1399 Park Avenue – from $680k
Located 2 blocks from Central Park in Upper Carnegie Hill (the neighborhood immediately north of the UES), 1399 Park is a brand new construction opportunity with prices starting below $1,200 per sq ft.
A particular highlight is the potential investment appeal, as located just to the south is Mt. Sinai hospital, which employs a large number of medical professionals, in essence a ready made tenant base for 1399. A nearby apartment building, 1214 Fifth Avenue, opened 3 years ago and now averages rents over $6,000 per month.
In addition, the immediate area is gentrifying, as can be evidenced by the continual opening of new shops, restaurants and services north along Madison Avenue.
With 1399 Park being under-construction, with a completion date of early 2018 and sales only just about to launch, there is good opportunity to purchase now, at the lowest price point, and in the mid term potentially benefit from above average capital appreciation.
In addition, with rents in the area already being strong, with price points at their current levels, cap rates look set to be attractive.
The building will rise 23 floors and there will be just 72 condos. A full floor of amenity space is dedicated to residents, including outdoor space, a fitness centre and 24 hour doorman.
A number of the condos will offer views of Central Park, and the closest subway station is just one block away, making for an easy commute to Mid & Downtown Manhattan.
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