Manhattan Neighborhood To Watch: Central Park North

Central Park North is an often-overlooked corner of New York City’s most famous green space. When was the last time you walked down this picturesque block?

In comparison to its counterparts that also face Central Park — Fifth Avenue, Central Park West, and Central Park South, it has dramatically lagged behind in both price and awareness, but is starting to catch up. It is surrounded by the rapidly gentrifying Morningside Heights, Harlem and East Harlem neighborhoods and is experiencing the same upward price movement.

Recent developments have made this neighborhood one to watch very carefully. We believe that this neighborhood will witness a dramatic transformation in the coming years — and that in the future, it may eventually trade nearer to parity with the other park-facing blocks the way we’ve seen values creep northward on Central Park West.

Make no mistake: although it’s technically Upper Manhattan, this is still a prime neighborhood, offering residents a community-oriented atmosphere in a neighborhood rich with history and culture. Access to transportation here is excellent, with the B,C, 2, 3, and 6 subway lines within a 10-minute walking distance. Museum Mile on Fifth Avenue, home of some of the city’s most expensive residential real estate, is just a leisurely walk across the park. Prices here range 50–100% higher than they do elsewhere in Harlem.

It’s a pretty block. On the park side of Central Park North are several picturesque, prewar residential low- to mid-rise apartment buildings with a few pockets of retail and office. This is certainly the only park-facing block with a Dunkin Donuts on it.

There is a new building going up on the block. A European family office has partnered with Grid Group, a local developer, to develop 145 Central Park North, designed and built by GLUCK+, the New York City-based architecture and construction firm. 145 Central Park North is a 37-unit, 13-story, full-service luxury doorman building that will include off-street parking, multiple roof terraces, tenant storage, a bike room and a gym. They expect the project to be complete in early 2020.

Architectural rendering of 145 Central Park North

We spoke with GLUCK+ and their clients about why they’re excited to be developing in this location, and they said they are very optimistic about the neighborhood generally since it represents one of the more compelling values in Manhattan. They also believe that the future will bring higher density developments on the surrounding avenues and create more of a destination in a neighborhood that is already rich in culture and university life from nearby Columbia University. In addition, the unique shallow depth of the site allowed GLUCK+ to make all units floor-through with windows on two sides, which means that they have unobstructed park views to the south and open city views to the north.

What do we like about this neighborhood?

• We’ve been bullish on Harlem for a long time. In 2009, the average price per square foot was $672, and today, it’s $1030. That’s an appreciation of 53% over the past nine years. Compare that to the Manhattan average of around 40% over a similar time period. This is Harlem with a view, so it’s twice as nice.
• Central Park views are considered one of the most valuable attributes a Manhattan apartment can have, and you have them here. If you like Central Park views, consider this one of New York City’s best bargains, in that prices here are a mere 10–20% of similar views on Billionaire’s Row. (Data Sourced from Trulia.)
• Development sites along Central Park North are very limited as it is only three blocks long and most of the developable sites have already been purchased.

At Compound, we’re always looking for micro-markets with compelling macro-trends. For that reason, Central Park North is definitely on our radar.