So our goal is to take the plunge and buy (probably in the next year). Looking for a one bedroom (prewar) as we're only in New York Part-time. Prices are certainly coming down, but a couple of questions though.... Price per square foot: Is $1000/per sq ft too much in this market? what should we look for in price difference between a fixer and a "done" apartment? Prices seem to be heading down....... [more]
So our goal is to take the plunge and buy (probably in the next year). Looking for a one bedroom (prewar) as we're only in New York Part-time. Prices are certainly coming down, but a couple of questions though....
Price per square foot: Is $1000/per sq ft too much in this market? what should we look for in price difference between a fixer and a "done" apartment? Prices seem to be heading down....
Doorman vs non door man--how much does that affect resale value and does a non doorman building affect the price per square foot?
Outdoor space: How is the cost of outdoor space calculated? Is it a per square foot additional coast? If so, how much?
I know this seems like a lot, but I've been reading Streeteasy from the west coast for the past year and have found that the boards have been very accuarate in information--you guys predicted the declines before they happened. Thanks so much....
PS: Yes, we've met a couple of realtors and are locking in on one.....
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Response by Calif_NYC
about 17 years ago
Posts: 27
Member since: Apr 2008
I forgot to mention.... We're really focused on the area listed in the headline--We know that prices are less in other parts of the city, but have to be on the UWS (Lincoln Center area) for work...
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
Keep your eye on the Sofia (43 West 61st St), a prewar building in your area--it is a beautiful former storage warehouse converted to condo in the 80's--unfortunately, only larger apartments are listed for sale currently.
If you come to be frustrated with your search, and expand your target area, this is a sweet, small one bedroom in a prewar building that was luxury converted from rental to condo in 2006: It is on a high floor with southern exposures and a beautiful Hudson River view. Lincoln Center is a 40 minute walk (largely through Riverside Park, if desired) or is available via subway (2 short blocks walk) or M5 bus (quarter block walk)
If you change your mind about neighborhood, I have a prewar (in a Federal townhouse ca. 1830) in the nicest part of the West Village . . good access to the West Side trains. It's a small one-bedroom with access to a beautiful common garden with a BBQ. The kitchen and bath are done; two fireplaces, one decorative, one WBFP.
It's a co-op (which means 20% down) but a pied-a-terre is okay. Your broker is invited to preview. $519K.
I forgot, 25 CPW is a monster of a prewar condo building in a great location with upscale owners. It also has some of the lowest property taxes per square foot around. There are usually some no view one bedrooms available, like this one:
Another beautiful prewar condo in your target area is the Ansonia on W 73 in the heart of the UWS, adjacent to the express subway. There are a ton of listings for sale and a lot for rent, so you can try the building out.
If you are looking for the best price, you may need to look at coops that permit pied a terres: The best hunting ground in your target area is likely West End Avenue.
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Response by rufus
about 17 years ago
Posts: 1095
Member since: Jul 2008
Ansonia has MAJOR rodent problems. Stay away from it at all costs.
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
rufus, I've never lived in a prewar building, but I suspect many older buildings have vermin issues. That's why we have exterminators.
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Response by Calif_NYC
about 17 years ago
Posts: 27
Member since: Apr 2008
Wow--all great thoughts. Will focus on the Lincoln Center area or the upper westside but no higher then the 70's. Thanks for the links to discussions about pricing for outdoor space. I'm supposed to see the 25 CPW building this week...
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Response by Calif_NYC
about 17 years ago
Posts: 27
Member since: Apr 2008
So I saw a place at 25 central park west ($1321 square foot)
The price per square foot has jumped dramatically in the Century because of the comps at 15 CPW. Would love to know thoughts on it. The current owners purchased it in Mid 2006 for $995,000 (which feels like the right price given this (current) market....
Right now I've been told the owners won't even consider a discount.... I'll keep looking, but wanted an honest apprisal from the streeteasy board...
Thanks,
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
25 CPW is not 15 CPW, but it has the same location and HUGE tax advantages. That is a large one bedroom apartment for the Century, so take that into account. Also consider if it is on a higher floor for better light. For its large size, the taxes are lower than my studio apartment, and I live in the 90s--hugely unfair, to Century owners advantage.
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Response by PMG
about 17 years ago
Posts: 1322
Member since: Jan 2008
If you liked that apartment, there is no need to pay the asking price: rent this one:
I forgot to mention.... We're really focused on the area listed in the headline--We know that prices are less in other parts of the city, but have to be on the UWS (Lincoln Center area) for work...
Keep your eye on the Sofia (43 West 61st St), a prewar building in your area--it is a beautiful former storage warehouse converted to condo in the 80's--unfortunately, only larger apartments are listed for sale currently.
If you come to be frustrated with your search, and expand your target area, this is a sweet, small one bedroom in a prewar building that was luxury converted from rental to condo in 2006: It is on a high floor with southern exposures and a beautiful Hudson River view. Lincoln Center is a 40 minute walk (largely through Riverside Park, if desired) or is available via subway (2 short blocks walk) or M5 bus (quarter block walk)
http://www.streeteasy.com/nyc/sale/359119-condo-230-riverside-drive-upper-west-side-new-york
If you change your mind about neighborhood, I have a prewar (in a Federal townhouse ca. 1830) in the nicest part of the West Village . . good access to the West Side trains. It's a small one-bedroom with access to a beautiful common garden with a BBQ. The kitchen and bath are done; two fireplaces, one decorative, one WBFP.
It's a co-op (which means 20% down) but a pied-a-terre is okay. Your broker is invited to preview. $519K.
www.731greenwich.com
ali r.
{downtown broker}
As to outdoor space, there have been good discussions previously. If you do a search you will find them.
http://www.streeteasy.com/nyc/talk/discussion/3435-balconies-and-terraces-value-added
http://www.streeteasy.com/nyc/talk/discussion/2247-how-to-price-outdoor-space-deck-balcony-garden-and-basements
I forgot, 25 CPW is a monster of a prewar condo building in a great location with upscale owners. It also has some of the lowest property taxes per square foot around. There are usually some no view one bedrooms available, like this one:
http://www.streeteasy.com/nyc/sale/367607-condo-25-central-park-west-lincoln-square-new-york
Another beautiful prewar condo in your target area is the Ansonia on W 73 in the heart of the UWS, adjacent to the express subway. There are a ton of listings for sale and a lot for rent, so you can try the building out.
If you are looking for the best price, you may need to look at coops that permit pied a terres: The best hunting ground in your target area is likely West End Avenue.
Ansonia has MAJOR rodent problems. Stay away from it at all costs.
rufus, I've never lived in a prewar building, but I suspect many older buildings have vermin issues. That's why we have exterminators.
Wow--all great thoughts. Will focus on the Lincoln Center area or the upper westside but no higher then the 70's. Thanks for the links to discussions about pricing for outdoor space. I'm supposed to see the 25 CPW building this week...
So I saw a place at 25 central park west ($1321 square foot)
http://www.corcoran.com/property/listing.aspx?Region=NYC&listingid=1398595
or
http://www.streeteasy.com/nyc/sale/353068-condo-25-central-park-west-lincoln-square-new-york
The price per square foot has jumped dramatically in the Century because of the comps at 15 CPW. Would love to know thoughts on it. The current owners purchased it in Mid 2006 for $995,000 (which feels like the right price given this (current) market....
Right now I've been told the owners won't even consider a discount.... I'll keep looking, but wanted an honest apprisal from the streeteasy board...
Thanks,
25 CPW is not 15 CPW, but it has the same location and HUGE tax advantages. That is a large one bedroom apartment for the Century, so take that into account. Also consider if it is on a higher floor for better light. For its large size, the taxes are lower than my studio apartment, and I live in the 90s--hugely unfair, to Century owners advantage.
If you liked that apartment, there is no need to pay the asking price: rent this one:
http://www.streeteasy.com/nyc/rental/413927-condo-25-central-park-west-lincoln-square-new-york
I'm sure they're negotiable