Open House Report: 267 West 89th Street #5A

267 West 89th Street #5A Coop, 5 rooms: 2BR/2BA Asks $999,999 Maint. $1,684 Traffic: Heavy Location: Prime UWS. Not the most sought-after block becuse of the Savannah and its garage, but pleasant and convenient to everything. Building: Pre-war mid-rise, built 1916. P/T Doorman. Modest amenities (laundry/storage). Space: The floor plan bears a bit of explanation. #5A is the front portion of the... [more]

267 West 89th Street #5A Coop, 5 rooms: 2BR/2BA Asks $999,999 Maint. $1,684 Traffic: Heavy Location: Prime UWS. Not the most sought-after block becuse of the Savannah and its garage, but pleasant and convenient to everything. Building: Pre-war mid-rise, built 1916. P/T Doorman. Modest amenities (laundry/storage). Space: The floor plan bears a bit of explanation. #5A is the front portion of the original 8-room "A" line. The LR and DR are large and face south, toward the rear of B'Nai Jeshurun, so light is good. The bedrooms (originally the reception room and most of the kitchen) are small and dark. The current, lopsided kitchen combines bits of the original pantry, kitchen, and maid's room; though small, it is not as awkward as it sounds. Most of the maid's room has been converted to an incongruous hall bath facing the living room. Condition: Sponsor wreck. Nothing has been done for at least forty years. The elegant finishes include grimy vinyl on the hallway floors. Much original detail was probably lost when the apartment was divided. Herringbone floors in the front rooms are worth saving. Otherwise, this is a gut job. Potential: The odd layout has a huge advantage: it converts really well to 3BR. The LR already has its own full bath, and the LR is big enough to do double-duty as LR/DR with the removal of a single, non-load-bearing wall. There are several options for expanding the kitchen; most would be at the expense of an adjacent bedroom that is already small. There's also some potential for expansion: at some point, it might become feasible to combine #5A with #5D, recreating the original #5A. #5D is a 1BR that has changed hands twice in the past nine years, most recently in 2010, when the same broker currently handling #5A sold it for $660K. Financial: #5A has been priced to reflect the apartment's poor condition. The high cash outlay required for down payment and renovation will present an obstacle for some buyers. Once the work is done, the new owners will have a very respectable 3BR/2BA at a relatively modest monthly cost, with some possibility of expansion in the future. According to the broker, two offers are already on the table. [less]