The Allure of Park Property
Asked to name the world’s most famous parks, many well travelled Thais might list Hyde Park, Central Park or Chicago’s Lincoln Park as must visit tourist attractions. The views and pleasure gained from living next to these famous parks has resulted in premium property values and some outstanding new developments.
Often considered the gold standard of real estate worldwide, living opposite a famous park commands premium pricing with developers showcasing added services and features. Momentum examines the driving factors behind the allure of two park properties.
New York State of Mind
Condominium 15 Central Park West is often referred to as the most prestigious address in New York, a lofty claim yet supported by the strong pricing and A-list celebrities who live in the building, having included Sting, Norman Lear, Denzel Washington, Goldman Sachs CEO Lloyd Blankfein and baseball player Alex “A-Rod” Rodriguez.
Comprising a single city block facing Central Park, the development is 35 storeys comprising 202 units each with a view of Central Park. Residents enjoy a range of services, and the style of the building remains classic, reflecting the neighbourhood and style of the art deco apartments surrounding the Central Park area created in the 1920s.
Designed by famed architect Robert A.M. Stern, the allure of park property set a new standard for residential property in late 2011, when Ekateina Rybolovlev, 22 year old daughter of Russian billionaire Dmitry Rybolovlev, purchased the penthouse from former Citigroup CEO Sandy Weill for $88 million USD (approximately 2.73 billion baht). Sized at approximately 620sq.m., the single level apartment features 4m ceilings, 7 walk in closets and a price per sq.m. in Thai baht of approximately 4.4 million baht/sq.m.
VITAL STATISTICS
Name: 15 Central Park West
Size: 202 units
Developer: Arthur & William
Zeckendorf
Completion: 2008
London Calling
As one of the largest parks in London, Hyde Park and adjacent Kensington Gardens combined form 625 acres of green space, slightly smaller than Central Park’s 843 acres. Open to the public since 1637, the rich history and central location has helped property adjacent to the park become some of London’s most sought after residences.
Located in Knightsbridge, One Hyde Park features hotel branded residences designed by award winning architect Rogers Stirk Harbour + Partners. The design showcases the views of the park on one side, and city views on the other, with a variety of layouts and sizes. As is common in London ,the development is low rise by Thai standards, with only 11 storeys. With unique security features and the appeal of hotel services, One Hyde Park is widely considered the most expensive condominium property in London including the record setting £135 million penthouse, and has attracted residents such as Australian singer Kylie Minogue. With an asking price starting at £6,000 per square foot (approximately 3.2 million baht/sq.m.) One Hyde Park sets a new benchmark in park property worldwide.
VITAL STATISTICS
Name: One Hyde Park
Size: 86 units
Developer: Candy & Candy
Completion: 2011
penthouse, and has attracted