In 1811, the city created Fourth Avenue, along which commercial and residential development was stifled for many years north of 42nd Street by the presence of New York Central Railroad tracks.

In 1903, the state Legislature passed a law requiring the railroad to cover its tracks in Midtown. The railroad built a deck over the newly electrified tracks between Madison and Lexington avenues and East 42nd and East 56th streets. Down the middle of the deck a grand boulevard, named Park Avenue, was built. In 1916, America’s first zoning law established Park Avenue north of 60th Street as a residential neighborhood.

Over the next three decades, new hotels, office buildings, and apartments sprang up along Park Avenue south of 60th Street, forming the core of what would become the world’s greatest business district. Even today, people from around the world want to live, work, and own real estate on the grandest boulevard in New York City, as is evident from the following transactions.

Earlier this month, a real estate investment trust, Boston Properties, sold the 1.2 million-square-foot office complex at 280 Park Ave. to a foreign investor for about $1.2 billion, or $1,000 a square foot. Boston Properties acquired the property in September 1997 from Bankers Trust for $321 million.

Based on recent sales, insiders expect the government of Kuwait to fetch $500 million for its 30-story, 537,000-square-foot office tower at 350 Park Ave. The building, built as the headquarters for Manufacturers Hanover Trust, was acquired by Kuwait in 1981 for $161 million.

Last year, a number of top Park Avenue office buildings were sold. In April 2005, a joint venture of Tishman Speyer Properties, the New York City Employee’s Retirement System, and the Teachers Retirement System paid $1.72 billion for the 58-story, 2.85 million-square-foot MetLife Building at 200 Park Ave. The purchase price, the highest on record for a building in the America, went to MetLife, which had owned the building since 1981.

Also last year, Monday Properties entered into a joint venture with Beacon Capital Partners to recapitalize the 1.2 million-square-foot building at 237 Park Ave.

In November, the 1.4 million-squarefoot building at 230 Park Ave. was sold for $705 million. The seller was a joint venture that included investor Robert Bass, who purchased the former Helmsley Building in 1999 for $250 million.

Earlier this year, the nine-story, 146-room Sheraton Russell Hotel at 45 Park Ave. at East 37th Street closed its doors. In December 2004, Starwood Hotels & Resorts sold the property to SJP Residential Properties for $40.25 million, or $276,000 a room. The hotel was demolished to make way for a 20-story, 100-unit residency tower. Scheduled for occupancy in the fall of 2007, residents will have the opportunity to acquire a limited number of condominium self-park parking spaces on the main floor of the building.

Next door is the 16-story, 112-apartment building at 41 ParkAve., which also includes five professional spaces. The building was constructed in 1954 and purchased last September by an investor group headed by Stonehenge Partners.

Stonehenge also purchased the 18-story, 99-unit residential rental building constructed in 1939. This classic pre-war building consists of 18 floors and a two-story duplex penthouse.

“There is a huge demand for rental apartment buildings on Park Avenue,” a managing partner at Stonehenge Partners, Ofer Yardeni, said.

Last September, Rudin Management sold the 20-story, 236,000-squarefoot residential rental apartment building at 30 Park Ave. to a joint venture of BlackRock Realty and CalPers for $97.2 million, or $407,563 a unit. There are 238 units in the building.

Last June, Michael Gross’s “740 Park Avenue: The Story of the World’s Richest Apartment Building” was published. This building was developed by James T. Lee, on the site of his former residence and a limestone mansion that belonged to George Brewster. When the building was completed in 1930, Lee took an apartment for himself and for his daughter, Mrs. John V. Bouvier III, and her daughter, Jacqueline Kennedy Onassis.

Directly across the street is a classic residential rental building at 737 Park Ave. The 20-story, 210,000-square-foot building was built in 1940, with a 116 residential rental units. Insiders expect the property to be sold later in the year and converted into a condominium. It may fetch a price in excess of $300 million.

In 1870, a three-story building was constructed at 985 Park Ave. (then Fourth Avenue) between East 83rd and East 84th streets. A few weeks ago, the topping-off ceremony was held for a new 15-story condominium building at the site. When completed, a total of seven units – five duplex and two triplex – will be available. It is being developed by the principals of the Icon Group, Todd Cohen, Terrence Lowenberg, and Michael Miller. The project is 45% sold out after five weeks on the market; sales are averaging $2,300 a square foot.

A few blocks away, DCD America is converting the 12-story residential building at 813 Park Ave. between 74th and 75th streets into three luxury condominium residences.

In December 1983, New York City took title to the building at 823 Park Ave. after no one paid off the back taxes on the building. The building was acquired by Robert Manocherian in 1994 for about $4.2 million at an auction held by the city. What must this property be worth these days?

In July 2004, Property Markets Group, paid $60.75 million for the 13-story, 51,000-square-foot residential pre-war apartment building at 823-825 Park Ave. on the east side of the avenue between 75th and 76th streets.The property is being converted into 11 full-floor and one duplex condominium apartments. The duplex is being offered for $49 million. According to the developer, a third of the units have been sold at prices in excess of $3,000 a square foot. “The building represents the only fully renovated prewar condominium on Park Avenue with full floors,” a principal at Property Markets Group, Zeil Feldman, said.”The majority of individuals interested in the apartments have extremely high net worths, and are interested in our units or townhouses residence,” he said.

Fremont Investment & Loan provided acquisition and conversion financing for the building.’We were exciting about the transaction and continue to be very interested in providing financing for residential properties on Park Avenue,” a vice president and regional manager of Fremont, Patrick Crandall, said.

On Monday, Fremont provided construction financing for Itzaak Tessler for a 90,000-square-foot residential condominium at 240 Park Avenue South. Fremont previously provided acquisition and construction financing for Mr. Tessler’s conversion of 260 Park Avenue South.

The New York Sun has learned that the 182,000-square-foot, 19-story building with 183 residential units and four commercial spaces at 530 Park Avenue at the corner of East 61st Street is on the market for sale.The property could fetch in excess of $200 million, sources said.

In February 2005, Governor Pataki and Mayor Bloomberg participated in a ceremonial groundbreaking for the Harlem Park, a commercial and residential property at 1800 Park Ave. between 124th and 125th streets. The 660,000-square-foot project includes a Marriott Courtyard Hotel with retail office and residential space to be built on a parking lot owned by the New York College of Podiatric Medicine.

The Sun has learned that the land will be sold to a joint venture of a REIT and local developers who plan to build a mixed-use development that will include retail, a boutique hotel, and residential condominiums.

Next year, groundbreaking is expected to take place on a parking lot owned by North General Hospital on Park Avenue at 121st Street. The planned development will include underground parking, community facility space, and residential condominiums.

Prices surely will continue to rise for residential and commercial properties on the grandest boulevard in Manhattan, Park Avenue.

Mr. Stoler is a television broadcaster and senior vice president at a title insurance company. He can be reached at mstoler@newyorkrealestatetv.com.