Luminaireаt 385 First Avenue
Condo in Gramercy Park
In fact, the previous listing says 5300 sq ft after renovation. $8-9mm is probably where this will trade.
bluesky, this one is 18 foot wide (15% premium overall) and the previous sale is 2012 (market at least 10% stronger). Puts this around $9mm.
here's a good comp http://streeteasy.com/building/250-east-68-street-manhattan#tab_building_detail=2
You will find closer to 5000 sq ft (certainly below 5500 using generous 18*70 for the building) ex basement including exterior walls which are included. I would think that it will move below $10mm. Also, the location is too far from the park.
Check the square footage without the basement. See what you get. I think the market is well south of $2000/per sq ft fully finished excluding basement and outdoor space.
This type thing doesn't happen in C0lumbia C0unty.
It will be a higher and bigger building. If you give us the address I will give you a better answer.
It seems there's an empty lot next to this building. What's is going to be built there, and when?
I rented with Glenwood in their building in East Harlem Hampton Court.....the building had all the positives other than its across the street up and down from tenements..making walking home from the busstop at nite scary..they had a car service for free to get one to 86th street which was great..however at the start of my application i had to to pay a rental agent on site as well as two cashiers checks for 4000.00 each, as well as vein referred to an Insurance agent as my credit rating was 590..so i had to payup to Insurent I believe another 4000. they get onmos all this while selling my coop downtown.......then I had to cancel my lease........in four mos. I still do not know how much money I lost.........
Thank you for the kind words, boxer1!
We are glad to hear that you have enjoyed your time with Glenwood. Providing our tenants with a great living experience is very important to us, and we are pleased your experience reflects that!
If you ever need to get in touch, please contact us at TenantRelations@GlenwoodNYC.com.
I have lived at 10 Liberty/been with Glenwood for almost 2 years (and rented in NYC for the last ten), and this is by far the best building and experience I have had. Clean, great service, everyone goes out of their way to help. The application process was rigorous and took longer than I would have guessed, but was worth it.
We are glad that you are considering living with Glenwood, Sally. We have buildings in convenient locations across Manhattan and The Brittany would be a great choice.
Our goal is to provide the best luxury living experience and highest quality service in New York for all our residents.
Please feel free to use the Contact Us page on the Glenwood website at http://www.glenwoodnyc.com/contact/ to ask any questions.
Hi. I read good things about the management at Brittany. But it was some years ago. Any comments please from current residents on how good the managers and staff there are? Anything that I should be aware of before I sign the lease?
ok if you want to nitpick about the azure...the bottom of the market in manhattan was 15% or so in new developments. My point is that there are dozens of units surrounded by "projects" in Chelsea, harlem even the upper west side. That is manhattan real estate. Take advantage of the current glut in new development and buy something. the glut will be gone in 18 months - 3 years . I am glad I bought in 2013, I cant afford the new developments that are going up now 3 blocks from me
Since you like to cherrypick I will return the favor by only focusing on the Enclave in Chelsea which is next to a huge project in chelsea
Actually a lot of the Azure resales are taking big price chops and may lose money. But that's separate issue because it's a land lease building which I think scares away a lot of buyers. Also Kalahari etc sales occurred at bottom of the market, buying now near recent market peak anywhere may not lead to such large gains in a few years.
azure is a land lease coop. i think still not sold out.
I remember when the enclave and azure were being built and the haters would come on and babble about being surrounded by projects. The same thing for developments like the Kalahari or anything in west harlem. Now those buyers are sitting on huge profits. Actually anyone who bought a condo in manhattan anywhere is sitting on huge profits.
Fact- only 30% of the housing in manhattan is available for purchase. That is not going to change. It is a global city whose buyers v rental numbers are the best in the world when it comes to long term investment.
Purchasing now in east harlem nearcentral park will likely result in a very wise decision in 6 -10 years. Just look at any other neighborhood in manhattan for proof
The closest subway stop (East Broadway) to One Man is pretty dingy/dark/dirty. But yeah, sell these apts in Asia, they have no clue what the hood is really like. I grew up down there so it nice by my standards, but this development is really glitzy and its buyers may be expecting better.
Building is in a CRA development zone. We were offered a Home Run loan from Citi which allows up to 90% financing, no PMI and up to $5,000 in closing costs
Ultimately, country boy, how secure do you feel, as someone forced into working in Maine, with a Manhattan real estate investment? You could make out real well if you navigate all of the nonsense associated with AirBnB which is still going through lots of scrutiny, or you could lose your investment if any number of factors don't go your way. Personally, my feeling is if you told me you were a Mainer looking to be aggressive and get out to the big city and willing to do everything it took, I'd be encouraging so long as you did your homework and were ok with the risk, but if you are a New Yorker seconded to Maine, well, that says something different about you.
Hey guys, thanks for your thoughtful and helpful responses. So I guess I can conclude that buying a small studio (700k ish) is a bad investment for me unless I can expect to make capital gain from property value rising (but is this likely at the moment?)
New York law prohibits rentals of less than 30 days unless you are living there at the same time or rent it out to family members (the definition of which is rather broad and is not just people you are related to). If you are serious about doing this, you should definitely have a consult with an attorney to understand the law and to understand the ramifications if you get caught violating the law.
Digs Realty Group
You also pay a higher tax rate on the apartment.
Fidi/BPC would be nice, but I'm not ready to jump in for about 1-2 years when elementary school begins. I'd be open to buying a co-op on the UWS if the prices for apartment with features I want (large open kitchen and layout, good windows, open views and light, modern renovation) were not astronomical (2m or less in my case) and if there was the possibility of subletting or selling was easy. Until, then I'm probably stuck renting on the UWS for the next 2 years.
ganda, I might think hard about FiDi then. There's a lot of condo stock (due to tax breaks given to developers to rebulld after Sept 11) but it's near parks, easy access to Governor's Island, etc.
front_porch, the other reason I like the idea of condos vs coop is liquidity (to sell out quickly) and optionality (to rent out) in case school does not work out or we get fed up of the schooling situation and want out to go to the 'burbs immediately.
Well, I specialize in co-ops so I'd say that's the place to take the pain --- I've only seen one customer who really needed the privacy -- if it's just a matter of preference, then I'd try to deal with it. I think many of the condos on the UWS, while beautiful, are in less-than-fabulous locations (not talking school zones, just talking about the sites that they're on) and the others are astronomical.
so let me know if you want to talk about co-ops.
Even buying one will not spare you, though, from the pain of the schools process. Even before you hit elementary, there's the question of preschool, and to get into prestigious preschools (where you'll pay upwards of $20K for less than a full day of care) is wildly competitive, whether you're in a prime or less-than-prime location. Then you do it all over for kindergarten, and you do it again for middle. The high level of hassle is one reason people head to the suburbs.
For affordable and good private school options, check out Catholic schools e.g. School of Blessed Sacrament on 70th & Broadway. $800 per month. so about $9600 a year. not $45,000 a year...
i have a client whom is very interested in renting this unit please contact me back via email firstname.lastname@example.org or by office phone 7188869141 thank you
No harm in trying as approved plans increase the actual square footage without spending $500-$700 per sq ft for the increase in the square footage (not talking reno which may be a bit cheaper).
So those architectural plans are worth the $4MM more than the current flippers paid for it? They also describe an excavated basement, but other articles suggest that too is fantasy.
The sq ft inflation seems to have gone much beyond puffery. Now they are using max developable sq footage rather than actual square footage!!
Original plans are at http://nyre.cul.columbia.edu/projects/view/17462
This was a 102 unit rental building converted into 60 condos. The address is the same but I doubt the prior floorplans will be of much use.
Does anyone have a link to the original floorplans for 737 Park Avenue? The remodeled floorplans look so awkward, I wanted to compare them to the original, but couldn't find them in the Pease & Elliman book. Did the address change after the renovation? Is this a newer building? Any information would be helpful. Thanks!
In your case, since you have already decided on an apartment and plan on doing renovations, you should just bring in your general contractor to look at the electrical panel. He/she will be able to determine if the unit needs to be re-wired and give you a quote on that part of the renovation. If you have not yet decided on whether to purchase the apartment, you should have a pre-contract home inspection to assess the general integrity of the apartment and figure out what work needs to be done. They will look at plumbing, electrical, floors, walls, windows, fixtures, appliances and mechanical systems, as well as the building’s roof and boiler (if they are granted access to those areas). It is usually well worth it to hire a home inspector, even for a co-op or condo purchase in a staffed building.
Bring in a contractor and ask that the super be present. The super will know what needs to be done and where things are behind the walls. Some buildings will require you to update electric and plumbing when you renovate, the managing agent can provide that info.
The Burkhardt Group
I have an apartment in a very similar situation (50s building, needs a new bathroom, floors) - I've been using an architect, but don't underestimate the amount of work, time, and money this is likely to take.
For example, those floors... you'd think it's easy enough to rip them out and replace them, right? Depending on who you ask, they'll tell you there may or may not be asbestos glue, will suggest going over the top of what's there to avoid the issue, etc. Also, you'll find it very difficult to get straight answers from anybody (including an architect), about what permits will be required and how much they will cost, as a lot of it depends on the building.
Looking to buy a coop in a building built in the 1950s. It doesn't need a complete gut renovation, but needs a new kitchen, refreshed bathroom, and the hardwood floors are in poor shape. Also, I want to add a wall.
What I'm really afraid of is major work needed to modernize the electrical system.
Given that I'm going to renovate much of the unit, do I need a pre-purchase inspection? If so, do I need an architect ($$$) or okay to get an general inspector?
this thread is funny
Construction activity is supposed to end at 6 p.m. unless the NYC DoB has granted a variance. You can appeal to DoB, to tenant advocates, and/or to your local elected representatives' offices.
I moved to The Grove in April 2016. If you intend to rent an apartment here, be sure to plan your visit between the hours of 9am and 8pm to get the most authentic experience. These are the hours that the management company, Greystar, has authorized an extensive renovation project throughout the entire building. This has been ongoing for months and has been extended to Saturday and Sunday, as well. As this is the kind of construction that includes jackhammering on your ceiling for hours to the point you can't hear yourself speak, only consider living here if you don't actually plan to be home.
* Workers take up all of the elevators in the building and not just the one dedicated to them. I've come home to 15 people waiting for an elevator in the lobby because of this.
* The stop time for construction was originally 6pm. Some workers would stay until 7pm - well past the authorized time. Management's response to complaints was to extend the authorized time to 8pm - well into when you might be home from work and attempting to enjoy dinner.
* There's no rent reimbursement for the massive disturbance that's taken place, and the units aren't cheap. Had we known this project was on the horizon, we'd have gone elsewhere.
* There has been no indication that the project will end soon. Every unit coming available for rent will be remodeled, and many tenants in the building are frustrated and intending to leave. Thus, more units will come available for remodeling. This is great for management, because they can charge more for rent. Though, I don't anticipate it will be good for you or anyone else living in the building.
Overall, I'd highly recommend against living here. The on-site staff has been wonderful and as supportive as they can be, but management's sole focus is to make money on the units. They are fully disinterested in making this a place people want to live.
Building is a ____hole. We moved in last year into a brand new beautiful apartment. Learned quickly that this building is disgusting and we can't wait to get out. Cockroaches all over the place. Saw 4 of them in the laundry room (we try to never ever do the laundry there its gross). Today came back and for the first time saw a cockroach on the wall right next to my apartment door. Janitor came to clean and saw several more in the garbage chute on our floor. He said the "exterminator" is supposed to be here every morning. He and no tenant I asked has ever seen an exterminator here. He said everybody complains about the roach problem. Don't be deceived by the location and the gorgeous renovation, this building is nothing but problems.
Hi - I can send you the floorplan and I can tell you what Corcoran has in our internal database as far as square footage: Danielle.Nazinitsky@corcoran.com.
Please include floorplan with dimensions.
Hi - most of the time in the case there aren't other offers on the apartment you can negotiate and have the seller pay planned assessments. In this case, the seller would probably prefer to close and pay the $5,000.
If you would like to send me the building financials I can take a look: Danielle.Nazinitsky@corcoran.com.
Money is fungible: if you pay for the capital job out of assessments or from the reserve fund, it's the same money. And how did the money get into the reserve fund in the first place? One of the problems with large reserve funds is that boards tend to see them as "free money" and spend them on projects which really don't need doing and then when the building actually HAS to do some project it's not there any more. It's also the reason you see flip taxes because that is also seen as "free money" from people who are no longer shareholders.
UES_Ida: It can be a sound long-term plan if it's done correctly. You have the same problem in home ownership: wake up one winter morning, the furnace has gone out, and you have to get a new one, pronto. You the homeowner have to assess yourself a couple thousand dollars so you can pay the furnace guy by the end of the month (if he's generous about billing). Maybe you keep some cash under the mattress, maybe you sell some stock, maybe you take out a home equity loan or put it on your credit card. All valid financial actions, but not for every person. You object to paying an extra 900/month for a year, so you should be in a building that prefers to fund out of reserves. If I had just paid $37mill *cash* to be in a building where the board requires net wealth in liquid assets of 10x the purchase price, I (and the other 11 wealthy residents in my exclusive building) would be fine with the board policy of assessing significant expenses as they occurred (or as they planned), because a request to pay $200k to fix the roof within the next 6 months would not be a financial burden.
I am pretty sure the answer is yes.
I can see a certain logic in that but that's not a sound long term plan and more importantly it would be less objectionable if it was a more typical assessment of $150-350/mo.; having to cough up an extra $900 a month for a year would not be something I'd want to have just randomly imposed on me by a board.
This has to be viewed by neighborhood, and by income.
because median is not affected by skew. see formula for median. only average rent will rise.
I don't buy thins. If "The rental development that’s being added to the housing stock is skewed towards the upper half of the rental market" how do you have the median rent not increasing?
“I think the general trend is going to remain in place for a while. Because we’re seeing weakness in the upper end of the market and that’s where the new supply is coming. The rental development that’s being added to the housing stock is skewed towards the upper half of the rental market,” Miller told Real Estate Weekly.
“The rent is sideways because, if you look under the hood, the upper end of the market showed flat prices and the low rent market showed really strong growth.ˮ
Wow, why was aboutready's comment removed? Lord only knows what anti-Catholic beliefs she has.
I have friends who went to St. Francis Prep and said good things about it.
Blessed Sacrament on the UWS is wonderful. great teachers, great academics, responsive principal, great parents association, involved and supportive parents, good funding, nice building...
What is the LEAST progressive and MOST traditional Catholic HS in NYC? All girls or co-ed - okay.
I know this is old but it comes up in Google search so I'd rather comment in case someone else is searching. I graduated from Catholic school in NYC and they have some of the best education. I went to school out of state and even encountered international students who I was often ahead of in subjects so don't listen to the negative Nellys. What borough are you searching in though?
IN Manhattan good affordable elementary schools that I am familiar with:
St. Josephs and Saint Ignatius. For Saint Ignatius I do believe you need to attend the parish for at least 2 years.
High School, - Girls- Dominican Acamdemy or St.Vincent;
Boys- Regis, La Salle Xavier
The expesnive ones have all been mentioned above, Sacred heart, St. Davids, Marymount and all have a great reputation.
Elementary- Saint Sebastian, highschool- St.Francis, and Mcclancy have the best reputation
Unfortunately I am unfamiliar with alumnae from other boroughs so can't speak for brooklyn, bx or staten island. I went to a Co-ed elementary and an all girls high school and all girls education is fine. I had plenty of guy friends from outside of school and it is great not to have all the drama of the opposite gender teasing or doting any kid of attention or even competeing with girls in the classroom.
That building has always been very difficult in relation to how "upscale" (or not) the building is.
Stay away from this building! The building has been turning down applicants for no reason and even listing agent had no clue what happened.. They just want you application fee!
How are people's ranking for best value, among the luxury condos in this area? Element vs. The Alfred vs. the new constructions One West End?
Hi, is parking IN the building? Can I have an approx price of how much a standard sedan would cost per month?
call -> car
Bicycle, motorbike, car, SUV or luxury call?
Monthly or hourly?
How much is parking in the building?
Beware! Landlord does not respect your rights! She has 10000 rules and on top of that she'll use most of your security deposit for whatever she feels like repairing! She did the same thing to the previous tenant as she did to me! And I was foolish enough not to pay attention to that in time!
She also can break into your apartment when you asleep or away, and leave you a note saying she decided to check on things, even if it's not an emergency. Happened to me at least 10 times when I was renting a place. She also has too many rules - think twice before signing a lease with her, you'll have a lot of frustration to move in and out and consider your security deposit wasted. Feel free to contact me if you have any doubts - email@example.com
I never had problems like that with 4 different tenants, had no installations on walls or windows or anything crazy, just didn't clean up my apartment perfectly at the end and got charged $1000 even though I left it 2 weeks in advance!!! And by the way you have to give her 90 days notice if you plan to move out lol.