Showing posts with label condos. Show all posts
Showing posts with label condos. Show all posts

Apr 14, 2014

East Harlem | Manhattan Neighborhood

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Metro North Railroad Station at 125th Street & Park Avenue

 
'There is a rose in Spanish Harlem
A red rose up in Spanish Harlem
It is a special one, it's never seen the sun
It only comes out when the moon is on the run
And all the stars are gleaming
It's growing in the street right up through the concrete
But soft and sweet and dreamin'

Ben E King 
"Spanish Harlem" 





Manhattan Neighborhood | East Harlem

El Barrio (Spanish Harlem) SpaHa (East/Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.

Rich in history and residential charm, the diverse East Harlem neighborhood offers those in search of a new apartment or townhouse plenty to peruse. Housing stock runs the gamut from row houses to studios, from one-and two-bedroom co-ops to renovated tenements.

A big draw in East Harlem is space — apartments often come with a dining room, an outdoor garden, or even parking. Large rental complexes like Hampton Court (complete with gyms, garden decks and retail shopping) are now being joined in East Harlem by luxury condos offering views of the East River, the George Washington and RFK (Triborough) Bridges.

Lexington Hill Condominium (103/104th Streets)
East Harlem’s cornucopia of food, culture and lively street life reflects its history. From the exclusive Rao’s Restaurant, founded in 1896, and Patsy’s Pizzeria, established in 1933 in part of Old Little Italy, to modern-day bodegas and botanicas, shopping and dining in this neighborhood continue to evolve even as the Uptown apartments do.

On the artsy side of East Harlem, provocative murals by celebrated artist James De La Vega — some commissioned, some not — dot the neighborhood and the living legacy of Salsa greats continues at venues such as Creole, a jazz/supper club, and Orbit, a bar/restaurant that hosts open mic nights in its jazz and cabaret schedule.


East Harlem residents enjoy the East River Plaza on 116th Street off the FDR Drive that opened in ’09. If you want to stock your home with everything, big companies that will be offering their wares for sale in East Harlem include Target, Marshall’s, Best Buy and Manhattan’s first Costco. Other neighborhood attractions include the Museum of the City of New York, El Barrio Museum, Central Park East and North Meadows.

Easy access to get out-of-town. There's a Metro-North Railroad Station at 125th Street with a 4-5-6 Lexington Avenue subway stop and easy access to the FDR Drive and the west side via cross town bus on 125th Street. Easy access to La Guardia airport from 125th Street airport bus.

There currently are approximately 40 active apartments for sale in East Harlem. Ranging from $139,000 for a 2 bedroom, 1 bath, 5th floor walk-up to $2,980,000 for a 3 bedroom. 3.5 bath, 2849 square foot penthouse at the Crown Condominium.

Currently there are approximately 10 residential buildings (single family, multi family, mixed use and income properties) for sale in East Harlem ranging from $1,150,000 for a two family house to an 8-story income property delivered vacant under construction condo for $15,550,000.


                                                                                             There is a rose in Spanish Harlem...




Apr 7, 2014

Determining Price Differentials for Floors & Views

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A seller recently asked what is the price differential for each floor in a Manhattan apartment building?

In Manhattan there are many variables in determining the price differential for each floor. A beautifully renovated apartment on a lower floor can sell for a higher price than an "original condition" apartment on a high floor.

The parlor floor in a townhouse may be worth more than the 4th floor if it's a walk-up. A 10th floor apartment facing the back will sell for less than the same apartment on the 5th floor directly facing Central Park.

Unless the building owns the air rights over neighboring buildings, views can and will change in Manhattan. A high floor facing an interior courtyard doesn't have as nice a view as the corner apartment on a low floor overlooking the park. Higher floors usually have a premium as do views. Both premiums can be separate. A view can be subjective. However, kitchens and bathrooms can be replaced but there is only one Central Park and Hudson river in Manhattan.

When pricing or determining value of a Manhattan condo or coop it is crucial to compare apples to apples. All coops and condos in Manhattan have an offering plan.

In the original offering plan whether new construction or conversion, the developer/sponsor put a price differential for each floor and unit in the building.

The sponsor determined premiums for each unit. Since all offering plans are from different years and during different market conditions there is a premium percentage for every attribute. In a coop, premiums for attributes are also allocated with more shares in the corporation.

Think in terms of percentages rather than arbitrary dollar amounts.

For example, if you're considering purchasing or selling in a building that was built or converted in the 80's, you can figure out the approximate percent of the premium.

If the same apartment, line, and square footage was selling in the $200,000 range originally and today the same apartments are selling in the $800,000 range, the apartment today is worth 4x more. If they're selling in the million dollar range 5x.

The premium for floor differential is 4x more whatever it was in the offering plan. If it was $2000 per floor in the offering plan, than it would be around $8000 per floor today providing the comparable apartments are otherwise the same. Price per share (in a coop) and price per square foot can also be used as evaluation tools. However, all square footage is not equal.

In today's transparent information age there are many online tools or "gimmicks" designed for automated instant home values. Take them all with a grain of salt. An algorithm looks at data logically. Real estate data isn't always logical. Selling and buying real estate is emotional not logical.

In Manhattan pricing a home is as much an art as a science.

Pricing a home is a marketing function, the price you get is a function of the marketing you choose.


Jul 25, 2013

The Greenwich Lane - St. Vincent's Condo Conversion

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[Renderings of the entrances of 150 West 12th Street and 140 West 12th Street.]
The buildings that once made up St. Vincent's hospital complex in the West Village are being converted into condominiums. One of those buildings, 130 West 12th Street, has already sold out.

The Greenwich Lane is from developers the Rudin family and Global Holdings called West Village Residences LLC. The city granted approval for the redevelopment after years of public review and negotiations.
The development will include a public park on St. Vincent's Triangle and a memorial to the victims of the AIDS epidemic.

The project is made up of five apartment buildings and five townhouses on West 11th and West 12th streets, for a total of 200 one-bedroom to six-bedroom condo units.

 (The apartment building addresses, are 140 West 12th Street, 150 West 12th Street, 160 West 12th Street, 155 West 11th Street, and 145 West 11th Street.)

The townhouses and one of the apartment buildings, 155 West 11th Street (also the tallest of the five), are new construction, and the entire project is architected by FXFowle.

There will be differences among the buildings, 150 West 12th Street is a pre-war structure; 140 West 12th Street has a mid-century look.

Pricing is not available yet. Corcoran Sunshine will began sales this fall 2013, with closings expected in the fourth quarter of 2015.

nycNewDevelopments

Feb 24, 2012

Residences at Worldwide Plaza - 350 West 50th Street

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Worldwide Plaza is a white glove condominium occupying a city block in Midtown Manhattan from 49th to 50th between 8th and 9th Avenues

The building provides the most professional full-service staff including doorman, 24-hour concierge service, and 24-hour security.

Constructed in 1988 by developer William Zeckendorf, Jr., Worldwide Plaza, is a grand, Post-Modern building.  Today, Worldwide Plaza is among the most distinguished luxury developments in Clinton/Midtown West.







Residences at Worldwide Plaza include a 39-story tower with 654 apartments at 350 West 50th Street, a 7-story building at 393 West 49th Street with 187 apartments and 12 adjoining townhouses.

A mid-block, landscaped public square serves to link Worldwide Plaza’s residential and commercial components, and features a fountain and outdoor café.

Among the many amenities it offers its residents are a Bally's health club and on-site garage parking and laundry room on every other floor. The building has a courtyard for residents only with trees, gardens and sun decks.

The Residences at Worldwide Plaza are located near Central Park, Hudson River Park, Rockefeller Center, St. Patrick's Cathedral, numerous restaurants, museums, theaters and points of interest. Steps from the C, E, 1, N, R and Q and crosstown buses.

There are currently about 12 active apartments for sale ranging from a 400 square foot studio asking $419,000 to a 1760 square foot two bedroom 3 bath combined units asking $2,200,000.

There are currently about 20 active apartments FOR RENT ranging from a 400 square foot studio for $2300/month to a 6 room  2 bedroom 2 bath home for $7200/month

Give my regards to Broadway — and let me live there in a luxury Worldwide Plaza condo while you’re at it.

To receive Worldwide Plaza listings by email click here.
To sell or lease your Worldwide Plaza residence click here

Nov 26, 2011

Awesome Apthorp Apartments - 'Tis the Season!

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The Apthorp390 West End Avenue - West 78th and Broadway 
The elegant full-block apartment complex built by the Astor family for the New York elite.

The History

• Built in 1908
• The vision of William Waldorf Astor, executed by architects Clinton and Russell
• Listed on the National Register of Historic Places
• Italian Renaissance Revival architecture
• Richly ornamented limestone façade
• Iconic iron entry gates
• One of four private courtyard drive pre-war buildings
• 163 condominium residences

Active Today

Current available condo apartments: One, two, three, four and five bedroom apartments range from a 1031 square foot one bedroom one bath asking $2,100,000 to a 5 bedroom 5.5 bath 6,128 square foot residence asking $14,950,000
Contact me @ 917-312-0924 to schedule showings or click here to receive listings via email at Apthorp or any other Manhattan New Development or conversion.

Nov 19, 2011

The Dillon - 425 West 53rd - Townhouse Units

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The Dillon, a new development, 83-unit condominium at 425 West 53rd Street between Ninth and 10th avenues, had a broker party recently to debut its townhouse units and showcase its penthouses.

Developed by SDS Procida and marketed by Corcoran Sunshine Marketing Group, the Dillon is 60 percent sold, including one of the nine townhouses. The available units range from a 565-square-foot studio priced at $595,000, to a four-bedroom townhouse spanning 2,750 feet and priced at $4.15 million.

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.

The  designer apartments' walls, hand-painted by New York painter Mark Chamberlain in colorful stripes and honeycomb patterns. BMWs were temporarily on display in the garage to show off the underground parking.

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.

The midtown Clinton "Hells Kitchen location is 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.

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

Oct 3, 2011

Manhattan Condos with Pools on Upper West Side

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While there are many apartment buildings on the Upper West Side most are pre-war coops. There are fewer condos and even fewer condops and only a select few condos and condops have swimming pools. Many new large construction developments are including pools, so there are more pools in luxury condos and condops than ever before.

According to a recent Corcoran.com Consumer survey 37%, the largest margin said a building with a pool is a top priority amenity for them.


Built 2011




The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.

Apartment 2102 is currently for sale asking $16.900,000 (updated 12/15/2012)

Features 13 rooms, 7 bedrooms, 9.5 baths and your own private pool, 15 x 37, plus spa tub on the sun-drenched terrace of 3,800 square feet.






Built 2010

the Rushmore Pool


The Rushmore
LaPalestra Well Center

75' swimming pool





The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place













The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL


The Alexandria -201 West 72nd POOL

















The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool
















The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool





The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West















535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL
















The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

















The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL






The Ariel West and the Ariel East. Ariel East - Fitness center, pool



courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255

Sep 22, 2011

Manhattan Condops: Best of Both Worlds

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What is A Condop? 


A condop is a residential building or portion that includes cooperative and condominium ownership structure. The condominium has a residential cooperative unit separate from the commercial unit and or garage unit.  

During the late 1980's several new developments were built as "condops" they were "hybrids" because the developer had an underlying mortgage on the residential portion of the project. The residential unit is legally a cooperative. Owners are shareholders in a corporation.

A condo can not have an underlying mortgage. I was an original owner/shareholder in one of the first luxury condops constructed on the upper west side.

I often get calls from other brokers about The Boulevard since I'm a resident broker. Many agents think a condop is a coop with condo rules. In many condop buildings that is true but the rules have nothing to do with what makes the building a condop.
The Boulevard 2373 Broaway

In new construction, in the offering plan, if the developer/sponsor leaves the purchasers/ shareholders/owners with an underlying mortgage the building is usually a condop. The underlying mortgage is included in the maintenance allocated proportionally to each apartment sold as shares.

New construction condops include The Azure and 1 Carnegie Hill on the Upper East Side and 305 West 16th street, a brand new luxury designer condop building in Chelsea and there is a new condop in Harlem. 

Most condops have right of 1st refusal like a condo, they are investor friendly and have the same unlimited sublet policy and amenities usually found in condos.

The Savanah, 250 West 89th Street

A condop can offer the best of both worlds. It can offer rules and amenities of a condo, tax deduction, lower closing costs (no NY state mortgage recording tax) like a coop because a coop is not considered "real property" it is considered "personal property." Condops are usually valued in between a coop and a condo.

There is an advantage to buying a condop if you can find one in the neighborhood and price range you require.




Contact me to purchase or sell in The BoulevardThe Savannah or any other Manhattan condop, coop, condo or new development.

Sep 21, 2011

Upper Broadway - Condos and Condops

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Upper Broadway, Upper West Side, Manhattan, New York, NY
Broadway is the busiest boulevard on the Upper West Side of Manhattan. Everything happens on The Boulevard.

Upper Broadway, the hub of the Upper West Side architecturally is an eclectic mix of pre war buildings with modern luxury full service buildings.

The most famous condo on Broadway,The Ansonia is Broadway's most opulent structure. When The Ansonia opened in 1904 it was called: 

"The most technologically advanced apartment house in the world"

Apthorp Apartments, the elegant full-block apartment complex built by the Astor family for the New York elite has converted 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.
While there are some grand prewar condos and coops on upper Broadway many of the residential buildings are post war modern condos and condops that were built on the Broadway corridor in the west 80's and west 90's during the late 1980's. New construction condos and a rental building have recently been completed in the West 70's.

The landmarked Apple Bank Building at 2112 Broadway at West 73rd Street and West 74th Street has been converted into 29 residential condominiums over the building's top four floors.

Post war Modern Condos and *Condops on Broadway from West 72nd Street to West 96th Street.
*Condop is a term for a residential building or portion of a building that includes both a condominium and cooperative ownership structure. Typically the condop refers to the residential portion of a building which is treated as a single condominium unit owned through a cooperative ownership structure.

The Alexandria - 200 West 72nd Street at Broadway - Built 1991
The Alexandria -201 W 72nd St
Luxury condo, 25 floors 202 apartments, pool, health club
The Laureate - 2050 Broadway - New Construction - 2011
The lau
New Luxury condo - Broadway at 76th Street

Linden78- West 78th Street & Broadway - New Construction - 2010
Linden78
Boutique Luxury condo at 78th and Broadway

The Broadway - 2250 Broadway at 81st Street - Built 1987
The Broadway - 2250 Broadway
Full service condo, 21 floors, 123 apartments, garden, health club

The Bromley - 225 West 83rd Street at Broadway - Built 1987
The Bromley _ Upper West Side
225 West 83rd Street at Broadway - Full service, condo, health club, pool, children's playroom

The Boulevard- Upper Broadway - Upper West Side
The Boulevard is a full service luxury Condop. Apartments range in size from studios to 4 bedroom homes including simplexes, duplexes and penthouses. Garage, two level health club, pool, racquet ball/squash courts, children's playroom, Duplex party room, solarium, landscaped roof deck.
The Savannah - 250 West 89th Street - 250 West 89th Street at Broadway - Built 1987
The Savannah
Full service condop - 20 floors, 140 apartments, garage, fitness room, roof deck

The New West - 250 West 90th Street at Broadway - Built 1986
The New west 250 W 90th at Broadway
Full service condo, 21 floors, 185 apartments, rooftop pool and health club

The Princeton House -215 West 95th Street at Broadway- Built 1987
Princeton House 215 West 95th
Full service condo, 17 floors, 213 apartments, garage, fitness room, roof deck

The Columbia 275 West 96th Street at Broadway - Built 1983
The Columbia - 275 West 96th Street at Broadway
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia was the first modern luxury high rise built on Broadway on the Upper West Side. It is taller than most Upper West Side buildings because it is on the north side of 96th street. Above 96th street zoning laws allow taller buildings.

The Ariel (East and West) Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.


















The Ariel complex consists of two two glass towers, the Ariel West (the larger of the two) and the Ariel East. Ariel East, 2628 Broadway, 37 floors, 64 apartments. Ariel West, 245 West 99th Street, 31 floors, 73 apartments. Fitness center, pool, private playgrounds, jungle gyms, slides, half court basketball, screening room, billiards room, two childrens' playrooms, resident's lounge, pet grooming salon.


Most of the post modern condos and condops on upper Broadway feature luxury amenities such as pools and health clubs that are rarely found in pre-war and many post war buildings. Most have apartments that range in size from studios to 4 bedrooms. Prices range from $500,000 to over $5 million.


As a long time Broadway resident myself, it is a true pleasure to walk along Broadway and take advantage of the well established retailers, and restaurants. My favorites are: FairwayZabarsCitarella, the famous H&H Bagels and my office The Corcoran Group -Westside Gallery are all located on Broadway in the heart of the Upper West Side. I love running into past and current clients, friends and colleagues on Broadway.

Upper broadway - Zabars The Corcoran Group Gallery office
Hope to see you on Broadway!


If you would like to purchase or rent an apartment in a luxury condo or condop on the Upper West Side or if you've been thinking about selling your apartment, please contact me at 917-312-0924 or click here: Upper West Side Apartment Buyer or Upper West Side Apartment Seller.


 
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