Out and About: A dormitory for $10.5 million

In a classy full-service Lincoln Square high-rise, the condo is on a very high floor with superlative views of the skyline, parks and rivers in three directions.

Monthly nut: $7,082.  Asking price:$10.5 million.

Covering 4,134 square feet, the apartment is undeniably spacious.  There are a living room (22’7″ x 19’4″), den (11’2″ x 10′) and “great room” (21’3″ x 16’3″) at the western end of the place.

Visitors entering at the opposite end of a nearly 40-foot-long hallway, termed “gallery” for marketing purposes, peer down a very long tunnel past the doors of five of the unit’s six bedrooms splayed left and right like a high-class college dormitory or hotel.

At the end of the “gallery,” which is admittedly wide and adorned with artwork, they don’t benefit from views of the river or anything but a solid wall another nearly 10 feet away that is the eastern end of the den.  (The floorplan above should be more understandable than my description.)

Although the broker’s summary refers to the gallery as “dramatic,” I’d use profoundly less flattering words.

For the record, there are in this combination of two apartments floor-to-ceiling windows, five and a half baths, a fine kitchen as big as many studio apartments and closets galore.

And while I can imagine a family needing six bedrooms, I really don’t see why anyone with $10.5 million to spend would sacrifice a pleasing layout for the benefits of the space and the remarkable vistas.

Below are some of the other properties that I have visited and that other brokers have listed:

  • A classic six-room co-op on Central Park West in the low 90s.  With a surfeit of potential, this two-bedroom, two-bath apartment evocative of decades past looks south over a crosstown street and affords side views of the park.  But acres of laminate in the spacious kitchen, mauve-colored tiling in the master bath with its elevated whirlpool tub and the track lighting give ringing testimony for how outdated the unit is.  The rumpled carpeting in the master bedroom speaks to the co-op’s neglect.  The $2.3 million asking price (after a $295,000 reduction in September) with monthly maintenance of $2,354 in a 1909 pet-friendly doorman building with fitness room and other amenities only begins to recognize how much work the apartment demands.
  • In the high 50s between Eighth and Ninth avenues, a sad one-bedroom co-op on a low floor facing south over a busy street and massive air conditioning unit.  The small windowless kitchen appears to be of 60s or 70s vintage, closet space is generous and the rooms are well proportioned.  Originally on the market in May of 2011 at $565,000 with maintenance of $991 a month, the unit had a price cut to $539,000 in February, when it went under a contract that fell through last May.  This apartment in a 1957 doorman building that welcomes pets, pieds-à-terre and washer/dryers needs more price chopping from the current $569,000.
  • A two-bedroom co-op that suffered two appropriate price reductions from $1.249 million in its first week on the market.  Undergoing renovation, this sponsor apartment in the mid 80s between Riverside Drive and West End Avenue in a 1923 low-rise with few amenities has one and a half nice baths, a kitchen of good size and quality, a washer/dryer, open southern exposures and other pluses that justify its latest price, reduced finally to $995 million with maintenance of $1,455 a month.  It had an offer accepted just last week.
  • In the low 100s, a bright 796-sf one-bedroom apartment on a low floor facing Central Park West, which can be noisy.  With two cedar closets, an older eat-in kitchen that has modestly priced appliances, decent bath, big foyer with plenty of room for a dining table and floors in above average condition, the apartment has definite appeal.  In a 1928 pet-friendly building that has a live-in super, common storage and a bike room as its sole amenities, the condo was offered at $650,000 with common charges of $669 and real estate taxes of $272 monthly to sell close to $620,000 when it under contract within weeks.

Tomorrow: Fifth Avenue foreclosure

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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

Malcolm@ServiceYouCanTrust.com
Web site

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