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UWS townhouse flip - what do you think?

Started by nyc10023
about 17 years ago
Posts: 7614
Member since: Nov 2008
Discussion about
Serial renovator Adam Gordon bought this in '06 for 5.8m and is attempting to sell for 25m. http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1369076
Response by West81st
about 17 years ago
Posts: 5564
Member since: Jan 2008

If I needed a Central Park block in the 70s, I'd do this for half the price (though it does need some work):
http://www.streeteasy.com/nyc/sale/226870-townhouse-45-west-73-upper-west-side-new-york

Or - if the Riverside Park block would do - I'd consider this:
http://www.streeteasy.com/nyc/sale/360030-house-327-west-76th-street-upper-west-side-new-york

If I absolutely had to spend $25MM+ on the Upper West Side, I'd go all the way:
http://www.streeteasy.com/nyc/sale/159930-house-351-riverside-drive-manhattan-valley-new-york

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Response by joedavis
about 17 years ago
Posts: 703
Member since: Aug 2007

very nice choices West 81st.
I'll take any of them, though the Tuthill $30 million one may call for a a couple of Tut Tuts
Interesting that the subject property has an open house on Thursday -- alas in the middle of the day and working grunts like me can't make it.
Perhaps someone can check it out and offer an analysis of Mr Gordon's serial renovations

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Response by West81st
about 17 years ago
Posts: 5564
Member since: Jan 2008

This one is nice too. Plus it has jazzy NY provenance, and the markup for the renovation is only $7MM!
http://www.streeteasy.com/nyc/sale/365452-townhouse-311-west-74th-street-upper-west-side-new-york

I do have some misgivings about paying $11MM+ for a view of Schwab House.

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Response by uwsmom
about 17 years ago
Posts: 1945
Member since: Dec 2008

anyone know what an average townhouse renovation runs (converting multiple apartments to a single family home w/ mid-range, not high-end, updates)?

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Response by uwsmom
about 17 years ago
Posts: 1945
Member since: Dec 2008
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Response by Squid
about 17 years ago
Posts: 1399
Member since: Sep 2008

West81st - I drool over 351 RSD every time I walk by... If I ever win the lottery that house would definitely be on the short list.

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Response by West81st
over 14 years ago
Posts: 5564
Member since: Jan 2008

351 RSD has dropped all the way to $15MM. I wonder if Squid will reconsider.
http://streeteasy.com/nyc/sale/502799-townhouse-351-riverside-drive-upper-west-side-new-york

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Response by Bill7284
over 14 years ago
Posts: 631
Member since: Feb 2009

West81st; I have always admired this house. What gave me pause in the new add in SE was the update "Price reduced $5,000,000 1 day ago". Yikes! Half of the '07 ask price. If this doesn't sell at this point, I don't know. Upkeep could be the factor. Still, wouldn't it be great.

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Response by West81st
over 14 years ago
Posts: 5564
Member since: Jan 2008

I've always thought the Tuthill Mansion would be a fitting residence for the President of Columbia University. The school has bought up everything else within a one-mile radius.

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Response by Squid
over 14 years ago
Posts: 1399
Member since: Sep 2008

Thanks for thinking of me, West. Unfortunately, I still have not won the lottery. Not for lack of trying. Perhaps we could all pitch in and share...

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Response by nyc10023
over 14 years ago
Posts: 7614
Member since: Nov 2008

311W74 just sold. Still a nice profit after the '07 purchase.

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