230 Riverside Drive?

I'm sure you have already factored in all of the negatives:

- Worst location on prime Riverside Drive, with the most noise and traffic.
- Recent condo conversion from which the original sponsor has already bailed.

Treat it as a distressed asset and you might find good value, assuming you can handle the risk. Just don't compare it to established coops a few blocks in either direction, because it's a different animal.

what size unit are you considering?

The concern I have is that the building's apartments were not renovated at the same time since it was a condo conversion. One of the important questions I would ask is how many renters from non-converted apartments are still there?

P.S. See NYT article regarding apartment conversions to condos.

http://www.nytimes.com/2006/02/27/nyregion/27conversion.html

wavedeva, like all prewar conversions, this building has many tenants who pay a sponsor rent. In this case the sponsor has changed since the initial condo conversion. I counted on Propertyshark that the sponsor owned like 55% of the building, but he continues to sell vacant units slowly. Getting financing for buying in this building may be a bit tricky given the ownership attributes.

thinking of purchasing a 1 br (approx 770 sq foot). what would be appropriate price per squate foot for this building / location?

can someone list the positives as well?

Original conversions were done very well. Some of the high floor units have terrific views of the Hudson River, GW Bridge or Midtown. The location is steps from shopping, the new express subway station, riverside park, the 91st St Garden, dog run, tennis courts and the Hudson River bike path. The "B" line, which I think you are interested in, is the least desirable one bedroom line in the building so it should be the cheapest. While it is a fairly spacious layout, it is dark and only has courtyard/airshaft views. !B has been on the market a while. It has no views, but is well remodeled with high ceilings. The lower asking price reflects a discount for the ground floor, where I should think that vermin may be an issue in a prewar building. On the plus side, the airshaft is quiet, except during school hours when the playground to the north is active. The troublesome noise is on the south, 95th St side, with the traffic exiting the West Side Highway. If you can negotiate a discount, you cannot get that quality renovation at that price anywhere else. If you value space, quiet, good renovation, and are willing to trade light and views and 1st floor living, that is a very good find.

for first floor place...what do you think would be fair price in today's market?

define vermin...

bid $835 psf or the asking price with the seller paying the transfer taxes for 1B. Better located, renovated apartments in this building are still worth over $1000 psf.

The second sponsor paid roughly $700 psf for unrenovated vacant apartments, and discounts for occupied apartments.

you can bid less, but I don't think you will succeed

keep in mind that the b line is the hardest to sell, because of its limitations. I think it will always sell on price, at a discount to better apartments in the building.

I looked at a number of listings in the building in different locations. The building has a horrible shape -- like a U, pointed north, so the majority of units either face north or into a small air shaft with views to the north only. (I haven't seen any of the units facing the river, and they're probably worth much more.) I haven't been impressed with the newly renovated units because they have very small kitchens which are barely usable if you actually like to cook. With that being said, the apartments tend to be large, and if you're above a certain floor (probably 4-6) and in an apartment facing south, east, or west, you probably have decent light. Apartments below a certain floor, even those facing south, get little direct sunlight.

Speaking of the 'B' line -- those apartments are really large for a 1-bedroom. Unfortunately, facing east into an airshaft that opens towards the north basically means that you'll never see the sun.

One other comment -- the sponsor seemed unreasonable about negotiating when I asked. Silly, since many of those units are still on the market. And after she told me absolutely not, no way, no how, I noticed that one of the units I looked at sold for $50k less.

1b sold!

the studio apartments look good for the price...

Julia, if you are looking to buy you could pick up 7G for a discounted price, say $400-410k; it has been on the market a long time but is designer gut renovated and has a GW Bridge view, the quiet side of the building. There is evidently a tenant in place. I was thinking of buying, but it takes months to secure a tenant these days, so I wanted to pay even less. These units rent for $1700-2200,

PMG...the rent is reasonable so I might look to renting a one bedroom.

The rents of the well renovated units rarely start out as reasonable, but usually get there within a couple months on the market. The quirky neighborhood has a lot to recommend it.

what an excellent building!!! prices are excellent. high quality. great location. your thoughts?

Are there windows in the showers?

not always. depends on the unit. many are spectacular at great price

Just took a walk through 5A today, lots of foot traffic for an apartment that needs $200k to make it into what it should be. The broker tried to make it out like it's liveable with just the baths and kitchen "touched" up, and told some older couple that $60k would make it liveable. BS... This is a gut renovation, the same person must have lived here for the past 50 years. Have to admit price is OK for the space and location, but considering the building is still 45% sponsor owned with renters, this is a HUGE risk. Could be a fund project, or a complete disaster. Best of luck to whomever picks this one up!

Got it thanks, when I'm looking, could you tell me which have windows? That's important for bathroom ventilation but particularly the shower.

Oh Larry.

So cute of you.

How much do you love this?

Oh, hey columbiacounty, the reason I was asking was actually for you! I remember how frustrated you were because you couldn't get the right window in your shower and how you cursed out the broker who couldn't help you with the window. Thought maybe if I could find one for you, you might cheer up. Maybe your wife too. Then you two could ... you know ... shower together!

Anyway, how was your weekend?

Hey Larry...looks like you'll be disappearing any second now.

I'm not saying I did and I'm not saying I didn’t.

Champagne tastes 10007!

While a $200K gut would make a 4-room estate apartment shine, it's probably not crazy to think that $60K would make it "liveable."

We bought a 100-year-old apartment right around the corner, and while a six-figure renovation would have been the smartest move financially, we just didn't have it. If you're willing to live with quirky wiring and without central air, you can still get some kick from new floors/paint/switching out the things you hate most about the kitchen and baths.

and note I'm not the listing broker on this apartment, just my $.02

ali r.
DG Neary Realty

Why not pursue 5A, and try to avoid the mansion tax (does the sponsor transfer taxes impact mansion tax?). Spend $100k on renovation. A 2 bed 2 bath prewar condo with low carry charges, in near mint condition for $1.125 million seems like a bargain. I know W81 thinks this is the worst stretch of Riverside Drive, but to me the easy access to interesting parts of the park, the Hudson River path, and express subway and bus transit easily offsets the major negative of vehicle traffic exiting the West Side Highway. You just need to avoid an apt that has traffic noise or light flaws in 230 RSD, and 5A doesn't appear to have either of those.

Touche on the champagne tastes. However, when you spend $1 million on something that literally needs replacement of everything (the kitchen is rotting), it's hard to justify cutting corners. So let's say...$100k minimum to even begin to justify the price, so Prosecco tastes...

10007, LOL

ali

Does any one have any updates on this building financial standings? Not sure if this is a good investment.