320 cpw

The Ardsley glut probably has several root causes. The biggest might be simple demographics. In a 200-unit building with a lot of aged residents who pre-date the 1971 conversion, you're going to see a steady flow of supply. Also, a number of recent listings have hit the market egregiously overpriced (see #3I, #2C, #9G), so they have lingered, inflating the inventory. Several secondary lines have layout issues - most notably crappy kitchens and weak light.

Also, the apartments that aren't on the front elevator bank feel like second-class accommodations. It's not like the Beresford, where each section is a separate domain. At the Ardsley, if you live in the rear, you have to trek to your humble quarers down a long, central lobby corridor, under the (real or imagined) condescension of your prosperous, east-facing neighbors.

I've seen four of the current listings, including #5I. That one is a pleasant four-and-a-half with a sensibly redone kitchen. In its current configuration #5I is not well-suited to a family with children. FWIW, I think the buyer of #9G probably got a nice five for a pretty good price. #11B will polish up into a sweet trophy for a couple with no kids.

BTW, I like the lobby reno. A bit fussy, and Deco isn't my thing, but I respect the faithfulness of the restoration.

Agreed with all of the above. #3I is not in good shape, and the asking is overly optimistic. #5I is nicely done except (i) I don't like the tiny sink in the kitchen and (ii) the bathrooms are not in great shape.

Sellers might be trying to hitch onto the Whole Foods effect of Columbus Square on 97th, too.

I have friends with kids in the Ardsley (actually I helped put them there about a decade ago, before I was an agent) and they've really enjoyed the building (even though they're, horrors, in the back).

As W81st mentioned, however, some of the lines have problematic layouts, and those apartments are going to be slower to find their buyers. My buyer clients, for instance, generally couldn't handle the small kitchens.

ali r.
DG Neary Realty

THanks! Great insights as usual.