Overview

1055 Park Avenue is certainly among the more unique condo projects I’ve looked into. I nearly missed it walking up Park Avenue trying to snap some photos. How do you miss a new construction condo in this part of town? Well, the project is being built back-to-back against the neighboring 1045 Park Avenue on a rather small and thin plot of land. What’s also interesting is that 1045 Park Avenue has north facing windows which will seemingly be blocked by the new project. Take a look at the photos. Am I missing something here?

The building is located on the southeast corner of 87th and Park and will contain only 6 units. I can’t wait to see the initial pricing on this one. Quite frankly, I’m surprised an all-glass design plan would be approved by the city in an area that is mostly pre-war co-ops. Granted, only a fraction of it is visible heading north up Park Avenue.

Units & Prices

According to CityRealty the building got partial plan approval from the city on November 27th. So we don’t have any definite information yet as to the layouts or price points. However, knowing that it will be only 6 units, my guess would be five duplexes and a triplex. I’d guess about $2,500/foot for the space, somewhere between $6-8M for the duplexes and $10-15M for the top. I would think the building will have an interesting appeal given the conveniences of condo living in this otherwise co-op neighborhood.

Location

The building is very close to the 86th Street subway station and multiple bus routes. Park Avenue obviously is a two-way street so getting a cab shouldn’t be too much of a problem. Getting cross-town isn’t so bad either because Central Park is a skip away. You can also walk to museum mile and plenty of cultural points that line this part of town. In terms of public schools, you are in the coveted ‘PS 6’ neighborhood.

Investment Potential

Still a little early to tell. I will update this one when I see glass.

This entry was posted on Wednesday, January 23rd, 2008 at 4:11 pm and is filed under 1055 Park Avenue. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.