Parc Vendome to Coliseum Park Apartments

"I love the Parc Vendome where I live"

You should seriously think about every detail of what you like about where you live. Then think about the comparable details of Coliseum Park. I know someone who was very happy in his co-op but was offered money he couldn't refuse by a neighbor who wanted to expand. Rather than buy something else in the same building which was an option, he switched to a hipper neighborhood. He then complained about everything at the new building, down to the way the trash and recycling were collected, to the noise, you name it. He ended up selling again. Just do your research first.

Thanks PMG.....good advice....I will have to think about some of the things you mentioned that I never think twice about where I live now.....

I, too, have looked at both buildings (I rent in the neighborhood) and would love to buy. Besides the differences between Condo and Coop, there are various other differences. Colliseum Park 1BR apartments are MUCH smaller than Parc Vendome. Even though they claim to have an 800 Sq ft apartment (their largest 1br apt), if you compare it to the Parc Vendome 800 Sq ft apartment, it is MUCH smaller. Actually, I compared the Colliseum 800 sq ft apartment with other 800 sq ft apartments I have looked at in the market and the result is that I do NOT BELIEVE their square foot claims. Their apartments are VERY small.

The Parc Vendome is also a much nicer complex and has more ammenities, but being a condo it has alot of rentals rather than owners. The condo rental policies make them well suited for "investments" rather than "homes". You need to consider whether you want a "home" or an "investment"

damier,

I'm an owner in the Vendome who was faced with the same choice, to trade up from a $550K studio to a million-dollar one-bedroom in the building.

We ended up instead moving to a less convenient neighborhood so that our dollars would go further, and buying a Junior Four at an intermediate price point.

That's been a great decision for us, and it allowed us to keep ownership of our studio at the PV as well.

You might want to consider that as a possibilty, in addition to just moving within Midtown West.

If you do stay in the neighborhood, I would think about the impact of the Hudson Hotel. I'm surprised that you didn't mention it re: the Vendome, but I would definitely thing about it re: Coliseum Park, or for that matter, anywhere else on W. 58th Street.

ali r.
DG Neary Realty

Ali - what do you mean about the impact of the Hudson Hotel? I have looked at a few buildings that border the hotel for example the colonnade.

Thanks Ali for your comments...

I also was wondering like "dgh" what you meant about the impact of the Hudson Hotel? Did you means in terms or noise, congestion or a positive thing like it increasing the value of apartments at The Park Coliseum. Can you please explain further whaat you meant by that?

Also, unlike you, I don't think I can afford to keep the Park Vendome and buy a 2nd apartment even knowing I will make money on the one I presently own. It would force me to have a mortgage(or higher mortgage) if I try to maintain both.

Do you feel a condo is still worth much more than an coop in Manhattan? Did you buy another condo or a coop in your second purchase?

I am definitely fishing in new waters about a potential co-op having owned a condo for so long. I never had to use the "sublet" when I want at the Parc Vendome as I was never gone for a long period of time.

Many thanks again for your help and all others that join in this discussion.

P.S.- I work midtown west and live in midtown west and have for three decades, so even if I found a fabulous "deal" in another part of the city I would not leave the area. I really like being able to walk to work and just about anywhere from midtown.

1) The Hudson Hotel is applying for a cabaret license, and if they get it, the exit to the cabaret space will be on 58th.

2) We bought a co-op; I like them better, both because they're cheaper and it's easier to make friends, because the population is more stable.

ali

Hi Ali,

Sorry, but I am naive about a "cabaret license" and the problems that may come with it.....the Hudson already has a few thriving bars which exit on W. 58th St.

Please let me know and other readers about what a cabaret license is and how it could affect purchasing an apartment on W. 58th Street (on a high floor at that), and what the potential problems are.

I need to educate myself about this asap and I think you may have already done some investigation on this topic?

Many thanks...

My understanding is that you need a cabaret license to have alcohol and dancing i.e. a dance club.

I thought they finally did away with cabaret licenses ... no?

According to another blog, the event space in the basement of Hudson Hotel, "Good Units," got its cabaret license, despite community opposition. I expect it might get a little noisy on occasion, perhaps during Fashion Week, since there are few local places for the Lincoln Center crowds besides the Empire Hotel, Hudson Hotel TW Center etc.

Personally, I don't think that the cabaret license will make a meaningful difference. The Hudson already hosts private events, particularly during the summer, and has had an active bar scene since the day it opened.

Another thing to consider about Coliseum Park is that the sponsor still owns a large number of apartments (up to a 100?) and rents them out.

This may affect the ease of getting a mortgage as well as more transient neighbors.

Cabaret license still needed to allow dancing.

To the extent that hundreds of disparate owners can have one position, the Vendome actually supported the granting of the cabaret license, because it came with certain stipulations about noise that should enable the hotel to be a good neighbor.

It does, however, enable the hotel to allow dancing -- which it previously couldn't -- which extends the scope of events to include things like big weddings with DJs, and/or running a nightclub, both of which might potentially create more traffic going through the 58th Street exit. Imagine, say, a couple hundred people all leaving a wedding in the same hour, or the crunch of people that might form right after a club closed for the night. It's nothing that doesn't happen at other venues in Midtown -- including I believe Providence on 57th -- but it's worth being aware of.

ali r.
DG Neary Realty