Pak Royal on 73rd

There was some long and involved litigation between factions on the board, the sponsor, and who knows who else. That was settled a few years back. Sponsor owns about 34% of the shares.

The 32nd and 37th amendments to the offering plan, with some interesting data, are at www.midboro.com.

bump

There was a poster on here who has her apt on the market, mid 3s, I think...

Right, it was gabrielle904, http://streeteasy.com/nyc/sale/480255-coop-23-west-73rd-street-upper-west-side-new-york

interesting - what did she say about this place? looks like a nice renovation job and terrace but the price seems a bit crazy, no? not really sure how the larger units sell - but although the place looks like a nice layout, it is not huge - and looks to have an ask over 2k/sf which seems quite high for this building, no? and maintenance / sf isnt cheap either. history shows prerenovation ther were asking 1.8 in 2005 - seems like a pretty big jump to post renovation in 2009?

The apartment looks great when you are there but by the time you are back in the lobby you realize there is no air conditioning even though all windows have southern exposure, the radiators in the living room were permanently removed in the renovation (!) and there are an awful lot of mirrors. There is very little furniture in the apt to gloss over the fact that it does not come close to approximated square footage. The latest realtor explains all this by saying the seller is Australian.

very strange they would do an expensive renovation, they have that long terrace yet they put no ac in???
also - i think the whole building lacks gas so all ttoves or electric? so this unit is 1 million or so over priced? bets on sale price?

Yep, no gas. This used to be a hotel.

The apartment is very pretty (read maybe not for a straight man) with excellent bathrooms, open kitchen and living room, and very nice terrace but I totally agree it is overpriced by about a million given the drawbacks. The big building across the street blocks significant views and it is accessed by a very long darkish hallway from the elevator. I think the seller is trying to make money on an extravagant renovation. From recorded sales on SE, it would be one of the (if not the actual) most expensive apartments sold in recent history for that building. (My mother always said don't buy the biggest house on the block.)

Before the crash, the entire building was sold at auction for 2,145,500

not sure i understand that sale price, must have come along with a great deal of assumed debt

You talking about which crash here? 87? 29?

nyc10023, you know perfectly well how silly that question is.

It was at auction.

http://select.nytimes.com/mem/archive/pdf?res=FA0811FB38551A738DDDAC0A94DA405B888EF1D3

Bedrest sucks.

But you're a convalescent, so that's that.

Hi, the Park Royal is a magnificent building. I am an interior designer in NY and in different buildings most day's. I love the building I live in and the Park Royal is one of the only other buildings I have consider moving for: it's foyer is SPECTACULAR, the residents have there own private entrance to the NY sports club downstairs thru what was once a ballroom (I thought if anything could tempt he to the gym that entrance would), the location is prime UWS- steps from Central Park and 72nd st subway. It is really full service, with a doorman, concierge and a porter who I have found very helpful and friendly.
I have seen 3 apartments in the building and what they all had in common from a design point of view was great exposures, most rooms have windows on at least 2 sides, as it is a beautiful pre war building (also high ceilings, solid walls) with all different set backs rather than just a rectangular shaped building which produces much less windows.
As for the comment about the hallways, that surprised me as one of my favorite things about apt buildings that used to be hotels are the really wide hallways, which this building has, plus the hallways have just been renovated in light neutral colors.
Spiderman 27 is right that the building doesn't have gas, which is quite unusual in a pre war

If you are walking down 73rd st, definitely worth having a look at just the foyer. I know I am not alone in my opinion of the building because it has been voted one of the top 10 co ops in the whole of Manhattan.
Price is not my expertise, however when the PSF for an AVERAGE 3 bedroom is probably about $1200 psf in the area and I know the last 3 bedroom sale down the road at 15 CPW (which I know is the top end) got over $6,000 PSF I don't think proportionately $2,000 PSF is expensive for a renovated, large terraced apt in that building. I also think nyc10023 is right to ask was the $2,145,500 price in the crash of 1929.

i'm not sure 15 cpw is the right comp in any way - i would think this building would be better benchmarked against certain CPW buildings without direct (any?) park views. And btw, i also don't think 6000/sf is anywhere near the market for apartments across teh board at 15. Probably closer to 2500-3500/sf for most unuts at 15 cpw. Leaving aside a couple of very special buildings, the larger CPW buildings with full maintenance certainly don't average 2k/foot for their non CPW views. And plenty of nice, more ordinary pre-war upper westside apartments are trading for 1000/foot and even less so it seems a bit odd than this one, with 2/sf in maintenance would be double. Add a nice premium for outdoor space and what sounds like a very nice renovation - even though it apparently lacks AC and had living room heat removed (did they really do that?? why?) and i dont think you get close to 1500/foot. This place should be mid 2s. Was it in fact listed for 1.8 prereno in late 2005? Does the building have a giant underlying mortgage?

I wanted to give sigsic and spiderman27 some additional information.

- The apt you are referencing above (with your opinions should be mid 2's) recently went to contract in the 29 days that Corcoran had it, there were 4 serious all cash (and or no finance contingency) offers at and above $3.6M to full ask.

IE in response to your valuation of mid 2M, even the other lowball offers we got that we didn't pay attention to started with 3's M in front of them.
There are a lot of average apt's out there with major problems that you could get for your valuation, however I am trying to be objective here when I was looking it was very rare to get. 3 - 4 bedroom, 3 full bathrooms, in a prime location in the 70's on a park block, in a top 10 building, on a high floor with 4 exposures and tremendous light, plus a private 66 st back foot terrace, plus recently renovated, all in an amazing pre war top 10 building

- You are right there is not many 3 bedroom apt's in the building, as you have to combine apt's to get that much space, which is why there has not been many sales of 3 bed, however last year there was a 2 bedroom/ 2 bathroom (that could have been converted to a 3 bed 2 bath, apt 1201) on the same floor with a smaller terrace and not recently renovated that went for $3.9M before the crash.

- Yes the old radiator had been removed from the living room, however it had been replaced with a new steam heater which was concealed...as it is a look I prefer, along with the 19 closets that were also concealed at first glance it might look like there are not closets. Additionally the 3 bathrooms had the radiators removed, however were replaced with radiant heated floors and heated towel racks.

- Regarding prices in 15 CPW, you could be right that the average price could be around $3,000 psf, however this is because the 1 and 2 bedrooms are bringing down the average. If you look at the last 3 bedroom that went to contract that 81st- CPW_NY talks about it is 25D and they got close to there asking of $6,368 psf ($14 M). Interestingly if you also look at the price it was sold for on the 12/12/07 ($5.99 M) and furthermore the same kitchen and bathrooms that the developer put in, plus there was a lot of competition as it was an amazing apt. Hence past prices are a good starting point, however not at all definitive.

- Regarding the advice "my mother always said don't buy the biggest house on the block".....this is one time I hope you didn't listen to your mothers advice, which by the way I don't think was supposed to be crossed over to NY apt's, as the scarcity of more space often corresponds to a better financial yield and lifestyle.

- Thank you 81st_CPW_NY I agree with your comments and for those who may be looking at it, it is a great building to live in.

Congrats to you and your broker.