Wednesday, November 4, 2009
The Most Expensive Residential Area in Manhattan
Post by David Held
Many people have different opinions on where the most expensive residential area in Manhattan is; however, some sources have concluded that the Upper East Side is the winner. The vertical avenues that run through the Upper East Side are Sutton Place, 1st, 2nd, 5th, Madison, Lexington, and legendary Park Ave. Up and down these streets there are Penthouses worth upwards of $70 Million! Most of the wealthy businessman/women have an apartment somewhere in the Upper East Side, even Bernard Madoff had a colossal apartment in this area. An article says, “Is Fifth Avenue, New York, at $72,000 per sq/m. A 400 sq/m apartment with terraces overlooking Central Park on the Upper East Side of Fifth Avenue will set you back $29m.”
One article states, “The area is still known for being the “Silk Stocking District,” packed with the most elegant marble-faced townhouses built by wealthy magnates like the Astors and the Tiffanys in 1880-1900s… In addition, it is also safe to say that if you are fond of fine dining or haute couture, the Upper East Side will satisfy even the most demanding tastes.” There are so many great places to eat in this area, top steakhouses such as The Palm and Smith and Wollensky can be found in the Upper East.
All in all, to live in the Upper East Side in Manhattan will cost you a tremendous amount, between the real estate rates, the fine dining, and the overall standard of living.
Sources #1, #2, #3