327 Central Park West

The 2002 conversion of a 17-story neo-Renaissance building at 93rd Street into a condominium was a rare event along Central Park West.

And there aren't likely to be many more newly offered Central Park West apartments for sale along that elegant avenue any time soon.

The building, 327 Central Park West, with spectacular views of the park and the skyline from some of its 87 Central Park West apartments, was the first rental building on the avenue to be turned into a condominium or a co-op since 1998.

All these available Central Park West apartments in the building were snatched up within six weeks.

Given the conversion craze of the 1980's and a sprinkling of conversions in the 90's, most of the residential buildings along the western edge of the park have already made the transition.

''In the future, there are not going to be a significant number of apartments coming on line for sale with a Central Park West address,'' said Jonathan Miller, president of the Miller Samuel appraisal company.

Mr. Miller said that of the residential Central Park West apartment buildings lining Central Park West from Columbus Circle to 110th Street, 39 are already co-ops, 15 are condominiums, 5 are town houses and 17 remain as rental buildings.

Only 4 of those 17 have at least 100 apartments, Mr. Miller said, ''so the likelihood of additional supply of apartments for sale is limited.''

Prospective buyers at 327 Central Park West were apparently aware of that.

31 apartments were sold to outsiders, all the vacant apartments.

The average outsider price in the offering plan was $947,859, which closely matched the average price of $935,809 recorded for all condominium sales on the Upper West Side during the second quarter of this year, Mr. Miller said.

One reason for the rapid sales was that these Central Park West apartments were converted to a condominium and not a cooperative.

Today, people prefer the freedom that a condominium gives you: the board can't stop you from renting; they don't have the power to turn down anybody you want to sell it to.

The view was the reason.

You can see in almost every direction from your terrace because it seems to sit out into the park.

It's breathtaking during the day and breathtaking at night.

The 24-hour doorman building was built in 1928.

It has a green-awning entrance, marble lobby and large rooms, many with original parquet floors and hexagonal-tile moldings.

Since the late 1950's, the building had been owned by the Melohn family.

Central Park West still has a very strong appeal.