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On Park Avenue, Prices Fall As A Condo Tower Rises

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The last year has seen Carnegie Hill residents up in arms (well, hanging banners) to protest the destruction of two 19th-century buildings to make way for a Toll Brothers highrise.

Now that construction is in the works at 1108 Park Avenue?though the whole project will officially be located at 1110 Park Avenue?with one of the historic buildings already demolished and the other to follow soon, neighbors have another bone to pick. The L-shaped 16-story condo project, destined to be filled with 11-story duplexes and triplexes, is blocking dozens of eastward-facing windows in the dining rooms of a line of apartments in the neighboring building on East 90th Street and Park Avenue. As a result, property owners in that adjacent co-op building want to sell, and their apartments' worth is falling, the WSJ reports.

Brokers showing the apartments with boarded-up windows and blocked light told the Journal they were honest with prospective buyers about the situation, and one attendee at an affected apartment's open house remarked, "It is still Park Avenue. It is the best neighborhood in the city." But even with a discount of hundreds of thousand dollars, will buyers be willing to settle?
· Looking at Losses as Condo Plan Progresses [WSJ]
· More 1108 Fifth Avenue coverage [Curbed]

1110 Park Avenue

1110 Park Avenue, New York, NY