Are you looking for a good value on Manhattan’s upper west side under $5 million? As always the further you go downtown the pricer it gets. You can buy a 1000 sqft(93m2) 1 bedroom for just over $5mm in 15 Central Park west, the Zeckendorf Developed building that started the luxury boom. However, it might be hard to squeeze two children into a 1 bedroom so let’s look at where you can get the most size and value for your money. Several buildings come to mind. In this search let’s rule out any buildings where the monthlies run more than $3 per square foot. We will also take a look at only pet friendly buildings that have a concierge or Doorman. After all, you are not going to leave the family pooch behind and who will sign for all of the Amazon deliveries. Let’s take a closer look.
11 Riverside drive aka The Schwab house(co-op) whic h is between 73rd and 74th street has a total of 636 units spread over 19 floors. Yet, there are only 5 apartments for sale. It is usually a good indication when few units are for sale. You can find a 3 bedroom/3bathroom listed for sale for under $3 million. Monthlies are only about $2 per sqft total which is reasonable. Location is excellent of course as you are close to Riverside Park, express subway, Fairway(if it stays in business) as well as Lincoln Center. Positives-Roof deck and location.
Lincoln Towers co-op aka 140,150,160,165,170,180,185,205 West end avenue is spread over several buildings between 66th to 70th street from Amsterdam avenue to Riverside boulevard. One 5 bedroom/4.5 bathroom is available here for $3.75 million with the monthly charges being $6,011. A 4 bedroom is also being offered for sale in the pet friendly building with a full time doorman for $3.5 million. This development deserves a visit and since it’s large perhaps you can find some larger units that were put together and now being offered for sale. Positives- Location, greenery, proximity to all of the same amenities as neighboring Schwab house.
221 West 77th street(condo) is a ground up construction by the Naftali Group and is a follow up to their successful 210 W 77th street. 26 units on 18 floors and 10 are already in contract. For around $5 million, there are two apartments to choose from- one is a 3bd/3.5ba 2048 sqft(190m2) and the 2nd is a 2bd/2.5ba 1735 sqft(161m2) offering. They are asking $4.925 and $4.05 million respectively. Monthly charges average $2.30 per sqft. Obviously, this is a much higher price point at $2400 or so per square foot up to $3000 per sqft on the higher floors in the building. For the higher price, you get a more central location, and an impressive amenity package including a basketball court, a fitness center, a paneled library with pool table and a roof deck with gas fire pit.
1 West end avenue (condo) is a new construction building that offers 8 listings under $5 million with at least 2 bedrooms. Perhaps this is the building where you will find the most value. For just over $5 million one apartment which features West and and northern exposures offers 2748 sqft (255m2) with 3bedrooms and 3.5 baths. Monthly are only slightly more than $1 per square foot thanks to a tax abatement of 20 years! This gives an owner or investor a chance to purchase and sell well before the taxes go up. Appreciation has been very strong in the surrounding buildings in the last few years. Thanks to the tax abatement and finishes and development team this might be the best place to invest your capital or make your home.
Certainly, there are lots of other buildings where $5mm can go even further and even a lower price point as well. I believe this is where an experience real estate broker can help to give you guidance in assessing value, and understanding the dichotomy that is the Manhattan real estate market. Depending on your own personal situation, it may or may not be the right time to buy right now and a seasoned professional can help you to determine where you can find the best combination of value and amenities that you desire in your Manhattan apartment.