Trump Buildings on Riverside (W.66th/67th)

Hi Mae,

I bought in 120 RSB a couple of years back. It was the newest building at the time. The area, like everything else, has its pros and cons. Here's my personal opinion:

Con: It's extremely cold and windy in the winter since you're on the river. Like CRAZY wind and BITING cold.
Pro: You get the advantage of cooler breezes in the summer. And you have the park right outside.

Con: West Side Highway. There is noise, it's an ugly eyesore, we're no where near burying it, etc. You have to get used to the rumble of highway noise if you have a water view.
Pro: There is no pro to living next to the West Side Highway.

Con: They now have plans to connect Riverside Blvd to Riverside Drive. This is lousy news. First of all, what brought me here to RSB, versus Riverside Drive, was that it was this private cul de sac on both ends, with access only at 66th and 70th streets. Connecting it to Riverside Drive is going to bring more traffic, thru traffic, and make the RSB--the road right up to the door of your building--extremely busy. Do NOT let your agent tell you otherwise on this. We had a campaign to try and fight it, but lost.
Pro: I guess the developers love this since they plan to continue putting up copy cat buildings all the way down to 59th Street (see next item). And I guess if the noise from the West Side Highway wasn't enough, you can add street noise to the mix.

Con: The developers are greedy and now plan to continue new buildings all the way down to 59th Street. We will have more traffic and all of the benefits of why I came here will disappear. It will be like living anywhere else. There will also be no community feel to this and a great deal more traffic. On top of all this, it will make re-sale of units difficult for people like me--and to have our investment go up--because we will always be competing with new units priced at competitive pre-construction prices. My one bedroom ain't so special when someone knows there are 10 other bldgs with newer units on their way, with the same views and probably more amenities (they always add something more to each bldg).
Pro: To me, there is no pro to this.

Con: bit of a hike to the subway.

OVERALL: The building is well-managed, clean, etc. But I think you'd find that at a lot of the newer high-end full service bldgs with things like pools, etc. It's a nice area--park, newer bldgs with tax abatement, and full service--but has its drawbacks. I don't know if I would buy here again--not because of the building, but because I worry about the value of my investment when they keep building cloned buildings for another 5 blocks. This will be one long stretch of similar looking bldgs!

One more thing... I would definitely look at 120 RSB or the Avery since they are newer, better constructed (better windows and sound proofing). The taxes in 200 RSB are crazy since the tax abatement ended and the older bldgs have a bit more noise (IMHO).

Thanks very much for your comments, they were very helpful.

streeteasy lists 47 apts for rent or sale in 220 RSB alone. Seems like an enormous number of available units for a building that's not brand new construction. What's up with that?

120 RSB has 59 apts for sale or rent
240 RSB has 26 apts for sale or rent

Those RSB seem to be investor central.
I would say no way this market is going to allow all those sales transactions to occur.
Look for some steep price drops over the coming months as sellers compete for fewer and fewer buyers.

I can speak for 220 and the avery. 220 was one of the nicest buildings I have ever lived in. Their is a lot of turnover at 220, but it is also a very large condo. I believe theire are over 270 apts in 220. I love this neighberhood and will never leave. I was a renter at 220 and recently moved to the Avery. I have friends in most of the trump building. I can tell you 220 is one of the best managed, better than 240. 240 is higher end. 120 is one of the worst managed and has the most problems. So far at te Avery, most is ggod, every issue I have had has been resolved. As for the highway, it is ugly. As for the neighberhood, it is quiet, friendly, safe. The park is tru;ly a special place in manhattan. The largest Pro and Con to me is that you are living in the city and you don't feel like it. I see this both as pro and con, more as a pro. This is also a great neighberhood for families, not so good for youn single bachelors (but a chick will be impressed, if you get her home).

The Avery 100 RSB just had a bunch of price drops listed on streeteasy today.
And that's brand new construction. That whole area is overbuilt and the supply is going to keep rolling in since even more buildings are planned on RSB. Look for more price drops.

What would be a decent per sqft price in one of these buildings.. great neighborhood...

Yes, comapred to other comparable devleopments, Trump Place does have quite a large number of units for sale. Some selelrs at Trump are even offering plasma televisions. I have never owned at Trump, but I have been into the buildings since I used to know people who rented there. The buildings are a bit far from the subway and I would avoid the low floors at all costs beause then you hear the highway noise. I was on a high floor and the views of the Hudson River and New Jersey were spectacular. Waterfront views and the ammentieis (indoor swimming pool) are 2 pros for the building that most other buildings do not offer.

Well, the earlier building was build, the higher taxes it has now (example taxes are much-much higher at 200 RSB then at 120 RSB).
In the beginning of the summer 120 RSB was the best among all, because asking prices was a lot less then new construction Avery (and negotiable further), and in the same time 120 RSB competed with Avery in terms of Taxes. (I have to check Avery's price drops to see where they are at now).

If you live in Manhattan you better be acustomed to noise, but then you can have your unit facing East. Freadom Place is short pretty quiet street.

In terms of neighborhood, I had several deals where people were buying and moving from RSB rental into RSB condo, or from elder RSB condo building into newer one. That shuld say something.

elena
(broker)

If you're interested in that area, you might also look at the buildings around W.60 St (10 WEA, Element, Adagio, Hudson). Since they're not right on the water/highway they don't have that horrible drone of the traffic and they don't have that severe cold wind in the winter. Most of these buidlings have similar amenities to the trump buidlings. Adagio is more of a loft type without views but larger spaces, high ceilings. If you want guaranteed water views though, trump is your better bet.

While most of Manhattan is noisy, it does not mean that you can't take steps to reduce the amount of nosie you hear, like not living right next to the West Side Highway.

streeteasy lists 47 apts for rent or sale in 220 RSB alone. Seems like an enormous number of available units for a building that's not brand new construction. What's up with that?

-- Could be investors, who would like to either rent or sell their unit at a profit. And both way works for them. Condo building in Manhattan can rent at one given time no more then 50% of their units, after that mark a potential buyer may have a problem with mortgage, cause banks concern about owner/tenant occupancy percentage. Then again Management Companies look after those things and answer those questioners banks send them.

elena
(broker)

we heard, there are some foreclosures in 220 RSB.. We were trying to get the 4A but the broker was not much help..
There is another thread in this forum which mentions the foreclosures.. Not sure though but the prices seem to be sliding down. Many apts here are listed at 800K+ which is quite unusual for a building of this class.

Unit #3A at 220 RSB is also in foreclosure. Consdiering the fact that there are 2 foreclosures only one floor apart, I would use EXTREME CAUTION before buying in this building.

It depends on the floor and exposure, but $800K+ is not unusual for a 1 bedroom (600-700sq.ft) there. My buyer moved into 120 RSB last summer. Prices for 1 bedrooms back then were in $800K+
The seller made good profit and moved into Avery.

So if they are still listed at 800K+ our days, they must hold value pretty good, and class of the building contributes to that.

alpine292

"Unit #3A at 220 RSB is also in foreclosure. Considering the fact that there are 2 foreclosures only one floor apart, I would use EXTREME CAUTION before buying in this building."

You're not insinuating that NYC may have had their fair of flippers. Such as places like, dare I say Miami. No, this is not possible. This is Manhattan and such a thing is not possible.

"Unit #3A at 220 RSB is also in foreclosure. Considering the fact that there are 2 foreclosures only one floor apart, I would use EXTREME CAUTION before buying in this building."

- The beauty of real property --you are not responsible for your neighbors, though if 1/3 of the building would stop paying its share of common charges, management may have to suspend some services. (that would affect everyone). But on a scale 2/270 I don't see the problem. Common Charges in all those buildings very decent ($600+ for 1 BR)

But if one of my buyers would want to purchase on RSB, I would advise them to look into 120RSB. Because unless you getting better price per sq.ft or nicer view, why pay $200+ in taxes when you can pay $20, by living in a newer building?

dco,
I dont think it's fair to compare Manhattan with Florida Real Estate Market. In Florida they were allowed to flipp contracts, without closing on a property. That's what caused their problem. In Manhattan no developer allows you to do that.

elena
(broker)

barskaya-

>> "I dont think it's fair to compare Manhattan with Florida Real Estate Market. In Florida they were allowed to flipp contracts, without closing on a property. That's what caused their problem. In Manhattan no developer allows you to do that"

I understand the difference, however are you telling me that flipping after closing is not done in NYC?

Flipping is done in every place that experience growing equity and has enough demand. NYC is not an exception. But you can't compare the scale of flipping in Florida with NYC.

elena
(broker)