limited light/view unit in a prestigious building

without giving the name.. how prestigious. how old is the building

It's the Normandy: http://streeteasy.com/nyc/sale/576201-coop-140-riverside-drive-upper-west-side-new-york

#3E probably appraises in the low 400s, but I can think of a couple of complicating factors.

One is the maintenance, which runs a bit high at 140 RSD and is about 25% lower on the third floor than the 18th. Even at the same price, the 18th-floor buyer is already paying a premium for views and light every month. The extra $300-400/month matters at a price point where the buyer's monthly loan payment is under $2000.

Another issue to consider is the possibility of a combination with the front-facing #3F. Assuming the coop would allow it (which is a BIG assumption here), the combination is easy and would create an excellent apartment, albeit one with rather high monthlies for a low floor. This scenario is important because the combo option sometimes puts a floor under the value of a small apartment. The requirements are a pliable board and a neighbor who is interested in expanding or selling. It's possible that #3E has neither.

one downside that you need to consider is the really long walk from RSD to WEA and then broadway on 86th street. great location if you're going into the park but painfully long (and very cold for 3-4 months) to the subway and services.

And by "prestigious" building, do you mean one with thin walls that allow you to hear your neighbors?

I'm not a huge fan of the Normandy. Rooms are long and thin, layouts are odd, common halls always look shabby. Lobby is good, though.

By way of comparison, another line of alcove studio condos on the UWS, has an increase in property taxes of approximately $250 per month as you go from the darkest, no view 2nd floor, to the highest, open view 18th floor. The common charges do not very by floor, so in the case of the Normandy, property taxes alone might account for a majority of the maintenance increase. I should think that a higher price for the 3rd floor unit, should it be realized, would amount to a price gain for the line, since it is clearly a less valuable unit. The difference in monthly carry is not sufficient enough to account for a similar price.

Real Estate Broker here. The Normandy is a very prestigious building. Was born and raised on the Upper West Side.

But to be in a building with no views when you know that somee people are looking at the water; well that's not a good feeling.

That said, I have an exclusive in a prestigious neighborhood: the Gold Coast on Fifth Ave. Asking price is $449K. It's a one small bedroom with 10 and a half beemed ceilings. Drawback, it's on the ground floor but has a lot of light and faces the beautiful church across the street. Very motivated seller. Check it out, it's on streeteasy. Low maintenance.

Also to get into any one of these buildings, you must have very good financials.

THe Normandy has shabby hallways because the neighbors on each floor have to pay and agree to revovations (as a broker explained to me) It was a real turn-off.

streetsmart, second of all don't shill like that. This is a discussion board, not a supermarket bulletin board. First of all, Fifth Avenue cannot be the Gold Coast, because it is no coast at all and never was. The Gold Coast is on the Atlantic side of Africa, it's on the shore of Lake Michigan, it's on the west side of the Hudson River, the north side of Long Island ... but it's not on a thoroughly landlocked clump of blocks centered on glamorous Eighth Street. Do you want to be the reason everyone thinks brokers are skanky liars? I didn't think so.

dmf--yep, it was a turnoff to me too. For the cost of the maintenance, you'd think the building would at least keep ALL common areas in good repair. I'm not at all interested in seeing shabby displays of dusty dime-store fabric flower bouquets or faded Marc Chagall posters littering the hallway, especially if I'm purchasing in a 'top service' building. The peeling wallpaper circa 1979 in one hallway made me shudder.

At least they include electric in the maintenance, though...

No worries Alan, that gives us license to either crush the listing or offer better alternatives.

I'd prefer this upper gold coast apartment for a ground floor apartment (and Im a downtown snob)
http://streeteasy.com/nyc/sale/569941-coop-12-east-64th-street-lenox-hill-new-york

Letting the occupants decorate the hallways is pretty common, and it usually works OK where there are just two or three apartments on a landing. In a building like the Normandy, where you might have six or more lines on an elevator bank, it's a recipe for stalemate and gradual decay.

It's true - some of those hallways are horrendous.

For a studio in a prestigious building at a great price, I vote for this one:

http://streeteasy.com/nyc/sale/542462-coop-210-riverside-drive-upper-west-side-new-york

PMG--

Love 210 RSD but hate this unit. First floor a real turnoff, especially since it's literally at street level.