Hindsight is always 20-20. You can look back and say “I wish I bought in” Soho 40 years ago or in Harlem 15 years ago or Bed-Stuy 8 years ago. Neighborhoods are constantly changing and transforming and various metrics are hypothesized as to be indicators of a pending transformation. Starbucks, farm to table restaurants or art galleries usually can indicate a transformation about to happen.
The NYT takes a look at four NYC neighborhoods that maybe worth getting into now before it’s too late. I agree with a couple of their recommendations and I would also add in the Bronx. It’s too close to Manhattan to not become extremely valuable in the next few years/decade. A lot of investors are already planting their stakes there.
If you are thinking of buying in Midtown west, take a look at Worldwide Plaza. This condo was built in 1988 by William Zeckendorf Jr and occupies an entire city block from 49th to 50th street between 8th and 9th avenue. There’s a 39 story tower on West 50th street, a 7 story tower on West 49th street, a 40 story office tower, a few townhouses and a public square.
2 laundry rooms per floor
many subway lines
Access to the Theatre Distric, Times Square, Rock Center…
Some of the interior hallways and lobby give a hotel like feel and monthly charges are a touch high but not ridiculous given the amenities.
Current availabilities range from $569k for a 375 sqft studio to a reasonable $1,820,000 for a 2bd/2ba in 350 W 50 street.
Rentals range from $2400 for a studio up to $7200 for a 2bd/2ba with 3 other 2 bedrooms available from $4600 to $5800.
Monthlies are a little on the high side averaging around $2.85 per sqft. So a 1000 sqft apartment will run you around 2800 per month in taxes and common charges.
According to LINK, Eastern Mountain Sports will be closing their Upper West side location on Broadway at the corner of West 76 street by February 24th. The 15,000 square foot store was opened in the fall of 2011.
In other related news, Cafe Lalo on West 84th street may also close. The site of the famous scene with Tom Hanks and Meg Ryan in “You’ve Got Mail”, between Broadway and Amsterdam, serves nearly 100 types of desserts. According to the co-chair of CB7, the owner told him business is terrible but he does not want to close.
Part of Mayor Bill de Blasio’s ‘Vison Zero’ plan was to make streets safer for pedestrians. As a result, the area where Broadway and Columbus converge has been reorganized. The intersection has been the site of 144 crashes with serious injuries and one fatality between 2008 and 2012 according to City Council member Helen Rosenthal. As a result, the “suicide knot” has had its traffic flows reorganized to the consternation of some drivers.
These pictures just taken show the Dakota undergoing some sort of work. The exterior facade on 2 of 3 sides has scaffolding and a sheath covering it. The North side of the building is free of any scaffolding at least for now. The building known for it’s famous residents including John Lennon and Yoko Ono.
Six apartments in the iconic co-op are available for sale from $1,850,000 for a one bedroom with carrying charges of just under $3,000 to over $16 million for a 3 bedroom with a monthly maintenance of over $11,000.
Developer Ben Shaoul is bringing to market a condo conversion of a rental building at 389 E. 89th street shortly. Prices are very attractive at $1.58 million for a 2 bedroom with 1098 sqft and the least expensive 3 bedroom with 1315 sqft starting will be just under $2 million. Other developers are finally getting the message that the luxury boom is more or less over and it is wise to bring to the market 1-3 bedroom apartments within more Manhattanites budgets. Prices will average about $1596 per sqft according to LINK in this conversion.
The same devloper will launch sales later this month at a conversion at 23rd street and 1st avenue called Luminaire. Prices will average a reasonable $1789 per square foot in this 103 unit condo.
Yesterday morning Central Park was covered in snow and by the late afternoon it had almost all melted away. Here’s what it looked like early Friday morning on Manhattan’s upper west side in Central Park .
According to LINK, the portion of the Upper west side from 96th street to 116 street is booming. As a result, 7 residential developments are either already selling or in the pipeline. It’s no secret that as the upper west side has gotten more expensive, some residents have moved further north to the upper reaches of the UWS or into Harlem. The most interesting new development in my opinion is Circa Central Park which is a ground up construction on the site that used to have a gas station at the corner of 110th street aka Central Park North and and 8th avenue. With less than 40 units and pent up demand, sales will be brisk. The development wil average between $1500 and $3000 per square foot. The developer Artimus is the same developer as the highly successful One Morningside Park at 110th street and Morningside avenue.
NYC has proposed to build a protected bike lane on Amsterdam avenue from 72nd to 110th street. As someone who rides through that area, I think it’s a great idea. We already have a protected bike lane on Columbus avenue and of course safe biking in Central Park. Some local residents are concerned that a bike lane may contribute to even more congestion on Amsterdam avenue due to deliveries.
With several Citibike stations installed throughout the Upper west, a new bike lane would be a welcomed addition for many residents who use the service and cycle through.