250 East 87th Street

what are you looking for, apartment-wise? ps im not a broker....

Ideally, a two-bedroom, two-bath. There is one apartment in the building on the market right now, but it's a bit out of our price range. Like most potential buyers, I'm hoping the market will become a bit more affordable in the next year or so. If not, and one of the one-bedroom, 1.5 baths becomes available, though, we'd probably go take a look.

rlmnyc - pls email me at aweissny at gmail.com may have something interesting - I am not a broker

rlm - a few things.

- I posted about 3C in this building on the UES comps thread a few weeks ago. See page 4 of that thread. Since I posted, 3C has gone to contract and 14G, the 2br/2ba that you reference, has been listed (and discussed here: http://www.streeteasy.com/nyc/talk/discussion/10436-ues-3br-coops-minimum-asking-price-stabilizing-at-14m- ) I didn't want to spam the comps thread with micro-updates, so I was going to wait until 3C closed and the 14G listing got a bit more seasoned (i.e., reduced price) to post again, but now that you mention the building, I would say don't be too worried about 14G being out of your price range. It's priced 1-5% below the 2007-08 comps and 2005-06 comps average about $1.1mm. My point being that the $1.4mm ask seems unlikely to hold in the current market.

- re: the pool, is that feature really so special? I would echo occasional comments from other posters about the perils of falling in love with anything in real estate

- as I noted in my comps post, maintenance in this building seems low. Can't be a bad thing in this environment

Thanks, sidelinesitter. I frequently fall in love with apartments, but I get over losses pretty easily (a couple of offers we made recently were summarily rejected). There's something appealing about having a rooftop pool in Manhattan, don't you think? My husband says I'd never actually swim in it if we moved into the building, but I beg to differ. I'd be stunned if 14G gets anywhere near what they're asking, but who knows?

Agree on 14G price outlook. Maybe $1.1mm, who knows?

Pros: I agree with falcogold's comment about layout (see the thread that I referenced above) plus the subway is close, it's zoned for PS290 and there's the low maintenance point that I've been harping on. Those - and, for the right buyer, the pool I guess - are good value-for-money points and value for money counts in the current market.

Cons: it's still Yorkville and the relative value comparison of this location will be challenging if, as is likely, prices continue to fall in UES somewhat prime (Carnegie Hill) or not-quite-prime (e.g., 70s east of Lex) locations. This location is a step below not-quite-prime, in my view.

rlmnyc

This price might work a bit better for you:
http://www.streeteasy.com/nyc/sale/413601-coop-250-east-87th-street-yorkville-new-york
http://www.urbandigs.com/2009/05/oh_sunday_250_east_87th_street.html

just put 6G up at 250 E 87th! Seller is realistic, and ready, and listened on pricing! I would come by OH tomorrow if you can.

noah - i also gave you a broker credibility shout-out for this listing on the ues comps thread

Too bad I am not looking for a co-op. This looks very well priced. Good luck Noah! I assume you'll continue posting in UD while you work on the new project, right? Will you be having a consulting service finally?

thx sidelinesitter!

mimi - of course I will continue posting! I will need to take a break from real estate and focus on the new ideas Jeff & I have for UD, and yes, it involves removing me from the vested interest of the broker element to a transaction. Im looking to start a independent consulting service, but its not anywhere near as sexy in terms of profit potential, so we have a few other ideas wrapped around the core idea. You'll find out more as we go! It should benefit all.

Thanks, Noah, but I'm out of the country until the end of the month. If it's still around, I'll be by when I return. Quick question: Does the apartment face Second Avenue? Just wondering how loud it is, since it's on a relatively low floor.

its on the 87th street side and yes, faces 2nd Ave with N/E exposures. Its not loud at all though. Windows were replaced in building like 9 years ago, very quiet, and city quiet windows installed in master bedroom. With windows shut, its very quiet. I dont see noise as an issue here, but you would have to see for yourself. I have bids already in, so I doubt this will be around for long

Again, thanks, Noah, for the detailed reply. I'm sure this apartment will trade quickly, based on your realistic pricing. Congrats!

>>I have bids already in, so I doubt this will be around for long

Funny, I believe this line a lot more coming from Noah than when I've heard it from a lot of other brokers....

sounds like typical broker-speak to me

gcondo - yes, it does sound typical. Classic even.

There is little limit to my capacity to think bad thoughts about real estate brokers, but I happen to believe the source in this (perhaps unique) case. A listing priced 32% below a same line current listing (14G - which by the way doesn't look like anything special in terms of condition) and 35% below 2007/08 same line comps (see UES comps thread for details) in a decent building with very low maintenance should be expected to draw offers quickly. Presumably this was the sellers' goal in pricing it where they did. This could even be the very, very rare situation where a listing sells above ask in this market.

Noah just got his listing in contract 13 days after it went on the market and 10 after the so-called "broker-speak" episode above. So he also walks the walk.

personally, i think the doormen in this building are jerks. not a fan of this building, some of the tenants aren't so hot either.

gcondo - after almost 4 years of telling it like it is, and being bullish on Manhattan publicly from 2005 to early 2007, and getting bearish in mid/late 2007, why didnt you believe me?

People forget and just assume I was a permabear forever. Its not true. If reasons to be bearish, Ill get bearish, if reasons to get bullish, Ill get bullish. Right now, Im way less bearish because process started and prices adjusted. I wouldnt lie about having bids in, but I understand why you would say that because most brokers do to create a sense of urgency

rlmnyc - not sure if you are still around the board, but note that the much discussed 14G is still hanging out at a big price while 6G fell out of contract, got back in contract and just closed at $1.1mm. Would 14G is that zip code - say a few more $ for the 8 floors of elevation - be more in your price range?

http://www.streeteasy.com/nyc/sale/413601-coop-250-east-87th-street-yorkville-new-york
05/15/2009 Listed in StreetEasy by Halstead Property at $950,000.
05/28/2009 Listing entered contract.
08/05/2009 Price increased by 24% to $1,175,000.
11/06/2009 Listing sold.
11/06/2009 Sale recorded for $1,100,000.

Interesting aside: Noah has posted here and on UD about having a couple of recent board turndowns, including one that he believed was price protection by the coop board and where the unit went back to contract at a higher price. That pattern looks a lot like 6G.

looks like you got it exactly right sidelinesitter

rlm - sorry, "in" rather than "is" after 14G in third line of my post above

In response to those who have asked why one 23J and 20E (small 1 bedrooms) sold so low relative to current one bedroom listings: One was an unbrokered inside sale btwn shareholders- thus, the transaction did not include the typical 6% broker fee. The other was in estate condition requiring a total gut renovation. More relevant comparisons to those presently on the market here would be the more recently sold D-line and/or E-line apartments which sold well over 500k in a down market. Also, please note that the interior space of 29J (presently on the market) is as large if not larger than the 15D and 8E which are also on the market. The latter units have likely included the outdoor balcony space in their overall square footage. Please ring me if you have any additonal questions. I am the Agent for 29J and live in this lovely building. Robin Portnoy 917.865.9429 OR rportnoy@maxwelljacobs.com

Anyone no why part of the building was torn down? I know the second ave subway is there.... But what are they building on the corner there to take apart the piece of the building on 86th corner of 2nd....

maybe its a new corcoran office to handle all the foot traffic for yorkville when the 2nd ave subway line opens up.

It is where the entrance for the subway will be, so I've heard

Entrance to subway will NOT be on the NW corner of 86th and Second Avenue. A much preferred ventilation unit rising only as high as the Chase ATM unit that formerly occupied that space will be there. Facade of unit will aesthetically match the Co-op's facade. Air and noise control impact studies relating to the ventilation unit have been conducted-- If you would like a copy of this impact study please contact me. I would be pleased to answer any questions about The Newbury as both a long term shareholder and a Broker. rportnoy@maxwelljacobs.com

As of this morning, the Second Avenue Subway Muck House (on Second Ave between 86th and 87th) is now Gone/No Longer there!

I am so happy for you!

> A much preferred ventilation unit

You find a subway ventilation tower more desirable than a subway entrance next to the building??

Newbury Update (June, 2015): Balcony replacement of D, E, F & G lines is very near completion. For more info regarding other planned Newbury enhancements as well as Second Avenue subway progress as it relates to our Co-op, please feel free to contact me:
Robin Lee Portnoy
Newbury Shareholder and Broker
rportnoy@maxwelljacobs.com

The Newbury is "in the Zone". P.S. 527: 0K, 01, 02, 03 and SE. Learn more here:
http://schools.nyc.gov/SchoolPortals/02/M527/default.htm

Scaffolding Bridge surrounding Circular Driveway will be removed in 2 weeks. Landscaping restoration to begin shortly thereafter. New Balcony installation is completed for D, E, F & G lines. No assessments.

Hallway Renovations to begin this February 29, 2016. No assessments, of course.

SECOND AVE SUBWAY is on SCHEDULE and OPENING DECEMBER, 2016. Testing begins in September.

Pool Season is about to begin. Hallway renovation in progress and on Schedule. Only 1 Unit on the market:
3 BED 2.5 BATH, 22B

Hallway renovations to be completed by end of September. No assessment.

. Gym Expansion and Re-Landscaping of garden planned after imminent completion of Balcony Replacements (no assessments, of course).
. CVS Pharmacy scheduled to open this Sunday, May 6, 2018 directly across the street on Second between 86th and 87th.

interested in buying or renting in this building.

rent - one bedroom
buy - at least a junior 4 that could convert to a 2 bedroom (or home office)

looking for a 3BR to rent.

best regards