Park views for marketing purposes. However, 220 Central Park South and Central Park Tower greatly obstruct some of those views, as can be seen in a current listing photo for unit 52A.

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The open, north-facing Central Park view in 2015 prior to the rise of Central Park Tower and 220 CPS (Halstead)

(Halstead)

Foundation work on the 950-foot 220 Central Park South and the 1,550-foot Central Park Tower began in 2014, and prices in the Park Imperial have dropped in the years since then. Looking at CityRealty closing data for the building, the average price/ft² reached an all-time high in the condo in 2012, when it was $2,990/ft². In 2013 and 2014, it remained high but dropped sightly, to $2,706/ft² and $2,720/ft²—prices that were still near all-time highs for the building in terms of average price/ft² on an annual basis.

By contrast, in the years since, the average price/ft² in 2015 in the Park Imperial was $2,278/ft², down 24% from the 2012 peak; in 2016, it was $2,594, down 13% from 2012; and in 2017, it was $2,350/ft², down 21% from the high point 5 years prior.

'Billionaires' Row' from Central Park as of mid-July. White dot placed on The Park Imperial (CityRealty/Ondel)

Central Park Tower (Extell Development Company)

220 Central Park South (Vornado Realty Trust)

There are five units in the building currently on the market, with an average asking price/ft² of $2,755 between them. For buyers willing to live with partially obstructed views, that price represents a relative bargain compared to the new Billionaires' Row towers. At 220 Central Park South, the average price/ft² being asked is roughly $8,430, while at Central Park Tower, it is around $7,100.

Moreso, available spreads in the tower, such as the full-floor #64, still offer impressive views in other directions. Western exposures overlook low-rise Hell's Kitchen and feature sunset views of the Hudson River. Views to the south and east look onto a sea of glittering Midtown icons such as 432 Park Avenue, Rockefeller Center and One Bryant Park.