272 west 107th

It is great if you can get it.

Does anybody know what is the scoop with this condo? Any comments about it?

I saw an apartment in this building. I thought the master in the 3 bedroom was tiny. Couldn't fit a king bed. Otherwise, looked like a nice building.

I think it's too expensive for 107th street. I would not pay 1000/sq foot up there.

I agree with happyrenter. 107th is a long way up north to be paying $1000/sqft. My guess is that this clears at around $850/sqft. Several apartments in this line have been for sale for quite sometime at these levels and have failed to move.

No doubt it's a nice building kept clean with nice amenieties. I think the problem is people are still delusional about prices, every other assets (credit, stocks, mortgages...) are down at least 50% meaning that real estate in NYC remains the priciest asset outthere so for choice in a global portfolio you are better off putting your money somewhere else for the long run, you can not find jumbo loans anymore and if you do after weeks of hasle and paper work then you pay 2% more than any other mortgage, bonuses on wall street are something from the past and now people are paid in stocks over three year periods that means no cash for deposits or high maintenances. All in all prices ought to come down.For comparision S&P from 2004 is down 30% so if you think 3 beds were going for 1.3 at the time cheap math should put current 3beds closer to 1 than 1.5. Other thing about manhattan valley it's high, school district is awful and petty crime is still high...700$/sqft? anyone remembers 1991 housing crisis when people out of fear and lack of cash were hitting one beds for $70K?

Actually, the building is quite nice. And the private schools in the area are top-notch (Cathedral, Bank Street, St. Hildas) I live in Morningside Heights so I'm a fan of the area, which is much nicer than 90-104th.

This will be well under a million by the fall.

There was no link so I'm guessing that this is the 3 bedroom with the master on the left side of the plan and the other 2 on the right. The master is pitifully small but the other 2 are even worse. The one on the upper right is really a walk-in closet with a window. The building is nice with some good amenities but many of the floorplans are awful with cockeyed layouts because the architect did not know how to deal with the Broadway slant. Even the larger apartments suffer becuase they tried to squeeze a 4th bedroom into space that could only hold 3 thus creating a very high-end tenement layout.

This building was actually what made me begin to think we were in a real estate bubble, back when I first saw the floorplans. Prices this high in this neighborhood for some of the worst floorplans I've ever seen. And I LIKE the neighborhood, just can't see what people were/are thinking.

Like aboutready, I'm also a big fan of the neighborhood. Nonetheless, I agree that this is (self)delusional pricing. I can't imagine those higher floor larger apts. going for anything like the listed prices. If any of them do sell, I'd be willing to be it'll be at 35-40% off the current asks, at a minimum.

Crashwait/aboutready: By an odd coincidence, I happen to know the architect (not a profession with which I have much contact). I'll look for the right moment to ask him why he thought shoehorning tiny bedrooms into an homage to the Flatiron Building on 107th and Broadway was a good idea.

West81st: By an absolutely freaky coincidence I know the architect myself. I saw the plans when they were on the boards and was surprised. Mr. G is usually a very solid designer but he was under pressure from Clarret to squeeze too much into the floor plate because they thought large families of orthodox Jews (apparently with a lot of money and little taste) would buy up the units.

Been looking in this hood for sometime. Has anyone seen this apartment on 107th? If so, where do you think it should trade? Views/light, but needs a TON of work.

http://www.streeteasy.com/nyc/sale/351869-coop-245-west-107th-street-manhattan-valley-new-york

We have friends in 272 and the building is in fact a wonderful family building. There are many kids mostly in private schools like Cathedral and Saint Hilda's. The apartments are oddly shaped and the bedrooms are tiny but I have to agree that it is a wonderful building. The prices will come down much further as even the rents they are getting now have fallend dramatically.

I saw a three bedroom in this building months ago. The bedrooms are tiny as is the living area. There is no way to fit a king bed in the master bedroom even with the chest of drawers in the anti-room. The view of the church was nice, however.

hr: have you been up there? It's a really nice neighborhood, actually the nice starts on W 106, from Central Park to Riverside. And Broadway in that area is spectacular, very lived-in, family oriented but somehow young. "Too high up" is now like "too far down" about Tribeca.

Hosuing is still the best performing asset i thought i'll add up some numbers from case shiller this am If we now look at an historical sample of housing vs the dow jones we can see that the former is the best performing aaset by a long way, and this even includes Detroit (where slumdog Millionnaire 2 is set to be filmed)
Since 2000 Dow Jones -20% since 2008 -34
Sates AZ +24% -34
San Fran +30% -31%
Wash +76 -19%
Miami +65% -29%
Bost +53% -7%
Detr -19% -22%
NY 84%!! -9%!!! ANYONE?

HHH: I don't think anyone would argue with you over that particular time period, which has obviously been cherrypicked to support your case. You are coming off the biggest real estate bubble in recent history and I don't believe too many people are calling this the bottom. When the Dow eventually hits bottom, real estate will continue falling for a good period of time after that and will probably continue falling even as the Dow starts to rise.

I guess you misunderstood me i believe housing has a lot to go down as an asset class, and i agree with you that housing are long cycles and once start going down takes a long time to find a bottom, the case in Japan is a great example in late 80s everybody thought there is no way that Tokyo real estate can go down, small island, no space for the population and guess what following the same credit bubble we are experiencing today housing was down more than 80% by 2000 and still is down close to that number...add on top of that a generational gap (great study from the FED) showing that the pick of baby boomers is 2011 and Generation Y (smallest generation ever) kicks in you have a lot of supply for lower demand unless u believe imigration is going to ramp up (probably not buying NYC condos anyway!) so all the baby boomers who have no more 401K left need to downsize and retire in the sun or not that means they will need to sell their houses too...hope that helps

malthus also see previous blog higher

Anyone know why there are so many apartments for sale in this building all of a sudden? In addition to the ones that are for sale or rent now, there were a couple that closed in the last few months. Are people fleeing?

Good question, AJC. I am not an insider, but I live in the neighborhood. This sub-submarket (West 96-110th Street from Broadway to the River) has outperformed the City since 2002. 272 W. 107th benefitted by being the first out of the block of new developments and condo conversions in the area and the thinking was (to the chagrin of long term residents) that the area would be transformed by further development.

This building is unfortunately real estate with issues, coming to light in the cold shower of the new realty reality. The layouts are poor and the rooms small. The building is on the wrong side of Broadway and the lobby opens onto West 107th Street, as good a block as there is east of Broadway in the area between 96th and 110th Street (but that is not saying much). Further gentrification in the area in probably on hold for at least a decade, optimistically, and the prospect of degentrification lurks, particularly east of Broadway. I suspect (an ACRIS sleuth could confirm this) that many of the sellers bought in early (2002-04) and would still make a sizable profit if they were able to sell now at or near their listing price, and would prefer to be in a building with less compromises, so they are trying to cash out.

I live in the area - we also suddenly find ourselves with an unusual number of apts for sale in the building. Turns out it's nothing mysterious at all. The building went coop in 1980 and a lot of old people still live here. Three of the original owners, all in their late 90's, died this year. There are still maybe 10 originals left. Luckily for us, our flip tax is based on profit and these people all bought their classic 7's for $32K.

There are 7 apartments for sale at 272 West 107th. Greg Kammerer (http://www.corcoran.com/agents/listings.aspx?userid=GTK&Region=NYC) is the listing agent for 6 of them: 16A, 7A, 14D, 6B, 4B, 6C. There are 3 pairs (16A/6C, 7A/14D, and 4B/6B) that are approximately the same price and size. How could that not be a conflict of interest? I can't imagine that the seller's best interested is being represented in each case.

He lives in the building and knows most of the families.

Trinityparent - you in an Ajello (sp?) building?

not ajello - sorry, you at the Armstead?

Daytonflyer: I love the apt at 245 w 107. That is a GREAT building, and with work, that apt could be smashing. Needs a lot of love...

10023: I’m not sure I agree with you a hundred percent on your police work there, Lou.

I think the key is "went coop" in 1980. That's 245W107, methinks.

23: I think you're still missing the proverbial DLR plates. Let's stop there.