If you are thinking of buying on the Upper west one of the most desired building is within the postwar Park West Village. It is located at the corner of Central Park west and 100th street. The building features studios to 2 bedrooms (540 sqft(50m2) to 1140 sqft(105m2)). There are 1 bedrooms and 2 bedrooms with balconies. Apartments face either north or south due to the building being sideways on Central Park west and the 2 bedroom apartments have a second exposure either west or east.
Inside the building, there is a full time concierge, live-in-super, on site property manager, exercise room, children’s playroom, and laundry. Bike storage, storage and parking are also available on a wait list basis with parking in the outdoor parking lot going for only $204 per month! It takes about 1 year to get a space in the 400 Central Park west parking lot as of this time.
Best of all, 400 Central Park west has very low monthly charges. A 2 bedroom/2 bathroom which might sell for between $1.6-$1.9 million will have a common charge of about $900 and taxes around $400. For this reason, there are a limited number of apartments for sale in 414 unit building. Owners tend to purchase and stay or hold their properties long term.
The building also shares a playground with the neighboring buildings plus there is another playground inside Central Park at West 100th street. Many of the southern facing apartments have wonderful views of the Park and a Citi bike station is located across the street at Central Park west and West 100th street on the park side of the street.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.
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.
So much talk about this being the dead time of the year for rentals yet some well priced apartments do rent. A 1 bedroom apartment with an 18′ foot south facing terrace in a full service building with gym, laundry, 24 hour attended lobby and many other amenities was rented for $3,200. Priced below the market to garner a quick rental, it lasted less than 6 weeks on the market even though it listed for rent during the holiday time.
Apartment 11k, a 1 bedroom condo with a south facing 18′ terrace has now entered contract. The building is the 400 Central park west condo which is at the corner of Central Park west and West 100th street on Manhattan’s upper west side. Amenities including storage, parking, 24 hour concierge, gym, childrens’ playroom, laundry, live-in-super, private garden and coming soon renovated interior hallways and a combined heat and power aka cogen system.
Recently in the Real Deal, Jonathan Miller of Miller-Samuel Inc., commented that apartments in the 1 million to $1.5 million have a inventory of about 8 months for condos and 4 months for co-ops. The lower end of the market continues to move well….
The Citi Bike stations are now live in the West 90’s. There is a station on West 96th street and Central Park west and also one on West 95th street and Broadway. This makes sense so that instead of waiting for the M96 to take you from CPW to Broadway, you just grab a bike. The one on Central Park west at West 96th street has 52 docks which is a big station.
Today there was an installation of a station on the sidewalk adjacent to the condo complex known as Park West Village. When the sidewalk is wide like the one between 400 CPW and 372 CPW, Citi Bike likes to make sidewalk installations.
According to NYPost.com, the rent stabilized tenant at 400 Central Park west apt 1R is trying to illegally combine this 2bd/2ba apartment with the adjacent studio that they own. Apartment 1R is being rented for $1183 per month in a market where similar apartments in the same building have been rented for upwards of $5,000 and similar apartments have sold for nearly $2 million. According to the landlorrd, the tenant is illegally trying to combine this apartment with the studio apartment next door that they own.
400 Central Park west is a doorman condo with approximately 414 apartments, live-in-super, exercise room, laundry room, and playroom. The building is located at the corner of 100th street and Central Park west.
400 Central Park west, a 19 story condo with low monthly charges, and over 400 units has only one available condo for sale. It is apartment 19T which is a JR1 that can easily be converted to a 1 bedroom. The apartment features hard wood floors, plenty of closets, a galley kitchen and a beautiful view of the entire northern section of Central Park and a peak of the Ed Koch bridge.
The asking price is $770k. CC $402 per month and taxes $220 per month.
Part of the reason that there are so few apartments for sale is that besides Central Park, you have Whole Foods, Michael’s, TJ Maxx, Modell’s and Bare burger right around the corner. The building offers parking(wait list) for a reasonable $204 per month and has a laundry room, exercise room, bike storage and an easy sublet policy.
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.
Today, apartment 10C, a south facing 2bd/2ba in 400 Central Park west sold for $1.688 million. The apartment had bright southern exposures as well a western exposure. The monthly charges of taxes and common charges totalled roughly $1300. Park West Village is a cluster of 7 buildings – 4 of which are condos and 3 remain rentals. The condos are located at 372,382,392 and 400 CPW. 400 CPW just like the other buildings has 19 floors, a concierge, gym, childrens’ playroom, laundry room and a parking lot.
400 Central Park west is a postwar condo, located on the corner of 100 street and Central Park on Manhattan’s Upper west, and features studios to 2bd/2ba with some combination units being even larger. There are roughly 414 apartments and yet there is only one apartment available for sale which is a studio that is rented and being offered with the market rate tenant to potential investors. There aren’t any other 2 bedroom/2bath apartments available right now in 400 CPW.
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.