180 Riverside Drive #2E Coop, six rooms: 2BR/2BA + maid’s BR & 1/2 bath Asks $1,775,000 Maint. $2065 The exuberant red and white facade of 180 Riverside Dr. stands out among its austere neighbors. 180 is distinctive on the inside too, with a handsome step-up lobby, big apartments and superb views from the windows that face west and southwest. Even the secondary lines are fairly gracious: the... [more]
180 Riverside Drive #2E
Coop, six rooms: 2BR/2BA + maid’s BR & 1/2 bath
Asks $1,775,000 Maint. $2065
The exuberant red and white facade of 180 Riverside Dr. stands out among its austere neighbors. 180 is distinctive on the inside too, with a handsome step-up lobby, big apartments and superb views from the windows that face west and southwest. Even the secondary lines are fairly gracious: the entry level at 180 is a sizable six.
#2E is the lowest rung on 180's ladder, a classic six that faces north and east. On high floors, the "E" line clears 321 West 90th and enjoys eastern views from the dining room and bedrooms. Closer to street level, those views are blocked and the apartment becomes rather cave-like (or, in broker-speak, "pin-drop quiet"). The dining room gets nice morning light through a mid-block gap between neighboring buildings, but the presence of a window seat here underscores the lack of views in other rooms. On the plus side, the allocation of shares at 180 reflects the shortcomings of apartments like #2E, so the maintenance is reasonable.
The renovation of #2E is pleasing and practical. The kitchen has been opened to the living room, creating a central entertaining space from two room that would otherwise be rather grim. The kitchen is efficient and attractive, though not lavish. A small alcove near the service entry serves as a home office. The maid's room has been expanded, incorporating most of the former pantry, to provide a reasonable third bedroom. To my eye, omitting a shower from the reconfigured maid's bath was a mistake: it would be a great room for a teenager if the inhabitant didn't have to pass through another bedroom to bathe. The current owners' children appear to be of one gender, so this issue may not have concerned them.
The bedroom wing is comfortable and attractive, although the finishes may be a bit precious for some tastes. The renovated bathrooms and other details are in excellent shape. For a buyer that doesn't mind a feminine sensibility in decor, #2E is in move-in condition. Infusing a bit of testosterone, if a buyer were so inclined, would only require disposal of some carpeting and wallpaper, plus a coat or two of paint. Where the floors are visible in #2E, little damage is evident; so I think they could be exposed to good effect.
The initial asking price of $1.775MM doesn't seem too far off the mark. #3E sold in January 2009, in excellent condition, for $1.675MM. That's a tough comp to assess, because the listing went to contract before Lehman failed. My guess is that #2E will fare pretty well, because few current listings offer a viable three-bedroom layout in an excellent coop, at an after-tax monthly outlay comparable to renting. The catch is a viewless apartment in a building that is notable largely for its views.
[less]
Response by sjtmd
almost 14 years ago
Posts: 670
Member since: May 2009
Just wondering - West81 - are you actually looking to buy a place? Are you a broker? Do you only look at places above a certain asking price? Are you the former Coop critic for the NY Times?
Ignored comment.
Unhide
Response by murray888
almost 14 years ago
Posts: 130
Member since: Oct 2009
So looking at brick walls is "rather cavelike"? LOL - West81st you've become WAY too much of a broker type, or inured to (poor) UWS apartments and pricing.
Ignored comment.
Unhide
Response by falcogold1
almost 14 years ago
Posts: 4159
Member since: Sep 2008
Another great review!
Ignored comment.
Unhide
Response by Bill7284
almost 14 years ago
Posts: 631
Member since: Feb 2009
Thanks West 81st.
Ignored comment.
Unhide
Response by murray888
almost 14 years ago
Posts: 130
Member since: Oct 2009
West81's open house reports are very well written, verbose,a little florid, but well written. Definitely has the possibility (I would say he dreams of) a third part-time career, assembling a collection of his reviews and having them published by Amazon as an e-book. Unfortunately, might draw some criticism as the typical blather of as NY (would-be) real estate broker.
Ignored comment.
Unhide
Response by jordyn
almost 14 years ago
Posts: 820
Member since: Dec 2007
"So looking at brick walls is "rather cavelike"? LOL - West81st you've become WAY too much of a broker type, or inured to (poor) UWS apartments and pricing."
I'd interpret "rather cavelike" as a pretty negative assessment; not sure why you're viewing it as some sort of positive spin.
Ignored comment.
Unhide
Response by falcogold1
almost 14 years ago
Posts: 4159
Member since: Sep 2008
Hi Murray, welcome to SE.
Since we are pontificating, I find you input.......what's the word?
.
.
.
worthless.
Once again, welcome to SE. I look forward to you actually contributing something of value.
Ignored comment.
Unhide
Response by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008
sjtmd: We bought in July 2011. I have a RE license (held by Keith Burkhardt), though it's not my primary occupation. I mostly stick to pre-war apartments with at least two bedrooms.
My only work for the Times was in high school: I earned five dollars by phoning in the line scores from our football games. I still have the first check.
Ignored comment.
Unhide
Response by murray888
almost 14 years ago
Posts: 130
Member since: Oct 2009
sjtmd - based on what West81st has posted in the past - he was a rent-stabilized UWS tenant who (finally) bought his apartment from the sponsor at below-market price. don't know if he tells that to his real estate clients.
Ignored comment.
Unhide
Response by nyc10023
almost 14 years ago
Posts: 7614
Member since: Nov 2008
What does that make me? I go to O/Hs all the time, post about them, neither a buyer nor broker nor seller. What's wrong with you folks - trying to drive away the little bit of content on SE these days?
Ignored comment.
Unhide
Response by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008
murray888: Of course I tell them.
Ignored comment.
Unhide
Response by bramstar
almost 14 years ago
Posts: 1909
Member since: May 2008
>>he was a rent-stabilized UWS tenant who (finally) bought his apartment from the sponsor at below-market price. don't know if he tells that to his real estate clients.<<
How is that any of his clients' business??
Ignored comment.
Unhide
Response by gabrielle904
almost 14 years ago
Posts: 121
Member since: Jan 2009
West81st,
Hi thanks for posting your OH reports, I also really enjoy them and appreciate you taking the time and thought to do them, I love to experience an apt through someone else's eyes.
Last week it felt like a bonus when you did a few of them.
I am feeling a bit concerned with Super Bowl this weekend, that OH viewings will be sparse....:(
You also bring up a point that I often think about, the "viewless apartment".....and the "value" of the view. How much is that upgrade in view worth to most people? or are they willing to forgo to get there 3 or 4 bedroom when there are few current listings.
Thanks again.
Ignored comment.
Unhide
Response by harlembuyer
almost 14 years ago
Posts: 176
Member since: Dec 2010
Count me in as another member who very much appreciates West81st open house posts. We need even more posters like him. Nicely done and with good analysis.
Ignored comment.
Unhide
Response by Bill7284
almost 14 years ago
Posts: 631
Member since: Feb 2009
harlembuyer; I think you speak for many of us who post or just look.
Ignored comment.
Unhide
Response by West81st
almost 14 years ago
Posts: 5564
Member since: Jan 2008
gabrielle904: The premium for views on RSD can be 50-100%. Comparisons are a bit tricky because the apartments with prime views also tend to have the best layouts. In general, I think buyers who covet a river or park view - and can afford it - will wait for what they really want. An apartment like #2E definitely benefits from weak inventory, but not because a buyer who can afford to spend $3MM gets tired of waiting.
Bramstar: There's no big secret. The transaction is public record, and the price was clearly below market. On the other hand, the successor sponsor did OK, getting $750/SF from us after paying the original sponsor $230/SF for the remaining rent-regulated units.
And thanks to all for the kind words.
Ignored comment.
Unhide
Response by gaongaon
almost 14 years ago
Posts: 282
Member since: Feb 2009
West81st, you are one of the very few reasons to log on to SE talk. There used to be more discussions of individual apts., but that seems to have vanished, either due to posters abandoning SE, or buyers being fed up with the "crap" on the market. Your OH report are awesome. Thank you. Now, maybe you will consider covering some offerings under 2 million?
Ignored comment.
Unhide
Response by mimi
almost 14 years ago
Posts: 1134
Member since: Sep 2008
Hi West81st! Nice to come back time to time to SE and see that you continue blessing the site with your generosity!
Ignored comment.
Unhide
Response by huntersburg
almost 14 years ago
Posts: 11329
Member since: Nov 2010
blessing the site with his generosity?
how about - contributing interesting information? or giving valuable advice?
blessing the site with his generosity? FLMAOZZZZzzzz
Just wondering - West81 - are you actually looking to buy a place? Are you a broker? Do you only look at places above a certain asking price? Are you the former Coop critic for the NY Times?
So looking at brick walls is "rather cavelike"? LOL - West81st you've become WAY too much of a broker type, or inured to (poor) UWS apartments and pricing.
Another great review!
Thanks West 81st.
West81's open house reports are very well written, verbose,a little florid, but well written. Definitely has the possibility (I would say he dreams of) a third part-time career, assembling a collection of his reviews and having them published by Amazon as an e-book. Unfortunately, might draw some criticism as the typical blather of as NY (would-be) real estate broker.
"So looking at brick walls is "rather cavelike"? LOL - West81st you've become WAY too much of a broker type, or inured to (poor) UWS apartments and pricing."
I'd interpret "rather cavelike" as a pretty negative assessment; not sure why you're viewing it as some sort of positive spin.
Hi Murray, welcome to SE.
Since we are pontificating, I find you input.......what's the word?
.
.
.
worthless.
Once again, welcome to SE. I look forward to you actually contributing something of value.
sjtmd: We bought in July 2011. I have a RE license (held by Keith Burkhardt), though it's not my primary occupation. I mostly stick to pre-war apartments with at least two bedrooms.
My only work for the Times was in high school: I earned five dollars by phoning in the line scores from our football games. I still have the first check.
sjtmd - based on what West81st has posted in the past - he was a rent-stabilized UWS tenant who (finally) bought his apartment from the sponsor at below-market price. don't know if he tells that to his real estate clients.
What does that make me? I go to O/Hs all the time, post about them, neither a buyer nor broker nor seller. What's wrong with you folks - trying to drive away the little bit of content on SE these days?
murray888: Of course I tell them.
>>he was a rent-stabilized UWS tenant who (finally) bought his apartment from the sponsor at below-market price. don't know if he tells that to his real estate clients.<<
How is that any of his clients' business??
West81st,
Hi thanks for posting your OH reports, I also really enjoy them and appreciate you taking the time and thought to do them, I love to experience an apt through someone else's eyes.
Last week it felt like a bonus when you did a few of them.
I am feeling a bit concerned with Super Bowl this weekend, that OH viewings will be sparse....:(
You also bring up a point that I often think about, the "viewless apartment".....and the "value" of the view. How much is that upgrade in view worth to most people? or are they willing to forgo to get there 3 or 4 bedroom when there are few current listings.
Thanks again.
Count me in as another member who very much appreciates West81st open house posts. We need even more posters like him. Nicely done and with good analysis.
harlembuyer; I think you speak for many of us who post or just look.
gabrielle904: The premium for views on RSD can be 50-100%. Comparisons are a bit tricky because the apartments with prime views also tend to have the best layouts. In general, I think buyers who covet a river or park view - and can afford it - will wait for what they really want. An apartment like #2E definitely benefits from weak inventory, but not because a buyer who can afford to spend $3MM gets tired of waiting.
Bramstar: There's no big secret. The transaction is public record, and the price was clearly below market. On the other hand, the successor sponsor did OK, getting $750/SF from us after paying the original sponsor $230/SF for the remaining rent-regulated units.
And thanks to all for the kind words.
West81st, you are one of the very few reasons to log on to SE talk. There used to be more discussions of individual apts., but that seems to have vanished, either due to posters abandoning SE, or buyers being fed up with the "crap" on the market. Your OH report are awesome. Thank you. Now, maybe you will consider covering some offerings under 2 million?
Hi West81st! Nice to come back time to time to SE and see that you continue blessing the site with your generosity!
blessing the site with his generosity?
how about - contributing interesting information? or giving valuable advice?
blessing the site with his generosity? FLMAOZZZZzzzz
http://www.nytimes.com/2012/02/28/nyregion/on-the-upper-west-side-straddling-the-line-between-hobbyist-and-professional.html?ref=nyregion
Update: #2E closed on September 5th for $1,600,000.