Sale at 219 West 81st Street #12D

what's your point?

An Edwardian-Five that got trashed over the years, e.g. turning the living room into a bedroom (nice closet in the corner.) The remodelled D-line apartments are even worse, what with adding the bordello bathrooms, etc. This one presumably went for so much less than the renovated ones, the new owners can screw it up themselves.

NWT: Be nice. Some of us live in that bordello.

is the remodelling really that bad?

This one was sold in original condition...so how do you mean, remodeling?

Sorry, had seen too many new-development bathrooms yesterday, with the marble laid on too thick.

Was comparing the original-condition and remodelled D-line layouts there, both of which are bad.

The D-line is a good example of the evolving use of space.

1. As-built, an Edwardian Five for a couple with a maid. (LR, DR, K, BR, MR)

2. Then reconfigured by the landlord to turn the living room into a bedroom (note closet added in corner.) In 12D, the door from dining room to pantry was closed off for unknown reasons. The dining room could then be either a living room or even another bedroom. The latter would make the place a four-person SRO with shared kitchen.

3. Finally, as in 8D, complete reconfiguration by the current developer, with every principle of layout sacrificed in order to give the master bedroom a huge bathroom and closet.

The developer is nuts to think that what was done 8D is worth the $800K premium over 12D.

It sold for much higher than the asking price.

can someone explain shares of new york?

Shares of NY is an entity of a hedge fund called Avenue Capital. They bulk bought unsold sponsor units of various coop buildings to renovate and re-market. They also recently bought some units in 219 W 81 as well.

thanks. are the apartments all renovated? or do they vary in condition?

Most are renovated. Some are sold pretty raw. Its a hairy situation as you are dependent on them to finish the renovations of the common areas, yet they are not the developer or sponsor in point of fact.

ILMuayThai, there's been quite a bit of discussion about it. Google site:www.streeteasy.com/nyc/talk avonova.

Rhino86: I don't think SoNY purchased the units. The principals in the conversion sponsor are also principals in SoNY. It seems that they are just choosing to market the unrenovated units through SoNY rather than the sales office - maybe to avoid diluting the Avonova brand, but more likely to reduce selling costs.

Is that true? The SoNY office worded it to me that they bought them. Is Avonova an agent of Avenue Capital? I am pretty certain Avenue Capital is behind SoNY.

What was the original name of the building, NWT?

Does that mean that the Avonova ppl also own apts in 55 & 65 W95?

thanks nwt. looking at their web site. why is square footage not given on any of the apts. how big do you think the 3 br is at 150 west 87th?

^ A line

Print the floorplan, get a pencil and a calculator! You have enough dimensions there to work with. :)

The LLC still owns the unsold units, but no way I know of to tell who owns the LLC. Probably all kinds of nested/interrelated partnerships.

Walked by yesterday on way to dinner. That plywood over the windows/lobby is getting old. You'd think it'd sell a bit better if they'd get the public areas and the outside cleaned up.

nyc10023, don't know the name. Was reconstructing the as-built plan from the current-condition plan.

ILoveMuayThai, you can get the square feet from the condo declaration on ACRIS. That number mostly works when comparing condos to condos.

nyc10023/NWT/Rhino86: The connections are not a secret. Start with http://www.sharesofny.com/about-us/ then use Google.

I never said anything was a secret....But I am still not sure of the nature of the relationship with 219 w 81.

Rhino86: Please e-mail me if you want more information. Just put my screen name in front of "@gmail.com".

I'm not suggesting there is anything underhanded or that I am interested in buying in any of these places, but thanks.

Nshipley wrote: "It sold for much higher than the asking price."

2% higher, per the closing documents: http://www.streeteasy.com/nyc/closing/910095

The seller is indeed the sponsor. ("219 West 91st LLC" is a typo on the tax filing; the deed correctly reads "219 West 81st LLC".) Shares of New York was just used as a sales vehicle, for the reasons cited above.