Sale at 414 East 52nd Street #10F

About 5 years ago I considered several different units in these buildings, and have 2 friends who live there now, one with the F floorplan. Units are traditionally configured (separate kitchen that you will probably not be opening up to the LR, given the construction), and the common areas are well maintained, if a bit dated. Apartments on lower floors facing in can be a bit dark. I'm fine with the location, though it is a hike to the subway. I think it's just not sexy, though I had one of the units on my short list.

I have wondered why Beekman / Sutton place has been very reasonable priced for the last 20 years but it never gets a bid. While the maintenance is not necessarily cheap, the area has failed to attract young families for ever. It is just not cool and is poorly connected.

Thanks Aaron. I like the F-Line which is almost 1,000 sf for a one bedroom so plenty of room for my oversized furniture. Are there any other lines you would recommend? Perhaps with a street view view? Yes, lower floor units seem dark and to me a bit claustrophobic.

Yes, 300, River House at 435 East 52nd seems the only exception due, I assume, to its luxurious sized apartments and amazing East River exposure. But for someone like me looking to trade down and maybe find my future retirement home, it seems attractive to be out of the way of office workers and tourists. Its real quiet, there are good restaurants in the immediate area, and the East River esplanade is right there.

The Upper East Side in general seems under-priced to me. No longer the elite area it once was but still lots of old money and great apartments. It will be interesting to see if the UES will ever be re-found. I think maybe yes.

There have been plenty. The funniest one concerned applicants to purchase at Southgate. They were turned down by the board, and were convinced that they shouldn't have been, but the longer they talked about the rejection, the more plausible it seemed. I can't find that one, but there are these two:

https://streeteasy.com/talk/discussion/29524-board-at-southgate-414-e-52nd

https://streeteasy.com/talk/discussion/40097-the-hunt-for-a-2-bed-apt-continues?page=2 (realize that Multicityresident and taxibutton are the same poster, who did end up buying in the area, though not in Southgate.)

300, realize in general that boards in that area want candidates to be asset-heavy in a way that doesn't always favor people just starting out. If a building (I'm not think Southgate here, but of another area building where I've been selling broker) wants you to show $2.4 mm to buy a two-bedroom, does it really matter to you that the apartment only costs $1.2mm? You certainly are at a level where you could pay $1.6mm or more elsewhere, probably tying up less of your cash and feeling that you had made a more liquid purchase.

ali r.

ali, thanks for the link. When I types "southgate" into the Forums search engine, I get bupkis. Am I doing something wrong?

What do you think are the income/net worth requirements for Southgate? 2x purchase price? I am asset rich and income poor by preference.

Streeteasy search for talk does not work. Just use google streeteasy. Much better.

Ximon, I have never sold in Southgate so I don't know. Brenda Steward of Elliman has three listings in the 51st street building, so you might want to ask her.
And yes, to find those threads I did what 300 suggested, which is to google "StreetEasy talk Southgate."

Thanks again, Ali and 300. Google search turned up a few interesting articles about the history of the property but nothing relevant to today. Funny to read that the board once tried to change the name of East 52nd Street to something sexier in order to increase property values. Also, Aby Rosen owned sponsor units a few years ago and I wonder if buying a sponsor unit would be better for me in terms of approval.

I don't have my notes any more on which units I liked, or the pros/cons of the various floorplans (there weren't many options available when I was looking but F was one of them). The two residents I know were both retirees downsizing from considerably larger homes (1 brownstone, 1 classic 6), and were quite 'asset heavy' (and not very income challenged). Since they're not going to work every day, the location isn't a problem, and they're out of the path of the tourists.

Aaron, that's me in 5-6 years! Given the trends in age distribution, I hope that demand for such "retirement homes" will appreciate as I get older. Do you remember anything about the board requirements? Thanks again.

Can't speak to the specific building but can for the neighborhood. Short walk to TJMaxx, Bed Bath and Beyond, Bloomingdales, The Container Store, H&M, Whole Foods and a host of mom and pop stores along First Avenue.

You can be in Queens in 10 minutes over the 59th Street Bridge, and a 10 minute Taxi ride will have you at any of the Broadway theaters.

Tons of restaurants within a 10 block walk.

As to transportation, I walked to work in midtown, 3 miles round trip daily, for years. Also you have the crosstown buses on 57th and 49th streets, and of course the uptown bus on First Ave and downtown on Second.

Best of luck.

I don't remember anything alarming about the board requirements, but didn't get to that point of heavy due diligence (my broker advised that I was qualified enough that I wouldn't have to worry).

Southgate (like Eastgate on 72nd/73rd) was a "late" MJ Raynes conversion which had considerable growing pains in the 1990's. I sold a number of foreclosures in both projects and we're all relatively hard sales (both because of low owner occupancy and high pro-rata mortgage numbers). I remember back then it was compounded at Eastgate by a difficult board, but that was a long time ago. However my expectation still is that in a downturn these units will fare worse than average.

@Ali (front_porch): MulticityResident and taxibutton are not the same poster. Taxibutton ended up buying in Yorkville or whatever you call the space between Carnegie Hill and Yorkville - she is about 20 years younger than I am I believe. Taxibutton's original username was something like "QR_resident." I can't remember, but we are most certainly not one and the same individual. With that said, I (MCR) do live in the neighborhood and my personal opinion is that it is ideal for empty nesters or anyone looking to downsize.

My comment re multicityresident's not being the same poster as taxibutton relates to this comment from front_porch above:

Response by front_porch
over 1 year ago
Posts: 4478
Member since: Mar 2008
There have been plenty. The funniest one concerned applicants to purchase at Southgate. They were turned down by the board, and were convinced that they shouldn't have been, but the longer they talked about the rejection, the more plausible it seemed. I can't find that one, but there are these two:

https://streeteasy.com/talk/discussion/29524-board-at-southgate-414-e-52nd

https://streeteasy.com/talk/discussion/40097-the-hunt-for-a-2-bed-apt-continues?page=2 (realize that Multicityresident and taxibutton are the same poster, who did end up buying in the area, though not in Southgate.)

And for the last time, multicityresident=nycnovice=foolishrenter. No other user names, and the multiple user names have been explained multiple times over the 10+ years I have been posting on streeteasy, with reversion back to MCR in 2016 and deletion of other two accounts entirely (no longer a novice or renter). Different phases of NY real estate existence. We are in our 11th year in NY real estate. First two years as Phillips Club owner (still current owner and still love it); three years renting; coop owner since early 2014; full-time resident for a few years in there, but now back to pied-a-terre holder. We have now been through multiple phases (renting, buying, renovating) and are moving into a coop management phase for our apartment in Beekman, which we plan to make our retirement home.

I know. Enjoy your place in Beekman and I am glad you are planning on staying in the city when you retire.

Thanks 300. Likewise glad you guys are raising your family here; I hate all the talk of people abandoning the city, but I certainly understand it as I see individuals we know making that choice.

mea maxima culpa, MCR. My apologies.

ali

No worries Ali - I understand you were likely confused by the comments in there where I explained how I was phasing NYCNovice out. I believe that is only one of two threads where two of my usernames appeared in the same conversation.