There are about 300 or so buildings in NYC that are condop but many people get confused as to what it actually is. Typically, it’s a residential co-op on top of retail where the retail is a condo. Read Brownstoner’s more detailed explanation to find out what exactly they are and where most of them are.
http://www.brownstoner.com/real-estate-market/what-is-a-condop-definition-condo-co-op-brooklyn/
Due to the present credit crunch and slowdown of the Manhattan luxury real estate market, developers are finding it difficult to gain financing for their projects. Extell, the developer of One57 at 157 W 57th street, is working on what would be the tallest residential tower yet. At a cost of approximately $2 billion, Extell has already started construction on the lower floors but does not yet have the funds for the upper floors. So they are turning to the EB-5 visa program which allows a foreign national to invest $500,000 to $1million in exchange for a green card. This program is capped at 10,000 visas per year and is very popular with the Chinese. Many feel that the EB-5 program is being used contrary to it’s intent which was to spur construction and create jobs in poorer areas. The Central Park Tower will have a Nordstrom on the lower floors.
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.
Central Park’s secret garden aka the Conservatory Garden is often overlooked by many people but is one of the most beautiful treasures of the park. Take a quiet break underneath the pergola or one of the benches that provide shade underneath a canopy of trees. Take a look at these photos to get a peek inside. You can enter the Conservatory Garden on the East side on 5th avenue between 104-105th street or in the park at one of the two entrances just inside the park.
Apartment 11k in 400 Central Park west has entered the market. The apartment features a galley kitchen, dining area, expanded bathroom, 5 closets plus a wall of built-in closets and a 19' terrace with magazine worthy views of Central Park. Click to read more and see interior photos.
Continue reading 400 Central Park west high floor with southern Park views enters the market
Manhattan’s upper west side has a new protected bike lane which starts from around the Beacon Theatre at the beginning of Amsterdam avenue and continues up through the upper west side. When I rode it the other day the lane was not entirely painted green yet but works fine just the same. This coincides with Citi Bike’s expansion to 110th street and the Upper east and Upper west side.
One of the most iconic buildings on Central Park west, The Century was built in 1932 and declared a landmark by the LPC in 1985. The Art Deco condo contains about 350 units spread over 32 stories. Currently, prices range from $995,000 for a 1 bedroom to $3.695 million for a 2bd/2ba of 1700 sqft(158m2). Rentals are also available in the Lincoln Square, pet friendly, building from $2850 for a studio to $15,750 for a 2bd,2.5ba 1815 sqft(169m2). The Century is located between 62-63rd street on Central Park west in Manhattan’s Lincoln Square area.
Prices are around $2000 per square foot and monthly charges run around $2.25 per sqft which seems very reasonable especially given it’s neighbor just to the south 15 CPW, the Robert A.M. Stern building that created the luxury boom with it’s sellout of over $1 billion. If you are thinking of buying in 15 CPW, expect to shell out about 3-5 times the price of apartment in The Century condo.
On Manhattan’s upper west side, local residents and community groups are claiming victory. The plan to convert the former church on the corner of 96th street and Central Park west on Manhattan’s upper west side, has hit a setback. A variance was needed to convert the former Creenshaw church to condos and the request for a variance has been rejected.The building was sold previously for $26 million and then flipped to another developer for $42 million.
Let’s assume you are doing a residential purchase or sale and need a Manhattan real estate attorney to represent you. How do you find one and what should your criteria be? Let’s take a simplified look at what they do first to assist the process.
On a purchase, your attorney will review the proposed contract and examine the financial information of the co-op or condo building which might entail going to the building to read the minutes of the Board meetings. If there is some project coming up or a noisy neighbor that is wrecking havoc, it might show up in these minutes. Your attorney will meet you to sign the contract and fedex/messenger the contract and deposit check to the seller side. After that, assuming it’s not a complicated transaction that will be about it until you go to closing and then he will reconcile the numbers at the closing table and provide you with a closing statement.
On a sale of a Manhattan co-op/condo, the attorney or assistant will prepare the NYS contracts, then will negotiate any changes proposed by the buyer side. You will meet your attorney once the buyer signs and counter sign the contract. If there are issues with the mortgage or closing, the attorney will intercede and if not your attorney will attend the closing and reconcile the numbers with the other side.
Attorneys charge generally as low as $1700 for this transaction and generally an average fee is closer to $2500-$3000.
The easiest way to find a good real estate attorney is to ask a friend, family member or your real estate broker for the name of someone that they have used and had a good experience.
You want to make sure that any attorney you use specializes in real estate so that you have a true expert on your side. Sometimes your family attorney also “does” real estate transactions but if there is an issue along the way, experience in doing many transactions may be an asset that you are happy that they have or may hurt you if they do not. So choose someone with experience.
Find out if there is an assistant or someone that you can speak to in case you need a quick question answered. If your attorney spends all day in court and is unreachable by phone/email, it may add stress unnecessarily to the process. Most attorneys will have staff and in some cases they will be able to answer your questions.
Lastly, while you might be recommended to a big name law firm, ask who will be the one handling your transaction. A big name firm that delegates you to a junior attorney or paralegal may not be the wisest choice. Much in the same way, a big name real estate brokerage that passes you off to the 3rd assistant may also leave you feeling that you are not receiving the service you expect.
So while the description I have given of what an attorney is very simple, it is not easy and you never what bumps you will hit on the way so it’s always best to have an expert on your side. To find the right person may take a little bit of research.
