A development site on the northern side of West 96th street on Manhattan’s upper west side is for sale for $45 million. Permits have been filed for a 22 story building with a community use facility on the bottom 5 floors and apartments starting on floor 6. The apartments are to average just north of 2000 sqft each. So perhaps the developer has not gone forward yet due to fears of a frothy luxury market.
Apparently, there is a contract to sell the community use facility for $29.8 million according to West Side Rag.
This 19 story Upper west side condo sits at the corner of 97 street and Central Park west and originally featured studios to 2 bedroom apartments. Some combination apartments are even larger. One of the main reasons that buyers choose the Vaux condo is because of the low monthly charges which are approximately $1 per square foot. Additionally, the building features a concierge, live-in-super, on site management, gym, childrens’ playroom, plenty of outdoor seating areas and parking! Parking is on waitlist which is currently about 3 years.
In one of the only retail locations on Manhattan’s Central Park west, a cleaners has just put signage for a soon to be opened store. The location was previously rented by a CPA that was there for many years. The cleaners will be two doors down from a new deli that opened last year on Manhattan’s upper west side near West 100th street.
In between the two stores, there is one more empty storefront.
Right now due to the new tax laws, some parts of the real estate market will be see price depreciation. See previous coverage.
However, some developments like the Upper West side’s Park West Village may see continued price stability and appreciation. The reason is that real estate taxes and SALT (state and local taxes) will no longer be deductible beyond $10,000. So if you have the funds to purchase an apartment and your cap is below $2.5 million, paying $22,000 per year in taxes may not seem as appealing. Or let’s say your budget is $1.5 million and knowing that in one apartment you will pay $15,000 per year in taxes, most of which will not be deductible or $3600 per year in taxes? Which apartment will you gravitate towards?
This is why Park West Village which is a 4 building condo development built in early 1960’s and other developments with tax abatement may see a surge in activity as the upper middle class purchasers get more discerning due to the lack of subsidy from the eliminated deduction.
Park west Village is located between West 97th street and West 100th street, Central Park west and Columbus avenue. Each of the four buildings has just over 400 apartments, concierge, gyms, storage, children’s playroom, live-in-super and parking available. Average common charges and taxes combine for a very low $1 per square foot. Apartment sizes range from studios of about 540 sqft (50m2) start at about $800k, to 2 bedroom/2bathrooms of 1140 sqft(106m2)which start at $1.5 million.
According to The Real Deal the church at 361 Central Park west, which was once slated to be converted to condos was purchased by the Children’s Museum of Manhattan for $45 million. The site was purchased by the developer in 2014 for $26 million and after hitting roadblocks with the approval process to convert to condos, they decided to sell. The community will have a chance to be part of the approval and design process as the Museum will need to go through the city approval process as well.
Apartment 7K has entered the market and features just over 900 sqft with a 18 foot south facing terrace. Kitchen and bathroom were updated and crown moldings were installed. The South facing apartment receives tons of light and can be purchased by an investor or end user. It is currently rented out for $3400 per month.
A high floor 1 bedroom/convertible 2 bedroom has entered the rental market. The 1 bedroom condo in the sought after 400 Central Park west condo has a 19′ terrace with southern views of Central Park and the Midtown skyline. There is plenty of customization in the renovation that took place and even an interior bedroom that can be a nursery. See the gallery below. Asking rent is $4000 and is available 3/1.
If you are thinking of buying on Manhattan’s upper west side, maybe you should take a look at 370 Central Park west. The 6 story co-op at the corner of West 97th street and Central Park west is a small building with a lot to offer. 370 CPW has a great staff, is pet friendly, well managed and has an interior garden for residents. The building is full of charm and some of the apartments have wonderful details like moldings, casement windows, and even fireplaces.
Unfortunately, the only availability in this boutique building with just over 70 residences is a rental for $5700 per month. Having been in several of the apartments, I would recommend to get something on the sixth floor if possible because of the high ceilings or an apartment with a view of the park. Those do not come up that often so if it does, get ready to pounce on it!
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker