Central Park South

Traffic, tourists, all-night Apple-store shoppers and the ever-present smell of horse manure. And yet, Central Park South -- perhaps thanks to its proximity to Midtown offices; perhaps it's those amazing Central Park views -- remains one of the most exclusive addresses in the city.

In recent years this area has seen a number of high-end hotels convert to residences. The most notable conversion was of the Plaza, which went condo in 2005 to the tune of $1.075 billion (that's how much Elad Properties paid to purchase and renovate the storied hotel).

Other recent conversions include the Jumeirah Essex House (160 Central Park South), a $50 million conversion of a portion of this hotel, with one-bedrooms starting at about $1.5 million, and 110 Central Park South, a co-op where one-bedrooms started at about $1.4 million.