A rare find along a famous avenue in an esteemed neighborhood
For many New Yorkers, the word “prestigious” conjures images of the Upper East Side, with its world-renowned cultural institutions, reputable private schools and ornate architecture. This mystique of prestige is the product of time, which can sometimes mean that contemporary condos (with the now standard luxuries of staff and amenities) aren’t so commonplace in the neighborhood. The scarcity, of course, drives demand. “515 Park Avenue is one of the very few condominium buildings on Park Avenue,” says Meredyth Hull Smith, a senior global real estate advisor and associate broker at Sotheby’s International Realty. “It was built as the first alternative to the prewar co-ops in the area, which is by far the predominant form of housing on Park Avenue. So for buyers who want to live in this highly desirable location without undergoing the rigor of the approval process of buying into a co-op, a condo like 515 Park Avenue is an extremely attractive alternative.” Not only is the buying process simpler, but once moved in, residents of this 1998 condominium may enjoy the building’s common spaces, a great deal of privacy and, of course, the distinguished attractions of the area.
Sophisticated common spaces cover the basics
Should residents require assistance, a concierge is available around the clock from the lobby, where residents and their guests will also find an elegant sitting room. The space, with its wooden wall panels and traditional settees, embodies the formal atmosphere one would expect along Park Avenue. The far end of the sitting room features a marble fireplace flanked by library bookshelves. Nearby, a similarly decorated common space doubles as a formal dining room and conference room, depending on residents’ needs. In case of the former, there’s a separate catering kitchen that connects to the room. A fitness center is available on-site, as are a small number of wine cellars, which are, according to Smith, “privately owned by some residents and fairly rare to come by.”
Grand, prewar-inspired apartments cover an entire floor (or two)
Although the building was erected in 1998, the architecture firm, Frank Williams & Associates, leaned into the prewar style for each residence, namely relying on spacious floorplans, large windows and high ceilings (eternally popular features) to pique buyers’ interest. While owners have since customized their homes to suit their individual needs and tastes, many residences have commonalities, like herringbone floors, fireplaces, premium appliances and bespoke cabinetry, plus a formal entry and dining room. Sprawling duplexes, some of which have private terraces, make up the majority of the units and occupy floors 15 through 42. “With only one or two exceptions on low floors, each apartment has its own private elevator landing and is on its own floor, or floors, in the case of the duplexes,” Smith says. “This affords a privacy that is highly prized by affluent buyers who want a high degree of discretion on where they live and how they live.”
This, coupled with the fact that most residences house between four and six bedrooms, makes it clear that 515 Park Avenue is meant for the discerning buyer. Prices vary greatly, but units of this size have listed between $11.3 million and $25 million in recent years. “As you would expect at this price-point, the vast majority of unit-owners have multiple residences around the world.” One could also draw the conclusion that owners may choose to employ a team to manage their household. As such, “There are nine small ‘staff’ apartments on the third floor which can only be sold within the building to other unit-owners, or as part of the offering when a large apartment is being sold,” Smith says.
Located at the convergence of three distinct neighborhoods
This white-glove condominium just barely falls within the boundaries of the Upper East Side. The long stretch of neighborhood is, of course, desirable for its proximity to Central Park, Museum Mile and upscale shopping along Madison Avenue, but the exact location of 515 Park Avenue means that residents benefit from so much more. Had the building been located one block south, it would technically be a part of Midtown East. Not only is the area convenient for office workers, but its filled with Michelin-starred restaurants such as Aquavit, Caviar Russe and The Modern. One avenue east, however, and the building would have been in Lenox Hill, the Upper East Side’s quieter and more casual counterpart, known for its world-class medical facilities. The blocks immediately surrounding 515 Park Avenue have high-end chains across every category (like Avra for dining, Bloomingdales for shopping and Loews Regency for out-of-town guests), but local businesses are present, as well. The six-story Argosy Book Store has served the community since 1925, and Forum Gallery has been a local favorite for contemporary art since the 1960s.
Several modes of transit are available near this busy avenue
There’s no parking garage directly in the building, but there are several options nearby with spaces for rent. For inter-borough travel, there’s Park Avenue right out front, where residents can hail a cab, and the Queensboro Bridge is accessible just three blocks away. Just one block east along Lexington Avenue, there are six subway lines: the N, R, W, 4, 5 and 6. Most of the nearby buses operate along Madison Avenue one block west, and the crosstown bus has stops along 57th Street three blocks down.
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Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
3/ 10
Very Bikeable
Bike Score®
80/ 100
Walker's Paradise
Walk Score®
97/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Stroud Playground
2 min walk
Basketball
Playground
Dr. Ronald McNair Park
6 min walk
Trails
Lowry Triangle
9 min walk
Trails
Crispus Attucks Playground
10 min walk
Basketball
Playground
John Hancock Playground
15 min walk
Playground
Dean Playground
3 min drive
Basketball
Playground
Multi-Purpose Field
Cuyler Gore Park
3 min drive
Gateway Triangle
3 min drive
Dodger Playground
4 min drive
Playground
Schools
Source:
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