Before 1910, the wealthiest of society shunned living in apartments. The term condo had not been created yet, and affluent folks chose to buy mansions or brownstones in the city rather than rent an apartment. As the value of Fifth Avenue real estate increased over time, many of the best mansions on Fifth Avenue were torn down and converted into apartments. The hottest architects of the day like James Carpenter and Rosario Candela became involved in these projects, and apartment living became fashionable among the wealthiest.
Living at Fifth Avenue
Four of the most famous mansions of yesteryear remain on Fifth Avenue. Located between 78th and 79th, these mansions include the Horace Trumbauer for James B. Duke mansion, which is now utilized by New York University. The Payne and Helen Whitney House was created in 1902 and serves as a French Embassy at 972 Fifth Avenue.
Other mansions that once loomed large in Fifth Avenue real estate include the Andrew Carnegie Mansion. Designed to include sixty-four rooms, this chateau-style mansion is known to modern residents as the Cooper-Hewitt National Design Museum. Before it made the switch, it was temporarily a home for the Smithsonian. It remains one of New York City’s most historic buildings.
Carnegie’s mansion is not alone in housing art or artifacts. Many other mansions along Fifth Avenue pull double-duty as museums. The Felix and Frieda Warburg House is located on 92nd Street and is the modern home to the Jewish Museum. On East 70th Street, Henry Clay Frick’s former home is now the location of Old Master Paintings.
Modern Apartments on Fifth Avenue
With the rise in apartment living, homes along Fifth Avenue were converted to rentals and condominiums over the last century. From 50th to 96th Street, there are presently 136 apartment buildings. Out of every Fifth Avenue real estate property, the most expensive are generally the units that offer views of the Central Park reservoir or other parts of Central Park. Many of these units have been designed with spacious interiors, sweeping staircases, luxury amenities and fireplaces. Gone are the homes of the Vanderbilts and the Astors. Instead, some of the most luxurious properties in the world now call Fifth Avenue home.
The Cost of Fifth Avenue Living
Buying Fifth Avenue real estate has always been a fairly costly proposition. One full-floor unit had an apartment for sale for a price of $30 million over recent years. At the bottom end of the range, smaller units are offered on Fifth Avenue for a mere $200,000. The real estate market in the area includes five condominium buildings and sixty-three cooperative apartments. Certain buildings have offerings like private tenant dining rooms or white-gloved doormen. Likewise, two luxury hotels from the 1920s still remain on 59th Street and 61st Street. Since their heyday, the Sherry-Netherland and the Pierre have both been converted into cooperatives.
