Why to invest in Parc Vendome Now and not in 3 Years
The Parc Vendome building offers something of a mystery. The imposing edifice of this huge pre-war condominium is a lingering reminder of the quiet elegance of the 1930s. It’s located in the heart of the Upper West Side, its two flanks spanning 340-350 West 57th Street and 333-353 West 56th Street between Eighth and Ninth avenue. So far, so desirable.
It’s a unique complex just a short walk from Columbus Circle with its 59th Street subway station, Central Park, and Time Warner Center. Nearby entertainment, shopping and five-star dining opportunities abound, so why have prices been lower than comparably specked residences in the same area?
It seems curious that a landmark quality, full-service building of 576-units, offering full-time doorman, concierge, package delivery service, 24-hour security and surveillance system, central laundry, laundry on each floor and expansive, award-winning gardens should be under-priced. Considering the 12,000 square feet of entertainment facilities including library, billiard room, club room, card room, music room, dining-room, and a full banquet room with attached catering kitchen, you’d expect homes to be fetching more than the roughly $1350 per square foot that they have been.
Well, the answer lies in a long-running but recently settled litigation. In 2007, a now defunct health club sued the Parc Vendome board over a water leak. This resulted in a legal impasse that lingered for years and raised uncertainties that deflated prices. Now, with this settled, the savvy investor might be tempted to look again, since now there is nothing to stop Parc Vendome prices from rising to typical neighbourhood levels of $1650 p.s.f. or more.
Comparable properties in the same area point towards the potential for significant price correction over the next year or two. Follow the links below top compare:
230 Central Park South #3G
$1,375,000 FOR SALE
850 ft²$1,617 per ft²1 bed1 bath
555 West 59th Street #7E
$1,295,000 FOR SALE
801 ft²$1,616 per ft²3 rooms1 bed1.5 baths
322 West 57th Street #17N
$1,500,000 FOR SALE
796 ft²$1,884 per ft²3 rooms1 bed1 bath
106 Central Park South #23I
$1,995,000 FOR SALE
1,200 ft²$1,662 per ft²1 bed1.5 baths
301 West 57th Street #2C
$1,500,000 FOR SALE
900 ft²$1,666 per ft²4 rooms1 bed1 bath
10 West End Avenue #10F
$1,199,000 FOR SALE
765 ft²$1,567 per ft²3 rooms1 bed1 bath
Looking over these properties you’ll notice that there is little to choose between them and Parc Vendome in terms of living space, location, and onsite amenities, so it really does look undervalued and could comfortably command rental potential in the region of $4500 a month.
Buyers need to move quickly as the market adjusts, and looking forward, two highly prestigious new developments underway right on the doorstep at 157 and 220 Central Park West look set to raise prices even further. Bear in mind that when the Time Warner Building went up, prices doubled as a result, so a similar effect again would come as no surprise.
With all that in mind, listings like this one suddenly look like a very attractive opportunity for either a full-time resident, a pied-a-terre or a canny investor. So, with no obstacle to rapidly climbing prices in sight, one of New York City’s most characterful condominium properties might now be the smartest place to turn up a hidden gem. Click here to see a virtual tour!