The Extell Development building built in 2015, with a 20 year tax abatement, and 50,000 sqft of amenities currently has 9 units for sale. They are all resales, averaging approximately 10-20% more than their sold prices in 2015. The averge price per square foot is $1,878 per square foot. The average days on the market is 181 and if you remove one listing that has been for sale for 451 days, it goes down to 150 days on market.
There have been 4 sales this year and none in the last 3 months. That’s an average of 1 sale every 2 months which means the inventory would last about 18 more months.
The two resales sold this year were sold for a 100,000 or 6% profit and a $1.2 million loss, suggesting the building is roughly valued very close to the 2015 levels or less in the case of the larger apartments purchased from the sponsor.
Given that there are many more years left in this tax abatement, this might be the right time to get into this building with it’s amenity suite including the La Palestra athletic club, bowling alley and lounge, rock climbing wall and 75 foot lap pool.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every neighborhood from Battery Park City to Washington Heights.
Last night, the Lincoln Square AMC on Manhattan’s upper west side evacuated at about 7:30pm. As we entered the Imax on the top floor at about 6:30pm, there was a smell of smoke but the ticket taker seemed confused when we pointed it out to her and thought it was the food concession.
About 45 minutes into the movie, there was a voice that asked everyone to calmly leave the theater. On the way out there was smoke coming from that concession. We went down the stairs and left. Numerous fire trucks arrived quickly on the scene and one firefighter climbed up the ladder towards the terrace facing Broadway, that is one floor the Imax theater.
80 Central Park west, the postwar co-op that sits on the corner of 68th street in the Lincoln Square area of the Upper West side has only 3 of it’s 172 units available for sale. Given that the building, which stands at 24 stories, is so well located, it is not surprising that 2 of those 3 units are in contract. The only available apartment is a 17th floor offering with views of Central Park as well as the midtown skyline. The apartment has monthly maintenance of just shy of $1700 and appears to be about 800-900 sqft. It is being offered for $1,875,000.
This pet friendly building has an impressive lobby, 24 hour doorman, live-in-super, garage, central air conditioning, laundry and bike storage. The building features studios to 3 bedroom apartments. In 2015, there were 2 sales and not surprisingly both of those apartments sold over their initial ask.
8C- 1bd/1.5 bath ask $1.15 million sold $1.395 million
8E 1bd/1.5bath ask $1.55 million sold $1.595 million
In 2014, 11 apartments changed hands ranging from a studio for $585k to a 2bd/2ba for $5.75 million. That apartment, 14B, was extensively renovated and had almost 32 feet of frontage on Central Park with a wraparound balcony.
Perhaps what is most interesting about this building besides that many apartments come with terraces is the way it is a postwar building in the middle of the historical district of the Upper West side where there are many classic prewar buildings. As a result, prices are not astronomical as compared to some of it’s neighbors both north and south.
For me ,this building reminds me a little of the Park Ten at 10 West 66th street which was built around the same time and has a lovely lobby and a garage as well.
What do you think of this postwar gem?
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