The Laureate

I dunno. Something is strange. When I search in Streeteasy for closed sales on the UWS, one of the sales appears here. Apt 5D at the Laureate to the best of my understanding...

http://streeteasy.com/nyc/closing/1972105

But I don't see it on the Laureate building page. Perhaps it has something to do with the 2148 Broadway address.

NWT, can you see what I'm writing about...or am I just being stupid?

nevermind....I'm being stupid. Please disregard the previous post.

7D just closed as the first resale.

The David's Cookies guy bought it for $5,366,000 in September and now, a few months later, has sold it to a NY Fed poobah for $5,390,000.

Those are just nominal figures, so this was a pricey change of plans. Add $200K (coming and going) in NYS/NYC taxes, $59K in taxes on his $2,683,000 mortage, plus incidentals.

All but $832,000 of the buyer's $3,500,000 mortgage was assumed from the first deal, so he saved $59K in taxes there.

Had there been any profit, the sponsor would've taken half, or so says the condo declaration.

Just finished renovation at 8D as an architect I can say it’s a great building
Well managed

nyc_real_estate, is the air handler up above the laundry room?

NWT yes, but there is no return register in the laundry, there are two access panels for Electric & Filter

nyc_real_estate,

I couldn't agree more, we worked on 7E and that building is one of my favorites

Some of the leftovers have been bought by RE brokers, apparently for investment.

#6A by Janice Chang and Ross Nodell, the same brokers who just rented it out.

#11G and #PH6C by Nicholas Jabbour of Nestseekers, who just rented out #11G.

Oops, #6A was a resale, not a leftover.

This will be the second resale, if it sells: http://streeteasy.com/nyc/sale/745578-condo-2150-broadway-upper-west-side-new-york

02/26/2011 Previously Listed in StreetEasy, already in contract, by Brown Harris Stevens at $10,700,000.
10/04/2011 Previous Sale recorded for $10,004,000.
10/04/2012 Listed by Halstead Property at $14,900,000.

The one-year gap isn't coincidental. There's an "excess profit" clause in the Declaration, for anything bought from the sponsor that's flipped within a year. It's a 50/50 split of any profit, IIRC.

There're two By-Laws sections that apply here.

7.13 says if any Unit Owner who bought from the Sponsor goes into contract for resale within one year, then Unit Owner has to split any profit (less various deductions) 50/50 with the Sponsor.

7.14 says a Unit Owner who bought from the Sponsor for "investment purposes" can't list, advertise, or sell the apartment within one year, unless the sponsor has already sold all the other apartments.

Why do you suppose that it took until a few years ago to build condos at this well-located area? - Harrison, Laureate, etc.

PH4C's sale has been recorded at $9,038,000. Buyer is a Bradley Cooper. (Don't know if that's the Bradley Cooper, but the signature looks sort of like his autograph.)

That completes the sales, except for a terrace on the roof with its own tax lot, and the little apartment for the super that the condo will be buying from the sponsor.

The total for the apartments and storage comes to $429,000,000. I don't know how much the Stahls and their partners put into it, but they seem to have done pretty well. Maybe they'll just give the super's apartment to the condo, as a gesture. They're keeping the commercial space.

Any thoughts on the price of 10E?

The layout is kind of a rabbit warren. Why can't you make an immediate right out of the kitchen to access the other wing? You have to meander through the great-room and dining room to reach it? Maybe it's a "typo" but it seems odd for a $5mio apartment.

That's a typo. I've been in the E line and that's a hallway - you can go right from the kitchen and down the hall.

Right, the original 5-11E plans show that door from LR to hall. I don't know why Elliman had the plan redrawn, since the only change the pictures show is a set of sliding doors between LR and DR.

Why isn't 10E selling right away? overall mkt is up 30% since Aug 2011 and this is supposed to be the 15 CPW of the UWS

Ben, any relation?