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Residential Deals

04/01/2012, By Guelda Voien


Residential deals

April 01, 2012 
By Guelda Voien

245 East 54th Street

Midtown East
245 East 54th Street
Two-bedroom, two-bath, 1,000 sf unit in a co-op, the Brevard; building has 24-hour doorman and concierge; apartment has city views; maintenance $1,956 per month; asking price $850,000; 25 weeks on the market. (Brokers: Eileen Mintz, the Corcoran Group; Mary Lou Currier, Bond NY)

Mary Lou Currier

“The interesting part of this sale was that both the buyer and seller [had] been president of their respective co-op boards, so they were able to deal with all the stuff that goes on [during a sale]. It was almost seamless — a very, very easy deal. The buyer wanted a building that wasn’t too [small], because then costs tend to mount. … He didn’t want the board to say, ‘Hey, we’re redoing the lobby — that’ll be five grand a piece.’ Being a past president, he was aware of these things. We looked at probably 25 apartments. It was a little unusual because it wasn’t so much about the aesthetics of the apartment. He was more concerned with the type of building than, ‘Does it have nice views?’ … Once we agreed upon a price, it [closed in] six weeks, all cash. Of course, I knew that my buyer [had been] president of his board, but I didn’t know about the seller — that came out at the closing.”
Mary Lou Currier, Bond NY

Upper East Side
150 East 61st Street
Two-bedroom, two-bath, 1,000 sf co-op; building has 24-hour doorman; apartment has hardwood floors and marble baths; maintenance $1,791 per month; asking price $599,000; two years on the market. (Brokers: Jeanne Keating, Corcoran; Kelly Killian, Bond NY)

Kelly Killian

“The buyers are Americans who live in Hong Kong as [the husband] runs an international pension fund. He had attended my graduate school … he found me through the alumni association. We saw basically every apartment in their price range in the neighborhood. The buyers liked the size of this apartment and the fact that it could accommodate a redesign to their liking. They also liked the location, on Fifth Avenue, near shopping. … The co-op had a land and building lease that they had spent a year renegotiating. This made it difficult to sell prior to our offer. Then once we were in contract and had a commitment, the first bank declined the loan after the buyers got board approval. I searched down a few banks that had the building already approved on their books. Chase was chosen, and we started from scratch four months after contract-signing. We still closed in six weeks, from first phone call to handing over the keys. … The seller lives in Australia, and with the buyers in Hong Kong, needless to say [we had to] form a close working relationship, the seller’s agent and myself.”
Kelly Killian, Bond NY

790 Riverside Drive

Washington Heights
790 Riverside Drive
Two-bedroom, one-bath, 900 sf co-op in a prewar elevator building, the Riviera; building has 24-hour doorman and concierge; apartment has eat-in kitchen, hardwood floors, Hudson River views; maintenance $880 per month; asking price $340,000; 35 weeks on the market. (Brokers: Max Moondoc, Barak Realty; Sam Sullivan, Prudential Douglas Elliman)

Max Moondoc

“We initially listed [the apartment] in December of 2010. We got the first offer maybe eight weeks afterward, from a couple who wanted to go through a bank I’d never heard of. … Then it turned out that particular bank couldn’t do the deal. I put them in touch with a broker at Wells Fargo, and we also lowered the [listing] price to about $325,000. They came back, [but were outbid by] an investment banker. Then, the investment banker got a once-in-a-lifetime job opportunity, so then he couldn’t [get a mortgage] because he didn’t have consistent employment. It was frustrating. … Eventually, he was able to get a loan with another broker.” Max Moondoc, Barak Realty

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