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Residential Deals

03/01/2012, By Katherine Clarke


Residential deals

March 01, 2012 
By Katherine Clarke

Carnegie Hill

$4.19 million

1150 Fifth Avenue

Three-bedroom, two-and-a-half-bath, 2,552 sf unit in a 14-story prewar doorman co-op; apartment has Central Park views, wood-burning fireplace, laundry room and staff room; common charges $5,905 per month; asking price $4.3 million; four months on the market. (Brokers: Cathy Taub, Stribling & Associates; Susan Abrams, Warburg Realty)


“The apartment had just been brought back on the market, after a very disappointing board turndown. The buyers were relocating from Westchester and wanted three bedrooms, but most of all, they wanted views. When they entered the apartment, it was as if they were having déjà vu — they realized that they had visited the apartment months before, when it had been lavishly decorated. But at that showing, they couldn’t see past the decorations, and passed on the apartment. This time, the apartment was bare because we’d had a subtenant in there, who had moved out. It was only now, with no distractions, that they realized it was just what they had been looking for — a classical apartment ready for a 21st-century makeover, with absolutely exciting views of Central Park and the West Side skyline. The second deal was swift and seamless, unlike the rocky road we experienced with our first deal.”

Cathy Taub, Stribling & Associates




161 West 16th Street

One-bedroom, one-bath, 800 sf unit in a 19-story prewar doorman co-op; building has roof deck and laundry; apartment is fully renovated with hardwood floors; common charges $1,453 per month; asking price $799,000; five months on market. (Brokers: Frances Katzen, Prudential Douglas Elliman; Francis Russo and Alan Krevis, Halstead Property)


“The seller had recently gotten married. She and her husband wanted to buy an apartment that was both of theirs, something slightly bigger that would be a new fresh beginning. She had redone the apartment meticulously — it had a gorgeous gas range from Italy, and top-of-the-line appliances. We had three offers on the property; the deal was ultimately dictated by price and the fact that we needed someone who could make it through the co-op board process. At the end, there was a problem with the bank not recognizing that the building loan had two types of underlying debt, one for commercial space and the other residential. The bank had to review it twice, and the closing was delayed by a month and a half. The seller needed the proceeds of the sale in order to move forward, so it was important to get the deal consummated as quickly as possible.”

Frances Katzen, Prudential Douglas Elliman


Lower East Side


266 East Broadway

Two-bedroom, one-bath, 1,050 sf unit in a 20-story doorman co-op, the Seward Park Cooperative; apartment has city views; building has gym, laundry and children’s playroom; common charges $659 per month; asking price $565,000; eight months on the market. (Brokers: Jacob Goldman, Loho Realty; William Moye, Bond New York)


“The buyers had identified the [four-building] Seward Park Cooperative as the perfect area to raise their child. Not only were they enticed by the amenities and close proximity to schools, they also have family members nearby. It took a year to find a good apartment at the right price. We must have seen maybe 15 or 20 places in the area, and I was constantly sending them listings of everything that came up. As far as what they could afford, it wasn’t going to happen at a high price point. So they were able to find something that needed work but was more affordable. The previous owner [had] died, leaving the apartment in dreadful condition, and the kitchen and bath are about 50 years old. However, the apartment is on the 15th floor with great light, as well as a view of the East River. The buyers intend to gut-renovate the property and raise their family there.”

William Moye, Bond New York

Interviews by Katherine Clarke

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