i've noticed an increase in upper west side townhouse units - ive found over the years that invetory of such units tends to be linited so i was wondering what some of the upper westsiders think of these listings & their current and future pricing (or others interesting listings of this type): 35 west 71st unit 2 seems massively overpriced - steep stairs, incredibly narror hallway on first... [more]
i've noticed an increase in upper west side townhouse units - ive found over the years that invetory of such units tends to be linited so i was wondering what some of the upper westsiders think of these listings & their current and future pricing (or others interesting listings of this type):
35 west 71st unit 2
seems massively overpriced - steep stairs, incredibly narror hallway on first level - chopped up 2nd and 3rd level - needs to go for well under 2 mill in my opinion
121 west 77th street
also a million ++ overpriced, too much square footage in real 100% below grade space and needs a design overhall
129 west 77th street #2
very nicely done - although well planned, the apartment is not actually very big and to get to bedroom one would need to go up 3 flights of stairs including the exterior. apartment appears to be only 1700sf+-?? even with outdoor space value, isnt this place going to go for under 2 mill (list is nearly 3)?? and for this and the previous, is the school across the street and the potential crowds from shake shack etc a value hit or plus for teh general buyer?
41 west 74th - ok, i dont care how nice (mcmansiony?) this place is, and i get its on a park block - but are these brokers/sellers crazy? are these prices nearly 100% too high? and how much of that crazy maintenance is for the silly services? whats going to happen to this one??
312 west 92nd street
looks very well done, with the exception of the garden level unit which appears to be unrenovated. nice to have the elevator open into the units and a high end gut job - but how overpriced are these 3 units? public school appears not to be an option, and with some recent restaurant closings, these isnt a decent place to eat for 10+ blocks? how much is the neighborhood hit vs teh other units?
what are the correct prices / guestimates of what happens to these listings? what do others think of these listings?
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Response by Crashwait
almost 17 years ago
Posts: 54
Member since: Nov 2008
41 W 74th St is split into 2 units at $7.5M each. They were done by Aberdeen Townhomes and they have units in 4 or 5 buildings around the city. All with the insane pricing and insane maintenance. These guys bought up brownstones on nice blocks at the height of the market and are now stuck with white elephants they can't move. I heard the managing partner just got pushed out of his own company. Keep watch on these units - this could be one of the worst cases of bad timing in real estate EVER.
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Response by lizyank
almost 17 years ago
Posts: 907
Member since: Oct 2006
Just for fun I looked at the listing for 41 W 74th...So for $7.5MM plus about $7K in monthlies I get a fourth, fith, and sixth story walk up? What happens when you break a leg skiing in Aspen? I assume the expectation is that you will have people to carry you up/down stairs?
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Response by Spiderman27
almost 17 years ago
Posts: 65
Member since: Dec 2007
i think there is an elevator at 41 w 74h.
will be interesting to see how this one plays out - if they can eliminate the silly services and get monthlies under control i would think these go for mid to high 3s, maybe lows 4s on a good day?
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Response by faizapatelking
almost 17 years ago
Posts: 2
Member since: Dec 2008
dsaf
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Response by Crashwait
almost 17 years ago
Posts: 54
Member since: Nov 2008
There's an elevator in 41 W 74. The developers based the whole concept on the coop-like services that come with the monthly charges. The problem is that they need to sell many units, and generate many maintenance payments, in order to cost effectively provide the services. Any buyer should be aware that these units come with a very shaky management company.
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Response by Spiderman27
almost 17 years ago
Posts: 65
Member since: Dec 2007
ont he smaller end of the spectum i will at:
24 west 70th
good location and looks like great outdoor space - liek th eothers listed above will be interesting to see final pricing though / get thoughts on what it should be. what are these things likely to see for?
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Response by bjw2103
almost 17 years ago
Posts: 6236
Member since: Jul 2007
I used to live nextdoor, while they were starting the work on 41. It's a lovely block, but those are insane prices. I think they're kind of stuck there unless they really lower prices by a significant amount - they'll be hard pressed to rent those out, I think, as the market for those kinds of modernized brownstone units probably isn't large enough to do so very easily.
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Response by nyc10023
almost 17 years ago
Posts: 7614
Member since: Nov 2008
Or best, if you are a vulture. Think those apts will end up going for 2.5m each?
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Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008
Interesting ACRIS history on 41 W 74. (Block 1127, lot 12.) Previous owner held for a few years and made out very well.
They'll need to go for >$3M each just to pay off the mortgages.
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Response by West81st
almost 17 years ago
Posts: 5564
Member since: Jan 2008
An interesting recent event in this sector was the sale of 12-14 West 68th for $6.75MM, plus assumption of close to $4MM in debt. Massey was trying to market it to corporates at an all-in number over $18MM (the Times reported it as $21MM, Real Deal as $18MM). That didn't fly, and the price gravitated back to the norm for a townhouse carved into rentals, which currently seems to reflect an expectation that rents will continue to fall and expenses will continue to rise.
http://ny.therealdeal.com/articles/uws-residential-property-sells-for-40-off
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Response by Spiderman27
almost 17 years ago
Posts: 65
Member since: Dec 2007
i just relooked at the 129 w 77 plan - is it just me, or is the place struggling to be 1600 sf (not including outdoor space)?
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Response by Spiderman27
almost 17 years ago
Posts: 65
Member since: Dec 2007
bump
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Response by Spiderman27
almost 17 years ago
Posts: 65
Member since: Dec 2007
bump
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Response by NWT
almost 17 years ago
Posts: 6643
Member since: Sep 2008
Looks as if it's around 2,000. 20x58 less 8x16 for the stairwell plus that loggia bumpout. Whatever the size, a 20' rowhouse still leaves you with only two decent-sized rooms per floor. E.g., that silly little study next to the kitchen shouldn't be there. It'd be OK for a regular old rowhouse apartment, but not for the money we're talking here.
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Response by Spiderman27
about 16 years ago
Posts: 65
Member since: Dec 2007
Any update on 41 west 74th street or guesses as to what the units sell at and when?
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Response by Spiderman27
almost 16 years ago
Posts: 65
Member since: Dec 2007
most of these listings are still around - what's going on? any revised guestimates as to what they sell for / when?
41 W 74th St is split into 2 units at $7.5M each. They were done by Aberdeen Townhomes and they have units in 4 or 5 buildings around the city. All with the insane pricing and insane maintenance. These guys bought up brownstones on nice blocks at the height of the market and are now stuck with white elephants they can't move. I heard the managing partner just got pushed out of his own company. Keep watch on these units - this could be one of the worst cases of bad timing in real estate EVER.
Just for fun I looked at the listing for 41 W 74th...So for $7.5MM plus about $7K in monthlies I get a fourth, fith, and sixth story walk up? What happens when you break a leg skiing in Aspen? I assume the expectation is that you will have people to carry you up/down stairs?
i think there is an elevator at 41 w 74h.
will be interesting to see how this one plays out - if they can eliminate the silly services and get monthlies under control i would think these go for mid to high 3s, maybe lows 4s on a good day?
dsaf
There's an elevator in 41 W 74. The developers based the whole concept on the coop-like services that come with the monthly charges. The problem is that they need to sell many units, and generate many maintenance payments, in order to cost effectively provide the services. Any buyer should be aware that these units come with a very shaky management company.
ont he smaller end of the spectum i will at:
24 west 70th
good location and looks like great outdoor space - liek th eothers listed above will be interesting to see final pricing though / get thoughts on what it should be. what are these things likely to see for?
I used to live nextdoor, while they were starting the work on 41. It's a lovely block, but those are insane prices. I think they're kind of stuck there unless they really lower prices by a significant amount - they'll be hard pressed to rent those out, I think, as the market for those kinds of modernized brownstone units probably isn't large enough to do so very easily.
Or best, if you are a vulture. Think those apts will end up going for 2.5m each?
Interesting ACRIS history on 41 W 74. (Block 1127, lot 12.) Previous owner held for a few years and made out very well.
They'll need to go for >$3M each just to pay off the mortgages.
An interesting recent event in this sector was the sale of 12-14 West 68th for $6.75MM, plus assumption of close to $4MM in debt. Massey was trying to market it to corporates at an all-in number over $18MM (the Times reported it as $21MM, Real Deal as $18MM). That didn't fly, and the price gravitated back to the norm for a townhouse carved into rentals, which currently seems to reflect an expectation that rents will continue to fall and expenses will continue to rise.
http://ny.therealdeal.com/articles/uws-residential-property-sells-for-40-off
i just relooked at the 129 w 77 plan - is it just me, or is the place struggling to be 1600 sf (not including outdoor space)?
bump
bump
Looks as if it's around 2,000. 20x58 less 8x16 for the stairwell plus that loggia bumpout. Whatever the size, a 20' rowhouse still leaves you with only two decent-sized rooms per floor. E.g., that silly little study next to the kitchen shouldn't be there. It'd be OK for a regular old rowhouse apartment, but not for the money we're talking here.
Any update on 41 west 74th street or guesses as to what the units sell at and when?
most of these listings are still around - what's going on? any revised guestimates as to what they sell for / when?