A view of 15 CPW from just inside Central Park.

Overview

15 Central Park West is in a league of its own. That’s a strong statement to defend considering you could take a five minute stroll over to other new and impressive condominium developments such as the Plaza, One Beacon Court, and the Time Warner Center. Even so, 15 CPW was a truly unique and special project. The best way to describe the building to somebody without a picture is a tasteful cross between early 20th century grandeur and 21st century ultra-luxury. The architecture is so good that it actually compliments the rest of the Central Park West skyline.

The website has a fascinating video presentation which features the Zeckendorfs and Robert A.M. Stern. The two (developer and architect) discuss their collaboration on this project. In the video, the Zeckendorfs note the significance of this project and compare it to their other famous projects–specifically the gentrification of the UN area and the development of the Zeckendorf towers complex in Union Square.

They also elaborate on the honor of working with Robert Stern, arguably New York’s most famous architect. Stern comments on the vibe of Central Park West as belonging to modern glamour with an arts/entertainment feel–quite different from 5th Avenue.

15 Central Park West rises above many other important towers on CPW–notably the Century, the San Remo, the Beresford. The building is actually comprised of two towers, separated in the center by a circular driveway and courtyard with a reflection pool which looks down to the fitness pool in the health club below. The planning which went into this project is truly spectacular. Stern’s concept here was to mimic many of the qualities of other famous pre-war apartment buildings: most apartments have their own floor, and terraces are recessed with careful details.

According to therealdeal, the building opened for sales on Sept. 8, 2006 and more than 70 of the 202 units were in contract as of mid-October, not in small part due to a marketing campaign estimated to exceed $20 million. The entire 39th floor has reportedly already been sold to a single buyer. It has also been pointed out that an average apartment in the building sells somewhere in the ballpark of $10 million. This doesn’t mean you can’t find a unit with a park view for cheaper, but you can certainly find many which are $20 million or more.

A view of what will be the reflecting pool above the fitness center. Photo taken on 62nd street btw Central Park West and Columbus Avenue.

Amenities

They have a beautiful health club which was designed by Stern. The lobby is a beautiful public space. It was designed to set the tone for the apartments from the moment you walk inside. The units with terraces are large enough for entertaining. Ten or twenty people could easily lounge on the terraces, especially the largest units on the highest floors.

Interior & Exterior

15 CPW is built entirely out of limestone. As you may imagine, most developers don’t build this way anymore. It’s simply too expensive and complicated. The building reflects light in a beautiful way and looks distinctive in the skyline. The windows are up to 14-feet wide, and often are floor to ceiling–giving the affect of mixing the indoor and outdoor. Many of the apartments are directly facing central park in the main living spaces.

A view of the motor court and second entrance under construction. The back of the photo shows the copper-roofed pavilion.

Location

It’s not often a developer can find a full city block along central park to build a residential tower on. This is an incredible location (61st street) conveniently on Central Park West but still sitting on the northwest corner of Midtown with easy transportation access to most sections of the city. The Time Warner center is next door with prime shopping, and a giant Whole Foods market in the downstairs space–not to mention loads of luxury shopping. Lincoln Center is right around the corner as are some of the world’s best restaurants.

Investment Potential

Among the best for the condos we’ve seen so far. It all returns to the simple rules of supply and demand. Central Park West space is extremely desirable, especially in the 60′s and 70′s. Condominiums are desirable as well, especially in areas like CPW where most of the buildings are highly exclusive co-ops in which units rarely go on sale and passing the board can be rough if you haven’t got spectacular credit and ample cash in the bank. A developer/architect team doesn’t often come together to work on such a special project. I think this building will see appreciation of 10-20% in units within the first five years–especially for the full floors. The interesting part is that only somebody already wealthy will have the opportunity to capitalize.

Interesting Fact

This building is attracting celebrities like none other. Denzel Washington, Jeff Gordon, Daniel Loeb, and others have already bought units here.

This entry was posted on Thursday, April 12th, 2007 at 4:49 pm and is filed under 15 Central Park West, Blogroll. 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.