If you are thinking of catching the bloom of the Cherry Trees in Central Park, now would be the ideal time to do it. See the below galery of pictures that were taken today on the west side of the Reservoir.
If you are looking for an apartment with a view of Central Park and also do not want to spend super luxury prices of $10mm or more, then perhaps looking at the northern edge of the park in Circa Central Park would be a good move. Circa Central Park is at the Frederick Douglass Circle and the north west corner of the park and will have 38 units. Many of the units will have views of Central Park views in this FXFOWLE designed building. The developer is the same one who did One Morningside Park aka 321 W 110th street which sold very quickly and had just short of 60 units.
Current availabilities range from just under $2m for a 2bd/2ba to $7.477 million for a 5bd/4.5ba with 2771 interior sqft plus a private terrace. The amenities include on-site parking, a study and tween room with Macs and game station plus a roof terrace and fitness center.
20 units are posted on streeteasy.com, 11 of which are in contract. Occupancy is expected in early 2017 for the tax abated condo located in South Harlem. Brown Harris Stevens is handling the marketing for the developer.
While Vornado and Steven Roth are not divulging information about their sales pace of late, what is obvious is the project is rising on one of the few if any remaining sites that is on the park. The condo will have a tower rising to 950 feet and a 13 unit sister building, the Villas with extravagantly expensive apartments. The architect Robert A.M. Stern has designed many other condos including 15 CPW which also had a tower and a house separted by a porte-cochere.
It is well documented that the luxury market is experiencing an anticipated glut and sales have slowed at 220 CPS as well as many of the other super luxury buildings throughout Manhattan.
A nine story addition addition will be soon be added to 711 West end avenue. The developer of the 9 story building above 711 WEA will add 64 condos to the building between 94th and 95th street on Manhattan’s upper west side. It is a joint venture with the building’s owner who will retain ownership of the underlying building and gain an equity stake and eventually apartments in the new building.
There are 130 rent stabilized apartments in 711 WEA and tenants and local leaders have fought the addition and are concerned that this may set a precedent. The project has passed approval of the Department of Buildings and awaits the closure of the school year and a site inspection to begin construction.
Brick Underground spoke to real estate brokers to get their take on what neighborhoods you should or should not buy in right now. I would say that there takes are interesting and varied.
I would add Harlem to their list both East and West as a great place to find more space for your money. I think going up further uptown to Hudson Heights or Inwood is also desirable because of express subway stops plus parks. For investors, tons of money is pouring into the Bronx especially the South Bronx. It’s just too close to Manhattan to not be expensive and I think you will see a sharp appreciation in time for the next boom.
Where not to buy is not really a simple answer as it really depends on your situation. I think you have to analyze the purpose of your purchase be it investment or primary residence and how long you will live there. I think that making a purchase of $4 million plus you need to look at the location and what you are purchasing very carefully. If the location has a great view like water, or a park or a superior neighborhood like Tribeca or Soho, then you can rest assured your investment will be safe. However, if you are looking at a sizable investment in Midtown around Billionaire’s row you may not see the appreciation that you imagine since that is more dependent on foreign buyers who have receded from the market and the strength of the dollar.
The project that is a mere 100 years in the making is reportedly going to be finished in December. For many, long walks to the Lexington avenue line may be a thing of the past within a few months if the MTA is on time with the delivery of new subway stations at East 72nd street, East 86th street and East 96th street.
However, you do not have to wait to see the effects of the 2nd avenue subway line. According to the brokers and developers in the area, the new subway stations are already priced into the cost of apartments east of 3rd avenue in Yorkville.
New condo developments and conversions are coming to market or already in the market according to NYTimes. Many businesses though still remain closed along 2nd avenue but with an end in sight, buyers/renters are willing to make allowances for this temporary inconvenience.
Bauhouse Group’s controversial Sutton Place projected 900 foot-high tower which is in foreclosure, is now headed to bankruptcy. The developer put the project in Chapter 11 this week in an effort to avoid losing the property to creditors. The project was seen to be largely out of character with the low rise buildings that are in the Sutton place enclave. Attempts to refinance were not successful and as result the creditors are moving to take control of the property.
The luxury Manhattan real estate market has a glut of inventory and sales have slowed.
With the Yankees having their home opener today and the Mets having their home opener Friday, opening days are abound in April. But the most important one at the Central Park tennis center is getting closer. Signage has been up saying that opening day would be this Saturday but unfortunately the weather got cold and upset the apple cart.
According to reps at the CPK tennis center, the building will be open this Saturday but due to the cold weather it is unlikely the courts will be ready on time. Apparently, in preparing the courts they need to add magnesium to the har tru and then “roll” the courts several times.
You can call the hotline from Thursday to find out more information. See you on the courts! (212) 280-0205 Right now there is a problem with their phone system and the phones just ring. They are looking into it.
The Board at 400 CPW is suing a first floor tenant according to LINK over excessive smoke that has been entering the hallways for quite some time. The tenant owns apt 1S a studio and also has a rent stabilized apartment which is unit 1R. A few months back, the Sponsor was suing them over an alleged combination that they were trying to make illegally without any permits.
400 Central Park west is a postwar condo with 19 floors and roughly 414 apartments with about 18% being rent stabilized. The units range from 540 sqft studios to 1140 sqft 2bd/2ba and some combination units which are even larger. The building is located at the corner of 100th street and Central Park west and will soon celebrate it’s 25th anniversary of its condo conversion.