Rising in 2020
Central Park’s return to landmark status began in earnest in 2015 as more and more residents became dissatisfied with the decline in the property’s condition and image. More progressively minded board members wrestled control of finances from those less inclined to invest in maintenance and renovations.
Slowly, systems began to be audited and upgraded. Tough issues were resolved and long ignored cosmetic improvements were planned and completed. It all culminated in 2019, a year marked by long-sought changes to Central Park’s governance structure, providing for staggered two-years terms for board members, vastly improving the board’s experience and stability.
Other 2019 accomplishments include a new graphic brand and symbol, new campus entries, new signage and painting, new landscaping and perimeter access control, new pool furniture and funding approval for the addition of Amazon Hub Locker Systems in the basement of each tower. The BAC (branding, activities and communications) Committee also continued establishing community design standards for Central Park’s common elements and areas.
Central Park’s real estate market has been healthy, with nearly 40 MLS arms-length transactions in 2019 alone, the most ever in one year. The increased demand is partly due to investors snatching up distressed and lower price-point properties as soon as they hit the market, and partly due to new buyers seeking an urban lifestyle entering the market for the first time.
With all of that progress, nothing will exceed the long-term positive impact of Central Park’s 2019 adoption of a Reserved Funding Plan that identifies 64 reserve building systems and components, their remaining useful lives, and the future reserve expenditures that will be required for eventual repair and or replacement. It was a milestone moment and perhaps the most important community-wide decision in the history of the Central Park Owners Association.