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There are five C Line apts that are either in contract or on the market (7C, 9C, 10C, 11C, 12C), which seems like a remarkable coincidence. What's interesting however is how the availability of this line has affected the pricing. 9C has a particularly tortured history. It was on the market from 2008-2011 falling from #3.3 to $2.4. It's now been relisted at $2.3 only a year later. What happened here? It looks like a race to the bottom now between these five similar apts. (It's also interesting to compare the floorplans to see how they've evolved.)
This would be a great opportunity for a combination if someone could swing it.
The Toll Brothers building going up next door will block their view
Most of that line's light is over the one-story garage that goes ~150 feet west to the back of 45 E 89th. That's a cond-op, with Rose Associates owning the garage unit. Maybe the C-line owners are afraid their end might be redeveloped with something that'd block their light.
I was looking in the wrong direction. The new Toll Brothers will be to the east, 30 feet from the C-line's LR and DR lot-line windows.
Pretty terrible to have your LR and DR windows obscured. I hope that the buyers know what they're getting themselves into.
It looks like both 11C and 12C closed on November 26th. Potential combination?
Does anyone know which line will not be affected by the toll brothers building? Thanks
The B line faces north onto 90th and west over 45E89th's garage, so will be unaffected.
One of the A line's dining room windows is on the lot line facing south, so will be blocked.
Four of the C line's LR and DR windows, which now look east over the low buildings, will be looking into the new building's back yard.
I'm surprised that the discount is so small. I would think that this would be a major problem for most buyers.
"In all, since the Toll Brothers purchase of the Park Avenue buildings a year ago, six of 14 C-line co-ops have been listed or sold. In three of those co-ops where the previous prices are listed in public records, sellers are due to take a loss based on their current asking prices: The three owners are asking an average of 9.6%, or $250,000, less than they paid for their purchases in 2006, 2010 or 2011."
NWT - The C-line's east-facing DR windows are actually getting bricked up.
jsw363 - I think the closing prices are going to be much lower. Acc to SE, Unit 7C is the only C-line to have gone into contract since Toll Brothers filed their original plans in July 2012. It sold at $1.76 million, or $800 psf.
You're right, I've seen something somewhere in DoB docs about a lot-line window having to be however many feet from the new adjoining building. (Something about fire jumping from window to window.) It must be more than 30', since this new building's back yard is that deep. 60' rings a bell.
That means all four east-facing lot-line windows in the C line would have to be bricked-up.
The LR would be left with a west-facing double window (in the corner to left of fireplace) and a south-facing lot-line window. The DR would be left with one double window facing north into 1112's courtyard.
1112 Park Avenue #12C
price decline since 2006:
06/29/2006 Previous Sale recorded for $2,979,500.
08/13/2007 Previously Listed by Warburg at $3,475,000.
10/27/2009 Previously Listed by Warburg at $2,795,000.
02/25/2010 Warburg Listing sold. Previous Sale recorded for $2,795,000.
04/12/2012 Listed by Corcoran at $2,895,000.
04/26/2012 Price decreased by 14% to $2,499,000.
06/03/2012 Listing entered contract.
11/26/2012 Sale recorded for $2,470,000.
The 12C sellers have just closed on http://streeteasy.com/nyc/sale/651811-coop-1067-fifth-avenue-carnegie-hill-new-york, so they won't have to worry about blocked views again.
@ NITWIT ... 12C SELLERS must be yelling "SUCKAS" after the closing