Happy Memorial Day! Lafayette Square, W 114th St., Morningside Ave., Manhattan Ave.

Lafayette Square: Manhattan Avenue, W. 114th Street, and Morningside Avenue

iPhone Photo Courtesty: Mitchell Hall, The Corcoran Group

Manhattan Avenue, 114th Street, and Morningside Avenue bound Lafayette Square, which is located in the Morningside Heights section of Manhattan. The City of New York acquired this property by condemnation on July 28, 1870 along with the land used to build Morningside Park.

The square contains large, shady sycamore trees and a monument entitled “Lafayette and Washington.” French sculptor Frederic-Auguste Bartholdi (1834-1904) designed the bronze statue, which depicts both figures on a marble pedestal, clothed in colonial uniforms, and shaking hands with the flags of their respective countries behind them.

Famed publisher, Joseph Pulitzer (1847-1911) commissioned the sculpture based on the artist’s previous major accomplishment: the Statue of Liberty in the New York Harbor. Bartholdi completed the original “Lafayette and Washington,” which was dedicated in Paris in 1895. At the turn of the century, department store owner Charles Broadway Rouss bequeathed this fine replica to the residents of Morningside Heights.

The Monterey a handsome apartment building made of orange brick designed by Thomas O. Speir in 1891 runs along Morningside Park. The gigantic arch over the doorway is directly opposite Lafayette Square.

In 1892 an advertisement in The  NY Times for the Monterey proclaimed, “Passenger elevator all night. Hot Water. Roof walk.” In 2009, Christopher Gray in his NY Times Streetscape column called The Monterey, "A Charmer That Was Ahead of Its Time."

For more information about purchasing a beautifully restored 3 bedroom currently available at the Monterey click here.

HAPPY MEMORIAL DAY!

SoHo-Cast Iron Historic District Expanded

The Landmarks Preservation Commission on Tuesday, May 11, 2010 unanimously approved the expansion of the SoHo-Cast Iron Historic District in Manhattan by 135 buildings, and for the first time approved the designation of a brewery as a New York City landmark. 

The designations bring to more than 27,000 the total number of properties throughout the City that have earned landmark protection since the Commission was founded in 1965.

Read more

West End Avenue, Upper West Side, Manhattan

The West End neighborhood is one of Manhattan's most beautiful and quiet residential neighborhoods.

The majority of buildings along West End Avenue are architecturally distinctive pre-war coops. 

West End Avenue has the longest stretch of pre-war architecture and ambience in Manhattan.

From neo Renaissance to Art Deco, West End Avenue has stretches of late nineteenth century town houses
and several churches and synagogues, but it is almost entirely made up of handsome residential buildings
built in the first decades of the twentieth century.

The near total absence of retail on the street marks its quiet, residential character just one block
from the hustle and buzz of Broadway.

The West End Preservation Society, is actively seeking to designate the legnth of West End Avenue

from 70th Street to 107th Street a historic district.Both sides of the avenue from West 87th to West 94th
Streets are  already designated in the Riverside-West End Historic Distric.

There have only been a couple of new buildings constructed on West End Avenue in the past 50 years. 

New condos at 200 West End Avenue a glass building located in the Lincoln Square neighborhood at 70th street was completed a couple of years ago. 

535 West End Avenue a new condo at 86th Street, a brick building marketed as 21st century pre-war, currently has some residences available for immediate occupancy.

Architecturally 535 WEA compliments the distinguished pre-war luxury buildings along West End Avenue. 

The grand size apartments are either half or full floors. Prices range from $8.5 million to $25 million.

535 West End Avenue  apartments feature luxurious pre-war details: rosewood or oak flooring, traditional
moldings, well-proportioned rooms with formal library, dining rooms, high cielings and wood burning fire places.

All homes feature custom Smallbone of Devizes kitchens with attached breakfast/tv room. The kitchens offer La Cornue, Miele and Subzero appliances. Bathrooms are available in 2 different color palettes, and outfitted with Waterworks fixtures, double sink, mahogany or white cabinetry and a selection of mosaic tiled floors and polished stone walls. Homes are fully equipped with Miele side by side Washer & Dryer and AMX technology.

Long time residents of West End Avenue remember the beautiful spring day about 10 years
ago when the quiet residential West End neighborhood, was awakened early in the morning by
Barbara Streisand when she began filming her movie,
''The Mirror Has Two Faces,'' at an apartment building at 505 West End Avenue.

The attractive 14-story building was erected in 1920 and converted to a cooperative in 1988.
The building has 65 apartments.

The nicely detailed, red-brick building has a two-story, rusticated limestone base and a step-up entrance with

a canopy flanked by lanterns.

It has an Italian Renaissance palazzo-style facade with quoins at the comers and limestone reveals around the third-story windows.

The movie shoot stretched from its expected 3 days to 12 days.
(By coincidence, Barbara Streisand, in her youth, took singing lessons in that very building 505 West End Avenue)

Apthorp Apartments, the elegant full-block apartment complex built by the Astor family for the New York elite

has converting its 163 apartments to condominiums. The landmark 1908 building has two addresses
390 West End Avenue and 2201-2219 Broadway between west 79th and west 78th streets.

Many of the sought after pre-war apartments on West End Avenue are classic six and classic Seven apartments.

Prices on West End Avenue range from $375,000 for a 550 square foot 1 bedroom to 
$25 million for a full floor residence in the new 535 West End Avenue.

West End Avenue

State Approves Apthorp Condo Conversion

Crain's NY Business reported The Apthorp has been officially approved for condo conversion. State officials have approved the Upper West Side landmark building's condo conversion.

The Attorney General confirmed that the plan was accepted and closings can begin at the 163-unit building, which stretches one city block from West End Avenue to Broadway between 78th and 79th streets.

The Apthorp is one of Manhattan's most dramatic and most frequently photographed apartment buildings. The Apthorp was built in 1908 by the Astor family for wealthy New Yorkers. Many famous New Yorker's have resided at The Apthorp in rent regulated apartments.

The Apthorp apartments are grand and well detailed, the original suites have a room-sized foyer with a mosaic tile floor and there are glass-paneled French doors throughout.    

Current available Apthorp apartments range from 1 bedrooms to 5 bedrooms priced from $1,543,000 to $16.64M                                                                                
iPhone photo courtesy: Mitchell Hall                                                                               

New Development Update: Upper West Side: 535 West End Avenue

iPhone photo courtesy of Mitchell Hall, The Corcoran Group

Closings have begun at the Upper West Side's newest ultra luxury condo building at 535 West End Avenue at West 86th Street. While most of the apartments are in contract, there are still several full and half floor homes available ranging from 3744 square feet to 6637 square feet asking from $9 million to $25 million.

Rumor has it, first reported by Curbed that actor Matt Damon has purchased one of the penthouse apartments in 535 West End Avenue for around $20 million.

There is still time to own a magnificent new 21st century pre-war home on the Upper West Side.

Manhattan Monthly Market Snapshot: April 2010

Marketwide Summary

Market-wide sales activity continued to gain momentum in April, the strongest month since October 2007. Versus a year ago, condominium sales are up 139% while co-op sales are up 91%. listed inventory increased slightly from March but is 24% lower than April 2009. Average price per square foot reached its highest level since February 2009.

Condominium Market Snapshot

Condominium sales volume increased 10% in April versus march 2010 and 139% from April 2009. Average sale price is 10% higher than March 2010 and 21% higher than April 2009.  Average price per square foot increased 7% from a month ago and 17% from a year ago. Every bedroom category increased in price per square foot except studios. Condominium inventory increased slightly to almost 4,500 units but is 28% lower than April 2009. Days on market is now averaging just under 9 months from list to sale date.

Condominiums: April 2010

• Average Sale Price: $1,692,872

• Median Sale price: $1,187,500

• Average Price per Square Foot: $1259

• Days on Market:  266

• Discount from Ask to Sale: -10.4%

• Listed Inventory: 4,474

• Number of Contracts Signed1: 477

Cooperative Market Snapshot

Co-op sales volume increased 22% versus March 2010 and 91% from April 2009. Averaging sale price increased 6% from a month ago and 16% from a year ago. Average price per square foot increased9% versus last month and April 2009. Co-op inventory increased 5%  from a month ago but is almost 20% lower than April 2009. Days on market is now averaging approximately 5 months, 6% higher than March 2010 but remains even versus a year ago.
  
Co-ops: April 2010

• Average sale price: $947,024

• Median Sale Price: $681,000

• Average Price per Square Foot: $915

• Discount from Last Ask to sale: -4.0%

• Listed Inventory: 4,290

• Number of signed Contracts1 689

Negotiability Factor by Price Point

The negotiability factor from last ask to sale price has gradually decreased over the past year. Sales transacted during April 2010 averaged approximately 6.7% below last asking price, whereas during April 2009, the negotiability factor was approximately 11%.

Manhattan Absorption vs. New / Total Listings

Manhattan listed inventory increased 5% from March 2010 and now totals just over 9,500 units. Available inventory is 23% below its peak during March 2009. The number of new listings coming to market increased 71% from last month. Absorption increased 88% from March 2010 and 111% from April 2009.

Notes: 
Statistics are based on Corcoran Group's monthly signed contract data, with the exception of "Number of Contracts Signed"' 
1 Number of reported signed contracts in Manhattan by all firms

New Development: The Dillon - 425 West 53rd Street

Townhouses and Condominiums

Sales are underway at The Dillon, a sophisticated mix of residences that defy the cookie-cutter mold.

Smith-Miller + Hawkinson Architects’ AIA award-winning design integrates Flats, Duplexes, Penthouse Duplexes and nine triplex Townhouses within a dynamically-folded glass façade.

The 83 homes have been woven together in 54 unexpected ways—each floorplan reflecting innovation in design and optimizing the flow of light, air and living space.

Walls are angled to draw the eye out and through. The building’s rippled exterior allows for views westward, towards the river, and to the iconic eastern cityscape.

Designed to suit the needs of diverse city lifestyles, amenities at The Dillon include a 24-hour attended lobby and a serene, landscaped garden terrace accessible via the residents’ lounge. Ideal for entertaining, the lounge is equipped with a service bar and a private dining room with catering kitchen. And a state-of-the-art fitness center with windows overlooking the garden terrace is adjacent to the children’s playroom.

And enjoy the convenience and culture of The West Side Arts District, a dynamic neighborhood retaining the spirit of old New York - its vitality, its diversity - and thriving with the pulse and the vibrancy of the new. Live within walking distance of Midtown’s business center, Central Park and Hudson River Park, Times Square, Lincoln Center, Time Warner Center, MoMa and other myriad cultural and dining venues.

Current available units range in price from $740,000 for a 665 square foot 1 bedroom 1.5 bath home to $3,250,000 for a 2,274 square foot 5 bedroom 4 bath bedroom home.

updated post November 19 2011

Click here to receive listings via email at The Dillon or any Manhattan New Developments.

New Enhancements to Corcoran's iPhone App

Corcoran's iPhone Billboard on the West Side Highway 

New iPhone Features Going Live Today!

• Interactive Floorplans: Zoom in, out and pan around floorplans for Corcoran's New York properties, all on your iPhone. This is a feature our users have been asking us for since launch, and that will prove to be very popular.

•  Push Notifications: Get details of open houses sent directly to your iPhone that match your own, personal search criteria,     based on neighborhood, price and much more. This brings up to date home searches directly into the user’s hands, makes searching more efficient, and lets users customize the search in a way that fits their individual needs     

• Sharing: Now you can send listings to your friends via e-mail or text message, directly from the app itself.

Download iPhone App for FREE here

Where's The Stock and Lease?

By: Ronald H. Gitter, Esq.

A Very Important Closing Item...

When you are selling your co-op and have an outstanding bank loan, the bank must be contacted in advance of closing to provide a pay-off statement and to arrange for the stock and lease to be brought to the closing.

With many banks, the process of requesting the stock and lease from the bank’s back office (that is, some missile silo in Iowa where they keep these things) can take several weeks.

Your co-op sale can't take place without the existing stock and lease. Oftentimes, the bank can't find these documents and they will give your managing agent a "lost stock and lease affidavit and indemnity" so that the managing agent will issue a new certificate and lease to your purchaser.

Even if the bank knows it can't find the stock and lease (some banks are notorious for losing those documents), they will make a best efforts search to find it. The pay-off bank has to be given at least thirty days notice of the closing or you will have a problem having the stock and lease present when you close.

If no bank is involved and you have the stock and lease in your possession (at least you think you know where you put them ten years ago when you bought the place), make sure you can locate those documents and bring them to the closing.

Managing agents may not accept a lost stock and lease affidavit and indemnity from a seller if the seller first raises the issue at closing. Remember, your inability to find the stock and lease must be brought to the attention of the managing agent as soon as possible.

For more on getting ready for the closing and avoiding mistakes that can delay a closing see “Houston, We’ve Got a Problem”.

About the Author:

Ron Gitter, Esq. has been practicing law in Manhattan for over 30 years, focusing primarily on real estate, business and commercial matters. A member of the New York State Bar Association and a member of the related Committee on Condominiums and Cooperatives, for many years, Ron published the Co-op and Condo Survival Guide, an online magazine. CoopandCondo.com is its successor. 

Contact Ronald H. Gitter Esq. at (212) 826-2405, ron@gitterlaw.com
CoopandCondo.com