Upper West side resident tries to combine rent stabilized apartment with another apartment illegally

According to NYPost.com, the rent stabilized tenant at 400 Central Park west apt 1R is trying to illegally combine this 2bd/2ba apartment with the adjacent studio that they own. Apartment 1R is being rented for $1183 per month in a market where similar apartments in the same building have been rented for upwards of $5,000 and similar apartments have sold for nearly $2 million. According to the landlorrd, the tenant is illegally trying to combine this apartment with the studio apartment next door that they own.

400 Central Park west is a doorman condo with approximately 414 apartments, live-in-super, exercise room, laundry room, and playroom. The building is located at the corner of 100th street and Central Park west.

LINK-NYPost.com

Thinking of buying your first NYC apartment?

If you are considering buying your first Manhattan apartment, you should read this Sunday’s NYT real estate section. The article gives you some common sense advice including the follow:

1- Getting a pre approval and why you need to have it in hand when you are looking for your NYC pad.

2- Ways to find an experienced NYC broker to find a property

3- Alternative strategies to find a Manhattan apartment including speaking to the doormen in the buildings that you like to try to find an apartment that is coming soon to the market.

4- Understanding the role of your real estate attorney and perhaps why it makes sense to do an engineer inspection.

5- Basic tips on putting in bids like not putting a bid in prior to or at the open house.

Read the full NYT article

East Harlem Pathmark closes

The Pathmark on Harlem’s 125th street is closing by this Saturday. The store which opened with much fanfare in 1997 has little left on its shelves at this point. It is unknown whether the closure is a result of Extell’s purchase of the site for $39 million or the bankruptcy of the Pathmark’s parent company-A&P.  Representatives of the former owner and the new owner have said it was not a result of the sale however.

This closure though leaves many residents with no supermarket to do their shopping. It was estimated the store served 30,000 customers per week. A new Whole Foods is opening up late next year or early 2017 but that will a long walk for residents of East Harlem and the prices may not be affordable for many in the area.

http://www.wsj.com/articles/pathmark-closure-jars-east-harlem-1447812643?alg=y

80 Central Park west Building Profile

80 Central Park west, the postwar co-op that sits on the corner of 68th street in the Lincoln Square area of the Upper West side has only 3 of it’s 172 units available for sale. Given that the building, which stands at 24 stories, is so well located,  it is not surprising that 2 of those  3 units are in contract. The only available apartment is a 17th floor offering with views of Central Park as well as the midtown skyline. The apartment has monthly maintenance of just shy of $1700 and appears to be about 800-900 sqft. It is being offered for $1,875,000.

This pet friendly building has an impressive lobby, 24 hour doorman, live-in-super, garage, central air conditioning, laundry and bike storage. The building features studios to 3 bedroom apartments. In 2015, there were 2 sales and not surprisingly both of those apartments sold over their initial ask.

8C- 1bd/1.5 bath ask $1.15 million sold $1.395 million
8E     1bd/1.5bath ask $1.55 million sold $1.595 million

In 2014, 11 apartments changed hands ranging from a studio for $585k to a 2bd/2ba for $5.75 million. That apartment, 14B,  was extensively renovated and had almost 32 feet of frontage on Central Park with a wraparound balcony.

Perhaps what is most interesting about this building besides that many apartments come with terraces is the way it is a postwar building in the middle of the historical district of the Upper West side where there are many classic prewar buildings. As a result, prices are not astronomical as compared to some of it’s neighbors both north and south.

For me ,this building reminds me a little of the Park Ten at 10 West 66th street which was built around the same time and has a lovely lobby and a garage as well.

What do you think of this postwar gem?

80 cpw 2

 

Bike lane coming soon to Amserdam ave on the Upper west side

Plans for the proposed bike lane on the Upper West side are moving through the pipeline according to LINK. The proposal would create a protected bike lane on Amsterdam avenue and dedicated turn lanes. As a result, car lanes would be reduced to 4 from 3.

The timing of this bike lane and proposed improvements comes at a time when there are more bicyclists on the road thanks in some small part to Citibike’s expansion on the upper west and upper east side. Currently, there are several stations on the Upper west side including one at 85th street and Central Park west.

What do you think of this plan for the stretch between 72nd street and 110th street?

Thinking of buying a Manhattan real estate investment property?

Several top real estate executives were interviewed and one of the fascinating questions that they asked was where they would invest $10 million dollars. The answers varied including the Kips Bay neighborhood and other up and coming areas. They didn’t mention Harlem which was a surprise and may still indicate that there is time to invest in the neighborhood where big money is quietly pouring in including Extell and other real estate heavyweights.

 

Read the full Gotham article here

 

400 Central Park west apt 19T enters the Manhattan market

400 Central Park west, a 19 story condo with low monthly charges, and over 400 units has only one available condo for sale. It is apartment 19T which is a JR1 that can easily be converted to a 1 bedroom. The apartment features hard wood floors, plenty of closets, a galley kitchen and a beautiful view of the entire northern section of Central Park and a peak of the Ed Koch bridge.

The asking price is $770k. CC $402 per month and taxes $220 per month.

Part of the reason that there are so few apartments for sale is that besides Central Park, you have Whole Foods, Michael’s, TJ Maxx, Modell’s and Bare burger right around the corner. The building offers parking(wait list) for a reasonable $204 per month and has a laundry room, exercise room, bike storage and an easy sublet policy.

Full listing info

New policy loosens capital outflow in China

China is going to begin to allow residents of a Shanghai free-trade zone to buy overseas assets directly. This may lead to loosen of capital outflow throughout China. Currently, Chinese buyers of Manhattan real estate need to do so through a company or by smuggling cash to Hong Kong.  In September, it was reported that $194 billion left the county. What do you think looser regulations if maintained will have on the New York City real estate market?

Read the Real Deal blog post