Comparing two properties in the same line of a building often can prove to be illuminating. In the case of two co-ops in a building in the mid 80s between Amsterdam and Columbus avenues on Manhattan’s Upper West Side, the notion holds true. To a degree.
On the lower floor, facing south over an expanse of tennis courts, the one-bedroom, one-bath apartment with home office/nursery/spare bedroom/den was decently improved a while ago, though the bath is only fair.
The freshly painted 800-sf unit in a 1948 pet-friendly building has good closet space, hardwood floors, an attractive faux-painted wall in the bedroom, a kitchen that looks to be from the 1980s and a sunken living room.
The extra room is nice, but the apartment’s exposures from the second floor will discourage most buyers.
Offered in March for $699,0o00 with monthly maintenance of $892, the property is now listed at $675,000.
The fifth-floor unit went on the market in October, and its price has been stuck at $749,000 with maintenance of $865. (It’s not clear why the maintenance charge for the lower unit is higher than the other’s.)
The apartment was renovated superbly, and the place shows beautifully. Particularly dramatic is that nifty extra room, which currently functions as an office and occasional guest room; it has a sliding door of translucent glass and a huge corner window looking through the sunny living room toward the windows at the far end.
The handsome, kitchen features maple cabinetry, high-end appliances, granite countertops and a cork floor. The apartment is significantly more open, airy and stylish than the one on the lower floor. In addition, it is three floors higher than the courts below, but those courts ain’t going away.
Certainly, the co-op on the higher floor has greater value than the one below. Arguably, it seems obvious that one reason for the difference in prices is the cost of the renovations on the fifth floor; the sellers appear determined to recoup their investment.
But the market has made clear that both units are overpriced.
On the basis of price per square foot – $844 on the second floor and $936 above it – there is serious disconnect from the market, especially for an unremarkable building with little more in the way of amenities than a live-in super, private storage, central laundry and a bike room.
And never mind the obstacle of those tennis courts.
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Share This PostMalcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022
M: 347-886-0248
F: 347-438-3201
Malcolm@ServiceYouCanTrust.com
http://www.ServiceYouCanTrust.com
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