924 West End Avenue (Clebourne) #113 Coop, eight rooms; 3 BR, 3 BA + double servants’ quarters Asks $3,750,000; Maint. $3640 Traffic: Moderate Location: North of prime UWS, but the last few blocks of WEA mimic the architecture and feel of pricier sections. 105th St. enjoys easy access to Riverside Park and the 1 train. There’s even a cheap bus to LaGuardia, which poor relatives from out of town... [more]
924 West End Avenue (Clebourne) #113
Coop, eight rooms; 3 BR, 3 BA + double servants’ quarters
Asks $3,750,000; Maint. $3640
Traffic: Moderate
Location:
North of prime UWS, but the last few blocks of WEA mimic the architecture and feel of pricier sections. 105th St. enjoys easy access to Riverside Park and the 1 train. There’s even a cheap bus to LaGuardia, which poor relatives from out of town will appreciate.
Building:
“Dakota of the North”? Yes, to a degree. Few UUWS coops can match the Clebourne’s curb appeal. The port-cochere will impress your guests (and protect them from inclement weather), even before they enter the imposing lobby. Gradual infrastructure upgrades have brought the building into the 21st century, though it remains rather light on amenities.
Space:
In a lesser coop, an eight on this scale would be the coveted destination. At 924, it’s just another nice apartment. While #113 may lack the views and grandeur of its west-facing neighbors, there’s little else to miss. Each bedroom occupies its own wing off the central gallery, with a full bathroom allocated to each. (One of the three is sensibly accessible to the gallery, not en-suite, to serve as a hall bath when needed.) Storage is exceptional for an apartment of this vintage. All rooms are well-proportioned, and entertaining flow is good. The kitchen features a natural seating area – originally the butler’s pantry - which means there’s no need to sacrifice a maid’s room for this purpose.
Condition:
Details are well-preserved in most sections. I think the floors can absorb another sanding, but their time might be drawing near. The master bath, featured in the listing photos, has been handsomely redone. The kitchen is modern and pleasant, though it could use freshening. The servants’ wing needs extensive work.
Potential:
With those blank-canvas maids’ rooms, #113 might suit a buyer who needs a lot of bedrooms or a couple of home offices. A case could be made for opening the kitchen to the dining room. The new owners might gut this apartment, but there’s certainly no need.
Financial:
Historically, the $3.5MM+ range at the Clebourne has been the province of lines with superior views. #63 came close, at the absolute top of the market. Although tight supply might lift #13 into that area, the asking price exceeds prior comps.
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Response by kcarscaden
over 12 years ago
Posts: 38
Member since: Jul 2012
nice review! what price do you see it selling at?
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
kcarscaden: 3.4 might be a reasonable SWAG. I have no connections at Wohlfarth, so I don't know what kind of bids they are getting on #113.
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Response by Sonya_D
over 12 years ago
Posts: 547
Member since: Jan 2013
So you dont think this will be susceptible to the "all cash over ask" that seems to be prevailing throughout NYC these days?
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Response by w67thstreet
over 12 years ago
Posts: 9003
Member since: Dec 2008
Hmmmm. Sell my apple bought at $390/share and buy this apt... nah, bc this apt will cost me $4mm when apple hits $500....
Wow. Applez on fire. $390 was bottom....
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
Sonya_D: Let's wait for a few of those 2013 deals to close before we throw out the sales data from the previous four years. The brokers who are hyping a 10%+ Q1 uptick might be right; but so far the evidence is mostly anecdotal and the hottest action seems to be concentrated in mint-condition listings.
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Response by nyc10023
over 12 years ago
Posts: 7614
Member since: Nov 2008
Yes, w67. I meant to call broker on Monday, missed the boat. Still a buy at 460+?
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Response by w67thstreet
over 12 years ago
Posts: 9003
Member since: Dec 2008
Yes I believe apple is a better bet than nyc re leveraged at 10x with 3% 30 yrs. yes I am in $1mm in apple. I've also got jan $500 put short position and jan 15' $500 short put position.
No I am not your investment advisor.... Yes brokers still foam at the mouth with re is a great long term investment.....
But we'll see if this non investment manager takes the $2mm gain on sprint and can double up on $1mm apple position bf re hits $500psf. Btw with my sprint almost all of manhattan is $200psf based on my 2000 sq ft needs. -shrug- this is too easy....
Sitting on a leveraged apt is not a way to get rich..... Not with 7% mortgages looming in the horizon, but ill be patient while I earn 3% on apple...
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
The first price cut is in:
04/18/2013 Listed by Wohlfarth at $3,750,000.
05/13/2013 Price decreased by 4% to $3,600,000.
I think your assessment of this apartment is overly generous. Despite the high floor it's quite dark. There's plenty of space, but really not one decent exposure: even the Southern exposure from the front room is basically a view of an unattractive wall across the street.
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
happyrenter: We agree about the apartment's one obvious flaw. I guess we disagree - slightly - about its severity. Large apartments on West End Avenue tend to be viewless, because they usually face other large apartments across West End. Oddly, many of the best views on WEA are in secondary lines on the west side of the avenue, where rear-facing apartments clear the adjacent brownstones. There are a few exceptions on the east side of the avenue, like the "4" line at the Clebourne, where a big, west-facing apartment has an open view because the other side of West End isn't built up. For the most part, though, a WEA address for a big apartment comes with a drab view. It's a minus, but it's a fairly predictable one.
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
Correction: The big west-facing line is "5", not "4".
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Response by West81st
over 12 years ago
Posts: 5564
Member since: Jan 2008
#113 has been reduced another $100K, to $3.5MM. Keeping pace with AAPL, roughly.
nice review! what price do you see it selling at?
kcarscaden: 3.4 might be a reasonable SWAG. I have no connections at Wohlfarth, so I don't know what kind of bids they are getting on #113.
So you dont think this will be susceptible to the "all cash over ask" that seems to be prevailing throughout NYC these days?
Hmmmm. Sell my apple bought at $390/share and buy this apt... nah, bc this apt will cost me $4mm when apple hits $500....
Wow. Applez on fire. $390 was bottom....
Sonya_D: Let's wait for a few of those 2013 deals to close before we throw out the sales data from the previous four years. The brokers who are hyping a 10%+ Q1 uptick might be right; but so far the evidence is mostly anecdotal and the hottest action seems to be concentrated in mint-condition listings.
Yes, w67. I meant to call broker on Monday, missed the boat. Still a buy at 460+?
Yes I believe apple is a better bet than nyc re leveraged at 10x with 3% 30 yrs. yes I am in $1mm in apple. I've also got jan $500 put short position and jan 15' $500 short put position.
No I am not your investment advisor.... Yes brokers still foam at the mouth with re is a great long term investment.....
But we'll see if this non investment manager takes the $2mm gain on sprint and can double up on $1mm apple position bf re hits $500psf. Btw with my sprint almost all of manhattan is $200psf based on my 2000 sq ft needs. -shrug- this is too easy....
Sitting on a leveraged apt is not a way to get rich..... Not with 7% mortgages looming in the horizon, but ill be patient while I earn 3% on apple...
The first price cut is in:
04/18/2013 Listed by Wohlfarth at $3,750,000.
05/13/2013 Price decreased by 4% to $3,600,000.
Summer is coming.
Another twist: The same broker just listed #83 at $3,350,000.
http://streeteasy.com/nyc/sale/886771-coop-924-west-end-avenue-upper-west-side-new-york
I think your assessment of this apartment is overly generous. Despite the high floor it's quite dark. There's plenty of space, but really not one decent exposure: even the Southern exposure from the front room is basically a view of an unattractive wall across the street.
happyrenter: We agree about the apartment's one obvious flaw. I guess we disagree - slightly - about its severity. Large apartments on West End Avenue tend to be viewless, because they usually face other large apartments across West End. Oddly, many of the best views on WEA are in secondary lines on the west side of the avenue, where rear-facing apartments clear the adjacent brownstones. There are a few exceptions on the east side of the avenue, like the "4" line at the Clebourne, where a big, west-facing apartment has an open view because the other side of West End isn't built up. For the most part, though, a WEA address for a big apartment comes with a drab view. It's a minus, but it's a fairly predictable one.
Correction: The big west-facing line is "5", not "4".
#113 has been reduced another $100K, to $3.5MM. Keeping pace with AAPL, roughly.