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….
Citi Bike’s long awaited upper west side expansion has begun. Yesterday they installed a station at West 87th and Amsterdam and are planning to add 20 new stations going as far up as 110th street. This will include one adjacent to the Park West Village Complex between 400 Central Park west and 372 CPW.
Do you think that having a Citi Bike station near your building adds or detracts from the property values?
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 coming soon adjacent to the building.
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.
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.
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.
The Board at 400 CPW is suing a first floor tenant according to LINK over excessive smoke that has been entering the hallways for quite some time. The tenant owns apt 1S a studio and also has a rent stabilized apartment which is unit 1R. A few months back, the Sponsor was suing them over an alleged combination that they were trying to make illegally without any permits.
400 Central Park west is a postwar condo with 19 floors and roughly 414 apartments with about 18% being rent stabilized. The units range from 540 sqft studios to 1140 sqft 2bd/2ba and some combination units which are even larger. The building is located at the corner of 100th street and Central Park west and will soon celebrate it’s 25th anniversary of its condo conversion.
The saga of the church to condo conversion of the former Crenshaw Christian Center East continues. The Board of Standards and Appeals granted the developer another chance to present at a public hearing June 2nd. Apparently, the developer withdrew their application about a week ago according to LINK.
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
