The popularity of any address is reflected in the demand for its residences. So it’s easy enough to gauge the appetite for 737 Park Avenue on the Upper East Side of Manhattan, where 10 condominium residences recently closed, each commanding a price over $10 million.
In February, a gracious three-bedroom, four-bath residence with outstanding cityscape views sold for over $12 million. It marked the most expensive sale in New York City that week. Last month, that price tag was trumped-to the tune of over $17 million-with the sale of residence 16E – a four-bedroom, five-and-a-half-bath home lavishly fitted with a stunning windowed kitchen and light-filled living spaces.
In addition to these two noteworthy sales, 737 Park Avenue set an Upper East Side record for its sale of residence 19A, a legacy apartment offering over 5,500-square feet, 100-feet of Park Avenue frontage and over 12 separate rooms. With a wood-burning fireplace, closed eat-in kitchen and grand master bedroom suite, it’s not surprising that this private residence achieved the highest contract price for a non-penthouse in an Upper East Side new development for the entire year of 2013. To date, seven more of the luxury Park Avenue condominiums at this prestigious address have sold for over $10 million apiece.
Originally designed in 1940 by legendary architect Sylvan Bien, 737 Park Avenue has recently undergone a modern-day transformation – fully re-imagined interiors and amenities, new casement windows, white oak floors, Miele kitchens – all achieved through the preservation and modernization work of Handel Architects and Moed de Armas & Shannon Architects. Though its elegant Art Deco lime-and-brick facade remains the dominant feature of the northeast corner of Park Avenue at East 71st Street, the building’s residential interiors are designed for discerning buyers to accommodate the needs of their modern lifestyle.
This unique combination of classic architecture and contemporary design is a rarity, and has much to do with why 737 Park Avenue’s residences are not set to remain on the market for long.
