Friday, December 28, 2007

Condo Market Update: Columbus Circle/ Lincoln Center

Area: Columbus Circle/ Lincoln Center
Median $/psf: $1,468.
Median New Condo Price: $2,100,000.
Price Ranges (not including CPW or CPS):
Studios: (rare)..$675k+
1 Bedrooms: $829k-$1Mil.+
2 Bedrooms: $1.38Mil.-$2.8Mil.+
3 Bedrooms: $2.15Mil.-$3.5Mil.+
4 Bedrooms: $4.2Mil.-$15Mil.+
The Columbus Circle area is one of the most desired and expensive in the city. With multiple transportation options, abundant culture (Lincoln Center), and Central Park at your doorstep it's no wonder. Despite extraordinary prices at Time Warner, 15 CPW, and on Central Park South and Central Park West, there are still ultra-luxurious options at reasonable prices just a block or two off the park. In fact, there are a number of options in the $1200-$1400 psf range. The newest condo in the area is The Adagio, a very impressive loft-inspired luxury condo that is a short walk to both Central Park and The Time Warner Center.
If you haven't been in Columbus Circle in years you will be shocked by it's absolute rebirth. The Circle itself has been completely renovated and is now anchored by a functional fountain and an immaculate park. Where the old convention center (one of NY's worst blights) once stood, is now the gleaming Time Warner Center with a huge Whole Foods supermarket, upscale shops, restaurants, and an auditorium specifically for Lincoln Center Jazz performances. The area directly West towards the river, once home to seedy parking lots, is now quickly filling up with high end condos. While Columbus Circle itself has boomed in prices and that trend looks to continue, those areas West present exceptional value and have tremendous upside in my opinion.

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