The Antoinette (7 E 35th St)

I lived in a gorgeous triplex there with a fireplace and planted terrace. The maintenence is very high. I had s 900sf apartment and the maintenence was about $2200.

Thanks so much OP. Why is the maintenance so high? Are there that many additional services? Also, are there is any convenient parking or garages nearby? How did you like the neighborhood? The apts seem to be beautiful, but do we need to worry about resale in the future if we pay closer to $900/sq ft??? I truly appreciate your insights....

There aren't any amenities. It is a small building with a doorman so I think that is why the maintenence is high. The lobby was recently redone and looks really modern. The area is great. It has a bit of prestige that it is right off 5th avenue, but then you can also walk east and take advantage of all of the restaurants, movies, etc of Murray Hill. It's really convenient for transportation, as it is right in the middle of Manhattan. I didn't own a car at the time so I am not sure about the garage thing. It's near Macy's and the Empire State Building. If you have a terrace, it most likely comes with an Empire State Building view and a lot of the apts have juliette balconies too. The double height ceilings make it seem like a mini townhouse in the middle of an apt building. I really enjoyed that building.

Generally I have found that the closer you get to the "spine" of Manhattan, the more parking will cost. In addition if you are leaving town often, slogging your way out on a Friday afternoon through crosstown traffic will be a bummer.

Is it possible to park on the street at all in that area? We actually drive every day (I know....). Alternatively, does anyone know anything about how car services work and how much they cost? Another issue that haunts us is if the average ppsf is <$700 in the building, are we making a huge mistake if we are paying significantly more than that on a beautiful apartment in the bdg that we love?

There is basically unlimited free parking at night in the neighborhood, and absolutely zero parking on the street during the weekdays, so if you drive away for the whole day every weekday you are fine.

Also, as to the price per square foot, you have to remember that you are (I assume, based on the listings) looking at a 3 bedroom with huge amount of outdoor space, both of which command a premium in the NY market. I have no idea if this justifies the price, but it certainly justifies a much higher ppsf than the rest of the building.

Also, as to the price per square foot, you have to remember that you are (I assume, based on the listings) looking at a 3 bedroom with huge amount of outdoor space, both of which command a premium in the NY market. I have no idea if this justifies the price, but it certainly justifies a much higher ppsf than the rest of the building.

It's easy to calculate ppsf. The average ppsf in this bdg is $658. The 3 bedroom mentioned by ebabrah is listed at 2500 sf for interior and 1500 sf for terrace. Terrace sf is generally calculated at 30% of interior ppst (more if full-city views, less if faces a brick wall, etc). Thus, assuming that the listed sqft is accurate (a big assumption in NYC RE), this apt should cost $658/sf x 2500 sf (interior) + 0.3 x $658/sf x 1500 sf (terrace) = $1,941,100. Anyone who pays more than that in this market is poorly advised.

isnt the new building next door low income housing?

Its a boutique hotel. The rendering is here: http://www.gkapc.com/Commercial-1-e35th.html

OP, those must have been old plans from when you lived there. The site was purchased from the hotelier last year by Senior Living Options, Inc, and the building was completed this year as assisted living for senior citizens: http://skyscraperpage.com/cities/?buildingID=42537.
And surfer, I agree with you. A 3-bedroom, 2.5-bath duplex penthouse in 20 E 35th St was listed at $1,995,000 this year - and the apartment was in an established prewar building on a prettier block.

Thanks so much for everybody's input. I looked at the listing on 20 E 35th St, and the maintenance was only $3052 (vs $4703 for this property) and even at a lower price, it was on the market for almost a year! Although we gaze longingly at this property every day, everybody's comments have been helpful. We can't afford it anyway (apparently, utilities were as much as $1300/month on top of the maintenance!!!), so I guess we're just back on the sidelines for the time being....

If you like it so much, why don't you make an offer? Believe it or not, sellers want to sell as much as buyers want to buy. The high maintenance alone should cut the price. Rule of thumb is $100,000 lower purchase price for each $500 increase in maintenance. Compared to the 20 E 35th listing, that would put this property at $1,695,000 - if not lower, for a quick sale. It's a buyer's market, but you'll do best if you think like a seller - especially with all the news of a troubled market coming in daily, no serious seller wants a long protracted sale that inevitably results in a downward spiraling purchase price with the additional sinkhole of carrying costs. There's an excellent article on how to price an apartment at http://www.urbandigs.com/2007/02/price_your_time.html#comments. Good luck!

Thanks, but I can't imagine the seller coming down that low. Now that we've seen something we like, we're just going to save up our money until we can afford it (or something like it). Maybe if we get lucky the property will still be around in a few months....

I lived at 20 East 35th from 2000 (bought for $299,000) until 2003 (sold for $425,000), and had looked at 7 East 35th when I was buying in 2000 as well.

20 East 35th is an extremely well run and nicely maintained building. The units are all well laid out (I had a 1 bedroom in the G-line, which I think is the best line, as long as you're at the 7th floor or higher). 7 East 35th has very poor layouts for the most part (many vertical duplex/triplex one bedrooms), and didn't feel anywhere near the quality of 20 East 35th.

I strongly feel that in terms of investment (and I mean in a longer term buying as your home situation, not as a short term flipper) you are clearly well and better advised to seriously consider 20 East 35 over/as opposed to 7 East 35th.

Thank you malraux, I really appreciate your input. One thing, though, what if we really WANT a duplex/triplex???

Whether you prefer an 'all-on-one-floor' living scenario, or a duplex/triplex situation is, of course, a matter of personal taste.

I think that you will find, however, in the broad majority of cases (though there are exceptions to any argument) that most brokers will tell you that for an average 750/800 square foot one bedroom apartment, you are better served having a good layout all on one floor as opposed to a duplex or triplex. In a larger unit (many thousand square feet) this would not apply, and the quality of the layout would take precedence.

If you really want a duplex/triplex, there's nothing wrong with that, as long as you are an informed buyer and understand what you're doing, why you're doing it, and how it might affect your resale down the line.

Amity95, if you really want this place, call your broker and make an offer. 7 E 35th St Apt 16F closed on 5/13/2004 for $1,250,000. Look it up yourself: http://realestate.nytimes.com/comparables/. I have now gone to more trouble than you by looking up the facts to prove my point. The seller is flipping the property, and will make money tax-free at $1,500,000. These are the facts. If you still refuse to move, then I can't help you.