Central Park apartments more expensive than other New York properties

Many commercial property managers in the New York City area may notice that apartment complexes overlooking Central Park have far higher price tags than other top quality properties.

Many commercial property managers in the New York City area may notice that apartment complexes overlooking Central Park have far higher price tags than other top quality properties, according to PropertyShark.com.

The report explained that these properties overlooking the park can cost as much as twice the price of other properties in affluent areas, The Wall Street Journal reported. The price difference is the largest since the real estate market crash occurred in 2008. The median price for apartment sales on the edge of the park was $1.85 million in 2011. Areas outside of the Central Park zip code had median prices of $850,000, which was more than 110 percent lower.

"Central Park is both a great tourist attraction and a huge real estate engine," the report said, according to the news source. "Living close to the park is something that almost every homebuyer would wish for."

Multiple industry members told the news source that the attraction to these buildings drives up the prices, as the views don't typically look like a city. In addition, buyers know that other buildings will never obstruct the view of these properties, as can be the case in other locations.

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