Real Estate with a Vision. And a View.
Parkview Developers acquires, invests, designs, builds, renovates, manages, rents and sells residential properties. Highlights include extensive rehabilitation and renovation of a pre-war building at 230 Central Park South and a ground-up condo development at 505 West 47th Street.
In 2004, Parkview acquired the Carnegie Hotel at 229 West 58th Street between Seventh Avenue and Broadway. The acquisition was the first move in a strategic plan that involved acquiring the two adjoining sites to the East and West as the combined base for a new residential tower dubbed Parkview Tower. 230 Central Park South, where Parkview already had significant holdings, would offer a ground-level passageway for tower residents with direct access to Central Park.
Around the same time, development giants Vornado and Extell got wind of the idea and began competing for land acquisitions in the same area. When the neighboring 1950s-era building at 220 Central Park South went up for auction in 2005, Parkview was outbid by Vornado, which paid $131 million for the building and an additional $40 million to buy out tenants-in-place.
Ultimately, Parkview sold the 229 West 58th Street site and tower plans to Vornado in 2006 for $20 million. The resulting 69-story, 950 foot tall Robert AM Stern designed tower is one of the most successful residential condo developments of all time with a $4.32 billion sellout. Parkview's concept was ultimately realized by a larger, publicly funded developer.
The Carnegie Hotel operation moved to a newly constructed home at 160 W 56th Street where it welcomes guests today in a modern new edifice.
An architect's visualization of plans for Parkview Tower to be built on the site of the old Carnegie Hotel and surrounding 58th Street plots.
Parkview Tower was to be built on the site of the old Carnegie Hotel and adjacent lots. Ultimately, Vornado acquired these lots to build a new tower at 220 Central Park South.
In this 2017 aerial photo, the sites of the former Carnegie Hotel and surrounding plots on 58th Street, as well as the old 220 Central Park South, have been cleared to make way for construction of Vornado's residential tower.
Parkview's plans for Parkview Tower included an easement from 230 Central Park South, providing direct park access to residents of the tower rising on 58th Street.
Parkview's vision for the Carnegie Hotel site and surrounding parcels was ultimately realized by Vornado at 220 Central Park South with a new design by Robert AM Stern.
The old Carnegie Hotel stood at 229 W 58th St. Parkview acquired the hotel in 2004 with plans to develop Parkview Tower on the site, but ultimately sold to Vornado for $20 million in 2006. The site was a key piece of the assemblage for their ground-up tower 220 Central Park South.
After the sale of the Carnegie Hotel to Vornado in 2006, Parkview set its sights on a development site on West 47th Street in the then-up-and-coming Hell's Kitchen neighborhood. Two prior developers had deemed a build at the site impossible due to a unique engineering challenge: active Amtrak underground railroad tunnels below required above-ground venting, and could pose a noise issue for residents.
Yet Parkview saw potential for 108 new homes to be built on the half-acre site, and they were willing to literally move mountains to make it happen. To set the stage for the buildings to rise, major rock excavation was conducted from the area surrounding the underlying train tunnels, and specialized venting equipment was installed to disperse the exhaust above ground. They also managed to build a soundproof platform that insulated the buildings such that no noise would be perceptible from trains running underneath.
Two seven-story buildings connected by a central garden with wood-planked walkways and a glass-walled fitness center rose from the new base, with Parkview overseeing financing, design, construction, and marketing. Sales began in 2007, and the building was 90% sold by the time move-ins began in the summer of 2009.
After many deals fell through during the mortgage crisis, the building sold through a second time. The new condos were fetching $1,000 per square foot - high for the neighborhood at the time, yet still relatively affordable for Manhattan. As of 2017, the going price per square foot in the building was 50% higher than the original price, representing a sound return on investment for the building's first buyers.
Parkview is a junior General Partner and Investor in Monad Terrace, a one-of-a-kind new luxury condo development in Miami’s South Beach Bay. Designed by renowned architect Jean Nouvel, and set amongst the organic beauty and cultural attractions of all of Miami Beach, the project provides a new standard for waterfront living.
Parkview’s ability to extract maximum value for any space can be seen at 200 Central Park South. The building sponsor owned several one bedroom apartments with the same layout facing the park that he wished to sell. Parkview suggested a modern conversion of these apartments that carved out a second bedroom and bath, and secured a deal to redesign and renovate the homes as General Contractor. The resulting two bedroom two bath apartments were a hit: garnering the highest price per square foot of any apartment in the building, and the highest single-unit price for that “C” layout. Reisner also acted as broker, selling one of the newly renovated homes to its new owner.
