Open House Report: 336 Central Park West #4B

336 Central Park West #4B Co-op, 6 rooms: 2 beds 2 baths plus maid's bed & bath Asks $2,200,000 Maint. $3038 Traffic: Light-moderate http://streeteasy.com/nyc/sale/641942-coop-336-central-park-west-upper-west-side-new-york The "B" line at Art Deco stalwart 336 CPW is a well-proportioned six with much to recommend it. The large living room and master bedroom boast direct park views. The LR has... [more]

336 Central Park West #4B Co-op, 6 rooms: 2 beds 2 baths plus maid's bed & bath Asks $2,200,000 Maint. $3038 Traffic: Light-moderate http://streeteasy.com/nyc/sale/641942-coop-336-central-park-west-upper-west-side-new-york The "B" line at Art Deco stalwart 336 CPW is a well-proportioned six with much to recommend it. The large living room and master bedroom boast direct park views. The LR has a wood-burning fireplace to complement the winter vistas of the Reservoir. The master suite includes an unusually long dressing area that can double as a home office. Storage is generous, and the wide pantry area offers some flexibility for laundry and/or food service. The floor plan has some warts too. While it's a wonderful two-bedroom, the "B" layout does not convert well to anything else. The dining room is positioned poorly for conversion to a bedroom, as it sits in the path to the kitchen and lacks bathroom access. The maid's room, which would be the best option for a third BR, is rather narrow and quite isolated. And since all the bathrooms are en-suite, the awkward maid's bath, with its external sink, might be the most suitable facility for guests. I approached #4B with considerable interest, because #7B ranked high on my "Best Buys of 2009" list. (see http://streeteasy.com/nyc/talk/discussion/22052-ones-that-got-away-best-buys-from-the-crash) #7B was a truly beautiful apartment, gently renovated and in excellent condition, that sold for $2.2MM. Curiously, the Streeteasy listing for #7B has disappeared, but vestiges of information remain at http://www.warburgrealty.com/property/618497. #4B is a rather different proposition. The views are naturally diminished - more playground, less Reservoir - and condition is dramatically inferior. The 1970s kitchen offers neither charm nor utility, and will require total renovation. The second bathroom and maid's bath are original, with the former in better shape than the latter. The master bath is an odd mix of old and new: upon entry, it presents as a modern, marble-tile bath, but the shower is the original black-and-white stall. The styles and colors do not, to my eye, blend well. Floors in public rooms will need extensive restoration or replacement; damage may be less severe in the bedrooms, where carpet has been in place for decades. The park-facing windows have been replaced to maximize the view - probably in the '70s or '80s - with modern units that could be retained or scrapped. Rear-facing windows appear to be mostly original. Through-wall AC units may be near end of life, but at least the sleeves are grandfathered and can be reused. The prewar details in #4B appear largely unspoiled, and I think the apartment will be lovely after a $3-500K facelift. Surely, there are buyers for this property. At the current ask, the question is whether the market has rebounded sufficiently since 2009 to raise a fourth-floor near-wreck to the same price #7B fetched in the immediate aftermath of the financial crisis. [less]