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Thread: 10 West End Ave - UWS - Condo

  1. #16

    Default A Good Investment

    I'd like some opinions here... I'm close to signing on a 1BR apartment in this building.

    Pros:

    - The apartment has square footage in the high 700s and a nearly 300 sq. ft. balcony for a price in the very low $800,000s. This is the best deal I've seen for a brand new construction 1BR with all of the desirable finishes (sub zero, viking, miele, gorgeous flooring, wine cooler, etc.)

    - Floor to ceiling windows

    - Onsite parking

    - Gym with lap pool

    Cons:

    - Immediate surroundings are random and Hells Kitcheny (though Riverside park is one avenue west and Central park three avenues east)

    - I'm on a low floor (although, until they demolish the parking lot across the street, I have river views)

    - Owner-occupants are not allowed to control the board (to protect renters)


    I'd be interested to know if people think this is a good investment. I love the apartment itself but the area is a bit far west.

  2. #17

    Default Please Answer

    Could someone please comment? I am about to sign a contract and really appreciate other points of view. Any thoughts on the building, the neighborhood, or the value of the apartment I described?

  3. #18
    Build the Tower Verre antinimby's Avatar
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    Default

    I guess you're looking for reassurance. I can understand, since making such a big purchase is a big deal for most people.
    Anyway, the neighborhood seems to be on the upswing and new developments are all around. I think you will be fine buying here.

  4. #19
    The Dude Abides
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    Default

    Quote Originally Posted by bobbybird View Post
    Could someone please comment? I am about to sign a contract and really appreciate other points of view. Any thoughts on the building, the neighborhood, or the value of the apartment I described?
    Don't assume anyone has knowledge of how good a choice you're making. In case you haven't noticed, there are a lot of developments out there, and likely few forumers are actively looking or are real estate agents/investors (or at least, those of us that frequently post here).

    That being said, I do remember a few conversations that have taken place about other buildings nearby, and the area in general. You may find some of the posts in this thread helpful:

    Hudson Condo - UWS

    And possibly here:

    33 West End Avenue

    And here (including some objective comments made by me):

    On 10th Avenue, A Boom in Apartments

  5. #20
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default Reassurance from a realtor. . .

    I am a realtor, and I try to be really careful about specific building comments, because hey, I don't want to say anything about Corcoran that I wouldn't want them to say about me.

    But let's see, in general . . . I am not a new construction person, but buyers who are attracted to new construction tend to love it. (See, for example, the gazillions of happy campers on the Orion thread). I don't think it's fair to count your outdoor space in your square foot price, but even so, paying $1,200 a square foot for new construction isn't crazy.

    I think "Hell's Kitchen-y" is an odd comment, because I see 57th as a hard and fast dividing line (I'm south of it, in the Vendome). It's more likely that Time Warner/Lincoln Center push west. You have some public housing in the way, but you have the water as your attraction. So yep, you're probably making a good neighborhood bet.

    So what freaks you out, investing $800+K? You're probably going to be spending $5K a month to carry your apartment. What's your alternative, renting a generic-y one-bedroom for $3K? Let's say you build not one drop of equity in the next year; you pay, net of tax bennies, around another ten grand a year -- and you get a balcony, new luxe finishes and a waterview. That's not a bad short-term buy.

    Freak out not.

    ali r.

  6. #21

    Default

    Hi, I was not freaking out, just looking for reassurance. After all, my last condo (485 Fifth) fell through in a rare NY real estate move.

    I feel good about the apartment. I'm going to sign. Thanks for everyone's help.

  7. #22
    Build the Tower Verre antinimby's Avatar
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    Quote Originally Posted by bobbybird View Post
    I feel good about the apartment. I'm going to sign. Thanks for everyone's help.
    Is that all we're gettin'? No invite to come over?

  8. #23

    Default

    Quote Originally Posted by antinimby View Post
    Is that all we're gettin'? No invite to come over?
    Antinimby, you can come over anytime. Also pianoman. You guys are very helpful.

    I'm really excited about this apartment - it's the first place I've ever purchased. We are going to do some renovations to it once it's finished too, including putting in a hot tub either indoors or outdoors. I wonder how much something like that would run me...

  9. #24

    Default

    I was one of the first to buy a 2BR apartment in this bldg. I share everyone's concerns, but ultimately decided on 10 west end b/c it appeared like much better value relative to other new bldgs in the neighborhood. It seems (hopefully) that the parking lot across the street will eventually be developed by extell, along with the ugly warehouse across the street (John Jay). There is also an empty pool up 60th st that is being renovated by the parks dept into a gym. The park on the river is currently being extended down to 59th street, so my hope is that in 2-3 yrs the neighborhood is almost, or just as, nice as it is 5-10 blocks up (avery, trump bldgs etc) where all the apartments are significantly more expensive.

    Just my two cents (and 1.6mil).

  10. #25

    Default

    At present, the glass is either fully topped out or 99% topped out. Two weeks ago, all but the penthouse was finished.

    The building still says they are on schedule for a March closing date.

    I'm very excited to move in. Any other buyers / potential buyers here besides myself and leo413?

  11. #26

    Default

    Looks like a great building - i personally saw this one, element, and hudson up there. i liked 10 west end best, just cuz it's on the avenue and has a parking lot (although would be $$ prob to park) vs. the element. Element and Hudson are in the middle of the street. all these bldings prob have high electricity costs in summer as floor to ceiling windows. but who knows - i like in a 400 sq foot studio now, so my bill is about $50/month.

    Also, these tax abatement things scare me a little bit, because while you are starting off at $88/month, many of these places ratchet up pretty high after 10 years and could affect resale (me thinks at least). So when you look at common and taxes alone, youre looking at $3000 easy - not even including the mortgage.

  12. #27
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default

    Quote Originally Posted by jennicak View Post
    Looks like a great building - i personally saw this one, element, and hudson up there. i liked 10 west end best, just cuz it's on the avenue and has a parking lot (although would be $$ prob to park) vs. the element. Element and Hudson are in the middle of the street. all these bldings prob have high electricity costs in summer as floor to ceiling windows. but who knows - i like in a 400 sq foot studio now, so my bill is about $50/month.

    Also, these tax abatement things scare me a little bit, because while you are starting off at $88/month, many of these places ratchet up pretty high after 10 years and could affect resale (me thinks at least). So when you look at common and taxes alone, youre looking at $3000 easy - not even including the mortgage.
    Okay, humor me -- I am fishing for general knowledge, not for specific customers, because I don't work uptown.

    New condos are 25% more expensive than co-ops; plus you have a feeling that the tax abatement will hurt resale ... so what's the draw??

    Is it the 10% down, the bypassing a co-op board, the ability to get self-closing cabinet doors?

    I have nothing against any of the individual buildings on this thread. It's just that I work mainly with high-end renters and prewar buyers -- and I'm trying to figure out what the attraction is of these new buildings, 'cause I'm truly, truly mystified, and I feel like I need to "get it."

    ali r.
    {downtown broker}

  13. #28

    Default Why I bought new--

    Okay, humor me -- I am fishing for general knowledge, not for specific customers, because I don't work uptown.

    New condos are 25% more expensive than co-ops; plus you have a feeling that the tax abatement will hurt resale ... so what's the draw??


    ali r.
    {downtown broker}[/quote]

    Why I bought new—starting with full disclosure. Manhattan apt is my second home. I commute from another part of the country. I have lived in a pre-war, and 1950’s well run apt. building. The following is why I bought a new condo.
    #1 Obtrusive co-op boards. Ridiculous inquires to ages of children, how much time I spend in NY. Did not want any part of it. Pulled out of the deal. Thought about having to resell with a co-op board approving the purchaser. Who needs the grief?
    #2 Bigger down payments for a co-op.
    #3 Better air conditioning in the new buildings, sick of thru-the wall units that are noisy, don’t cool like central air. Once you have central air nothing else competes.
    #4 Fully wired with internet, cable, and phones—wires not running all over your apt.
    #5 Halls and common areas that are stylish and new.
    #6 Water that isn’t brown (from old pipes)
    #7 Washer and dryer in the unit. New kitchen. Usually bigger bathroom.
    #8 Starting with a “clean slate”—don’t have to redo someone’s bad decorating.
    And regarding item #3 central-air—I bought in a building that has Climate Master A/C -heat units in the walls, a type of heat pump system that is common in Europe. Not exactly central air as I know it but quiet, efficient, and dehumidifies great.

  14. #29

    Default

    **re old condo vs. new dev condo**

    the other reason why i like new construction is because there is something nice about the fact that no one has lived in the building / room before. of course, im thinking about a redevelopment of a 1911 building, but brand spanking new is pretty nice.

    also, i like that i dont have to worry about decorating, buying a new fridge, oven, bathroom etc - if i dont like the way it looks now. and many of the new devs have floor to ceiling windows etc, which is nice.

    ..and the lower down payments are nice too.

    I will say though, there is a bit of a mcmansion aspect that i dont like - every apt the same with identical fixtures etc.

    now maybe im just one of those dumb lamb about to be slaughtered by the mega developer, but something nice about it.



    **re coop vs. new dev condo**

    i agree with everything media35 said. coop boards seem to obtrusive for my taste. i dont like people knowing all our business.

  15. #30
    http://tinyurl.com/2ag28z Front_Porch's Avatar
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    Default New vs. not-quite-new . . .

    Those comments are so helpful, thanks.

    ali r.
    {downtown broker}

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