Co-op and condominium units in elevator buildings on Fifth Avenue along Central Park are, according to the city, worth far more on average than their Central Park West counterparts. But because the West side has so many more units, the buildings on CPW are actually valued higher, The Real Deal‘s analysis of Department of Finance data found.
The current “market value” of the average parkside Fifth Avenue co-op unit stood at about $609,175 according to the records, compared to about $406,838 on CPW.
For condos, the average East side unit was valued by the city at $474,516, compared to about $250,860 for the average West side unit.
While they provide a clear and accurate comparison, these figures must be taken with a hefty grain of salt.
The estimated “market value” that the city assigns these units is typically much lower than a true market value, that is, the price a unit would likely sell for. Instead, the city’s numbers are based on a statistical model that measures condos and co-ops as if they were income-producing properties, such as rental units.
I think that this tidbit of information is packed full of helpful information the shines the light on trends in the NYC real estate market. It clearly explains why prices are higher on one side of Central Park verses the other side. Here is another excerpt that my add even more clarity to the situation, “Old money vs. older money. Lincoln Center vs. Lincoln Town Car. “Seinfeld” vs. “Gossip Girl”? There are many ways to compare the Central Park West and Fifth Avenue, but when it comes to real estate, the numbers say it all.” Whether you are looking for a two bedroom apartment in NYC or a pent house, you can bet that you will find a wide range of prices just around the Central Park are.