Higher Prices Migrate to Far Upper East Side

(The New York Times) Third Avenue has long been a dividing line on the Upper East Side. “West of Third” serves as shorthand for the stylish neighborhood in the TV show “Gossip Girl,” where private-school girls live in stately Park Avenue co-ops and shop in boutiques along Madison Avenue. “East of Third” refers to the delis and bagel shops that make up many of the storefronts around York Avenue, and the tenement style walk-ups filled with recent college graduates who flock to the cheap rent.

These boundaries, however, seem to be shifting. The penthouse at the Charles, a glass-and-limestone condominium rising on a nondescript block on First Avenue, well beyond the Third Avenue demarcation line, recently went into contract for $37.94 million. The price is more than double the previous sales record in the area, the $17 million paid for a condominium at 170 East End Avenue in 2009, according to data from CityRealty.com.

A penthouse in the Charles, a glass-and-limestone condo rising from a nondescript block on First Avenue, recently went into contract for $37.94 million. The buyer is creating a quadruplex with 1,300 square feet of private terrace space on two levels. Credit Williams New York

Source: http://www.nytimes.com/2014/03/09/realesta...