250 West 82nd Street/aka 2273 Broadway

ronnie9: That's an interesting listing, previously discussed on several threads, most recently this one: http://www.streeteasy.com/nyc/talk/discussion/4594-what-is-going-on-with-250-west-82nd

No major red flags that I'm aware of. It's just a slightly funky building (two buildings, actually, because 254 is part of the coop too), that lacks the prestige, curb appeal and amenities of some of the architects' later efforts. Also, a lot of people don't like the old Victorian floorplans. The bank on the corner doesn't help, image-wise.

#72 fetched a higher price, but IMO it's a much nicer apartment.

Thanks West81st--I didn't see those threads. Much appreciated.

Sure, ronnie9. I wrote up #72 in late April. I had seen #33 earlier; I liked it, but much less than #72, which seems to have sold in the low 3's. Here's the review of #72:

250 West 82nd Street #72
$3,495,000 Co-op 4 beds 3 baths
Listed with Scott Moore at BHS
Traffic: Light-moderate; I was the last visitor. I think there were about two pages’ worth of names.

This early Emery Roth effort is a cute seven-floor building that looks almost whimsical compared to the structures that defined the Emery Roth brand. The “2” line has a lot going for it - most notably handsome public spaces and lots of bedrooms. The turn-of-the-century detail has been preserved very well. I’m surprised the BHS website doesn’t show off the exposed-beam living room; the corner room shown in the listing is actually the library, which is big and bright enough to be used as the living room. The master bedroom is large and handsome; so is the comfortable eat-in kitchen.

The three smaller bedrooms are laid out along the long corridor that leads from the entrance at the western end of the apartment to the public rooms on the Broadway side. The floorplan is simple and maybe a bit antiquated. Personally, I like it because the wide central galleries and winding wings of later pre-war designs often strike me as an ostentatious waste of space. Others may find the layout a little claustrophobic. The apartment is basically in move-in condition, though a bit of paint and polish might bring out more of the sparkle

#72 is a new listing, and I won’t venture a guess about where it might ultimately trade. #33, with basically a mirror-image layout but less light, has been on the market for six months and has dropped three times, from $3.9M to $2.75M. Scott Moore mentioned that these units seldom become available and I believe him, based on the Streeteasy sales history for the building; so pricing them must be a challenge for the brokers. Maybe 250-254 (a.k.a. 2273 Broadway) is too funky to compete with the big boys around the corner on West End, where space like this might very well fetch $3.5M. I guess the bank on the ground floor IS a little tacky, though all that Broadway retail space helps keep the maintenance reasonable.

I went to the open house this morning and asked the broker why the apt was back on the market. He said that the board turned down the previous buyers - he didn't offer anything else, he just said that finances were an issue. I also asked about the sister building and apts there. He mentioned that apts on that side are smaller and that the building is a separate co-op even though the building entrance is shared. Just thought I would share this info, not sure how much it helps. By the way, in my opinion, 33 needs a lot of work. I thought the listing pictures were misleading.

did the broker say how flexible the price is? btw i also think the place needs a lot of work esp floors

No, the broker did not say (but i didn't ask). If I were interested, I would definitely start with a low bid. I asked the broker how long the owners had lived there and if they had done any work. He said they had lived there for 10 years and had done some, like updated the electrical. I find that hard to believe given the various phone wires etc that were tracing the moldings. I mentioned that I was surprised by the condition. He said the other buyers were basically going to give it a good paint job. I said I would be surprised if the moldings survived a good paint job as it looks like they already have a 20+ coats. I think the apt needs a lot more than a paint job. I agree with you about the floors. Also, the kitchen is in really bad shape (part of the faucet fell off when I touched it - minor but telling in its own way), and what's with the refrigerator in the window? All that too say, I would bid low. Sorry if I sound harsh but description and pics made me think this was going to be in much better shape and I was so disappointed.

OntheSideline: Thanks for the correction on 254. I assumed with the common entry, they would be one corporation.

i saw the place 3 months ago, right before it went into contract and the broker told us that people lived there for 20 years and when they moved in they did full reno. and now they are downsizing. They also did not want to hear low 2's back then so that is why i am wondering how low can it be bid. We liked the size of the place. Btw have anyone seen 277 west end. i want to see that one to compare.

on the sideline......after seeing this apt., now how do you compare with 15 W 84th 2A?

Thanks again West81st. You've been very helpful. I've been walking by this building for years and had no idea about its history. I always thought it was a rental. It'll be interesting to see what happens with this unit.

Oh, and does anyone know if it's a stringent co-op board, relatively speaking, I guess?

curiously: Now that I have seen both, I completely agree with your analysis. if I had to choose I would take 15 west 84th st. over 250-54. I like the layout more and I would rather have 2.5 baths instead of 2. Especially since the broker at 250 mentioned that other apts in that line have added another bathroom which has a shower and sink but adding a waste line was "an issue." What does that mean - - a bathroom without a toilet?! That's crazy!

In comparison to 250-54, 15 truly is turn-key as I think West81st once said. Also, I think that once you add in the renovation costs to the asking price of, 254 it is really asking a whole lot more; and for that kind of cash, I have to believe a buyer can do much better. In my opinion, if a buyer can put down 30% on 250-54's asking price and then pay all cash for the renovation, that buyer can certainly afford to live elsewhere (i.e. in a nicer building with a more gracious layout and a flow that makes sense). I also agree that the interior views of 15 are preferable to the interior views of the bedrooms of 250-54.

Putting aside the apts - -which building do you prefer? Does curb appeal matter to you - or public spaces? I prefer 250's exterior to that of 15. I also prefer the common spaces of 250 over those of 15 which seemed very dated.

Personally, I didn't care for either apt that much (I would rather wait and see what else is out there - I have just started looking around again). Nonetheless, if i had to choose, I would go with 15. Curiously - have you seen 250 or were you able to figure it out based on the plans alone?

Also, I'm curious to know if anyone has seen 650 WEA 7C..I don't mean to hijack the thread...Although it is asking more, I think I would take 650 over 15 and 250.