Carnegie Hill

What's your budget?

The buildings you're looking at are very, very stable. Turnover is fairly low, and distressed sales are almost non-existent. But if you have the $3MM+ price of entry and a good broker, you should do fine. Good luck.

Recently prices were around $3.5mm, now they seem to have jumped to $4mm . Took us by surprise. Was hoping for prices to soften.

I see your point about supply drying up.

http://www.streeteasy.com/nyc/sales/carnegie-hill-manhattan/price%3A3000000-4000000%7Cbeds%3E%3D3%7Cdescription%3Aprewar

There are a lot of listings in contract that might meet your specs. One thing to watch for is a deal falling through. You might get lucky if a seller gets fed up with the process, especially if your financials are very strong and you look like an easy Board approval.

Unfortunately, hard to look like an easy Board approval with high $3mm apartments... Oh, well, I hear everywhere that prices are falling but it doesn't seem to be the case in Carnegie Hill...

for a $3.5mln Park Ave prewar apt you better have at least $3.5mln liquid assets/cash (despite only having to put 50% down) and probably an additional $3.5mln+ of other illiquid assets/net wealth - probably double price of the apartment in order to pass the majority of the co-op boards.
These apartments do not change hands often.
Incredible neighborhood to raise a family. I would not expect too much softening in that area given the people who live there have been there for a while and not many speculators looking for a flip. Sure, divorces, retirement, etc etc will offer up a few sales but they won't last.

Similar experience here (albeit at a lower price-point).

I think Canegie Hill is in the middle of being re-re-discovered (esp. by the increasing # of families deciding to forego the suburban-long-commute-cliche-life). It is just a fantastic neighborhood with (I think) one of the best appreciation outlooks in Manhattan.

If you find something, I wouldn't waste any time jumping on it.

qwerty, you are right. buy now, before you are priced out FOREVER!!

:-) just kidding

How is east 96th street? There are many buildings I have been looking at between 5th and Park?
Do you think this is a good area?

I am looking at 2 BRs in Carnegie Hill and Sutton/Beekman--areas with lots of pre war bldgs. I also have looked in Lexon Hill/East 60s. My overall impression is that Carnegie Hill prices may hold up better than some other neighborhoods because of schools, access to park and family and cultural activites being so prevelant. Prices per sq ft are very high here to begin with, so even a 10-15% drop will not result in "bargains". But Carnegie Hill definitely retains some great neighborhood qualities relative to other parts of town.

if i can add my 2 cents i would say carnegie hill is a better place than beekman (in terms of stability, etc).. i live betw park and lex on 85th and cant be happier to have chosen a place here (technically i am not in carnegie hill as its above 86th st) - esp given price fluctuations in other neighborhoods... its got a charm other neighborhoods do not have!

525354, what are some of the apartments you have looked at? I am now focusing on 3brs and don't find much supply.

I also concur with giving props to Carnegie Hill - for all the reasons eluded to by 525354. I'm fearful of stirring up another UES/UWS debate but, in Carnegie Hill, you are in close proximity to arguably the best schools, culture, restaurants, and park in the City. If you are west of lex, you also have the benefit of living in a subdued and quiet residential neighborhood (with some of the best luxury buildings in the city) but you are still close enough to all of the amenities and entertainment east of lex. I think that there are very few places in the City where you can escape being on top of the bustle of the City but still close enough that it's not an issue.

I said it 9 months ago and given all that's happened in the economy since, its even more true today:

Carnegie Hill is in the middle of being re-re-discovered (esp. by the increasing # of families deciding to forego the suburban-long-commute-cliche-life). It is just a fantastic neighborhood with (I think) one of the best appreciation outlooks in Manhattan.
If you find something, I wouldn't waste any time jumping on it.

THERE IS ZERO DOWNSIDE TO CARNEGIE HILL. PERIOD.

uppereast, I am looking at 2brs only. I have seen nice apts at 1150 Park, 1060 Park, 4 East 95th,
In Beekman, I have seen nice apts at 30 Beekman, 2 Beekman and at the Southgate bldgs--all prewar.
On Sutton, 2 Sutton Place South has great apts, and 14 Sutton Place South (the 2Br there has gone to contract after a decent price reduction--a Candela blg). 444 East 57th has a nice 2BR, but no views.

525354- I just came across a classic 6 on Sutton Place for $1.25M. 50% down though
sanzaroot@gmail.com

lindac1104- east 96th is a busy, 2 way street so it's not ideal for many ppl. But if it works for you, go for it.

1150 is a nice building, and there is an apartment that has been on the market for months now. As I understand it, the people dont live there so you should be able to make a compelling offer.

1150 Park I mean.

For the servant class, what about Carnegie Hill studios? Do you think they will hold their value through this recession/depression?

A new listing at 4 east 95th--prewar classic six--went to contract in 12 days!!

ues owner, i am an uesowner myself, and i believe so :-)

do you have a studio?

525354,

which listing do you mean?

7D

StreetEasy History
10/03/2007 Listed in StreetEasy by Corcoran at $2,125,000
02/19/2008 Price decreased to $1,895,000
05/12/2008 Price decreased to $1,745,000
11/08/2008 Price decreased to $1,650,000
01/29/2009 Price decreased to $1,500,000
02/10/2009 Corcoran listing entered contract

or 6D

02/03/2009 Listed in StreetEasy by Corcoran at $1,550,000

or 2D

StreetEasy History
07/11/2008 Listed in StreetEasy by Brown Harris Stevens at $1,995,000
11/04/2008 Brown Harris Stevens listing temporarily off-market

nyc10028 -- yes, we have a studio there. It's in one of those walk-up five-story prewar (pre-WWI, actually) buildings. We're renting it out right now. We don't live in the city, and the plan is to use it as a pied-a-terre eventually. I'm hoping if we hold onto it for another five years or more we will at least get our equity back out of it when we sell it.