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
This is a very interesting article. I find it hard to believe how people pay millions of dollars for just an apartment.
ReplyDelete-Shawn Chandok
Even the rich and famous are having problems paying their mortgages & their astronomical condo fees, I've found lots of offers on the web, on newspapers, got dozens of calls from realtors. I got tired of looking apts in need of repairs that they did not mention in the ads. Too many empty commercial units as well, so I dont believe economy is doing fine as they say. With the unemployment rising all over US, condo fees, food, transportation, I wonder how much those apts will cost in a year..I'm waiting a good deal.
ReplyDeleteThe Upper East Side isn't just a fixed cost like the list price of the apartment you buy. There is also monthly maintenance in these buildings that range from 1500 per month to upwards of 20000 per month. Even a tiny 2 bedroom is going to cost you at a minimum of a million bucks + there. It's a great city and very exciting. Movers and Shakers in every corner of the upper east side. The bottom already happened and I think the last deals to be found will be in 2010, after that I think it's all going UP UP AND AWAY again.
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