Out and About: One into two doesn’t fly right

With a glut of one-bedroom apartments on the market, many of them inferior,  you have to wonder about a condo that has been for sale in the heart of Lincoln Square since early August.

How many bedrooms do you see?

Aside from the price — about which more in a bit — would someone please explain to me the justification for this apartment being marketed as having two bedrooms?  I, for one, see only one bedroom.

Moreover, if a buyer were to steal the dining area from the public space, the apartment’s appeal would be all but destroyed.  Also, given that the kitchen has no window and the trend these days is to open up kitchens, that option would be lost.

The fact is that it is against the law –really, it is in statute — for a broker to market a listing falsely.  So, it takes not only chutzpah to mischaracterize the unit, it takes a willingness to break the law and face the consequences.  Whether saying that the condo has two bedrooms actually steps over the line is for others to decide, not me.

In a 1994 full-service building, the 1,101-sf apartment enjoys extraordinary views of Central Park and skylines east and west from its lofty perch.  It has one-and-a-half marble baths, customized closets and a washer/dryer.

What the condo, which hasn’t been updated since the full-service high-rise was built in 1994, also has is a price that boggles the mind: $2.65 million with common charges of $1,163 and annual real estate taxes of $1,117 per month.

No wonder the brokers practically genuflected and probably would have embraced and tongue-kissed me had I given them the slightest amount of encouragement when I strolled into their open house one day.  

The following one-bedroom apartments listed by various brokers are among those I have recently checked out:

  • In Morningside Heights between Amsterdam Avenue and Broadway, the shell of a sponsor’s one-bedroom apartment that could be two bedrooms after a total renovation.  The dilapidated corner co-op faces Broadway a few floors over the rooftops of storefronts and, in the other direction, buildings.  Its pluses are original details (such as dentil molding and wood paneling) that have suffered many coats of paint.  In a modest pet-friendly 1911 building, the unit has an outsize asking price of $385,000 with monthly maintenance of $947, reduced by a mere $10,000 last month.
  • A charming co-op with a windowed den that could serve as office or even bedroom, one and a half improved baths and a fireplace in which it is safe to burn Duraflame logs.  On the third floor of a pet-friendly 1890 walk-up between Columbus and Amsterdam avenues, this well-maintained apartment on a mid floor has French doors, original molding, obstructed (but sunny) southern exposure and a serviceable small kitchen.  The laundry is in the basement.  At a reduced price of $515,000 with high maintenance of $1,221, the units represents a good buy and thus went under contract last week.
  • In mid 90s on a corner of Broadway, an 850-sf co-op with 10-foot-high ceilings; an eat-in kitchen that has been decently, though not extravagantly, renovated; a handsome new bath, herringbone floors; generously proportioned rooms; southern exposures over a wide landscaped courtyard; and low maintenance of $833 per month, including electricity.  Listed for $699,000 in a full-service 1925 building brimming with amenities, the apartment should sell for $650,000 or even a bit less. 
  • An airy co-op that has open southern exposures in a pet-friendly 1925 building that has a live-in super and additional storage.  The eat-in kitchen harks to the 70s, but the 800-sf renovated unit is in excellent condition, provides considerable closet space and enjoys a spacious ambiance.  After its price cut last month to $625,000 from $649,000 with maintenance monthly of $1,207, this place should soon find a buyer eager to be in its desirable location in the very low 70s between West End Avenue and Broadway. 

Tomorrow: High anxiety

To take your own bite out of the Big Apple, start your search for a new home here.

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Malcolm 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

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2 thoughts on “Out and About: One into two doesn’t fly right

  1. Since you bring this up, Malcolm, could you explain why Lincoln Towers apartments carry such high maintenance? The asking prices are low, of course, but the maintenance makes them pretty unaffordable. Although the complex is nicely maintained, it doesn’t look so much better than other complexes.
    On a related note, carrying charges at BPC are also hugely high. I’ve been given to understand it’s because the Authority must pay a land use fee to the City (I think that’s who pays whom), but I understood that this fee dissolved after about 30 years or so. I realize that whoever paid for that mammoth landfill project wants to be reimbursed, but does this fee last forever?


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