While much has been published about the condo glut that Manhattan is experienced in the luxury market, the affordable luxury market continues to sell very well. One of the latest condo conversions to hit the market is 416 West 52nd street aka NINE52 which is being developed by Gaia Real Estate and designed by architect Karl Fischer. Currently there are 36 apartments offered with 24 of those apartments already in contract! The average price per square foot according to streeteasy.com is about $1550 per square foot. Currently the least expensive apartment is $790k for a 1 bd/ba of 570 sqft (53m2) and the most expensive is just under $3mm for a 3bd/2.5ba of 1929 sqft(179m2) Common charges and taxes are running about $2.20 per sqft and th building features a doorman, bike room, gym roof deck.
Another condo conversion which is further along is 360 Central park west which is showing 23 listings on streeteasy.com with 22 of those in contract. This building is at the corner of 96th street and CPW. The Rosario Candela designed prewar building will have a doorman, children’s playroom, bike storage and pet washing among the amenities. Prices were averaging around $2000 per square foot.
I think what these conversions and about a handful of others are showing is that there is a dearth of affordable luxury property and while the luxury or super luxury market may be suffering, other segments of the market are still moving very well.
According to the NYPost, the upper upper west side from 96th street to 110th street is a section of Manhattan to take a closer look if you are considering purchasing. I have lived in this neighborhood for 11 years in Park West Village- where 4 of the 7 seven buildings are condos and 3 remain rentals. Over the last several years, we have seen the emergence of the Columbus Square shopping center with Whole Foods as the anchor and recent additions include Bare Burger and Yogurt land.
Often overlooked and not mentioned in the NY Post article, the Park West Village condos include 372,382,392 and 400 Central Park west. One of the few condos on Central Park west, prices have risen but still are a reasonable $1500-1600 per square foot on average with very low monthly charges. Common charges and taxes together for these postwar buildings are about $1 per square foot. So a 1140 square foot 2bd/2ba with a balcony can be had for about $1.8-$1.9 million with monthly charges of about $1200 per month. How many buildings can make that claim?
Another offering is the redesigned 360 Central Park west which is at the corner of 96th street and Central Park west. Prices start around $1.6 million for a 1 bedroom apartment.
At the corner of 96th street and Central Park west on Manhattan’s upper west side, signage has gone up for a condo conversion and there is a teaser site.
The residential portion of the building, according to Propertyshark.com, is just under 156k sqft. Additionally, there is the Second Presbyterian Church which is on 96 street.
Apparently, the building will become condos. See below website to register.
The building is ideally located at the corner of CPW, adjacent to the B,C subway lines and also the M96 and M10 buses. It is also right across the street from 361 CPW which is the church-to-condo conversion that is making it’s way through the community review process due to needed variances for adding windows and a possible penthouse.