10 West End Avenue

10 West End Avenue Front Shot

Overview:

10 West End Avenue is a 173 unit all-glass condominium at the base of the Upper West Side, in a rapidly-developing area called Lincoln Square. It is located between 59th and 60th streets at the dividing line between 11th Avenue and West End Avenue. It is being developed by Apollo Real Estate, who had a hand in the AOL Time Warner Center. The building will begin its closings in late May or early June 2007.

Price Range:

Units range from the mid $700,000s all the way up to $5,725,000 for the penthouse. Most of the one bedrooms are priced between $800,000 and $1.2M; two bedrooms run from $1.2M and $1.8M; and three bedrooms go from $2 million upwards. The building requires 20% down. If you buy early, they allow you to put 10% down and the other 10% at closing time.

Prices for units at 10 WEA are pretty good for brand-new construction, at around $1,050 per square foot. Indeed, the attraction for many buyers is the building’s reasonable prices (despite the fact that there have been three price increases since the sales office opened in Spring 2006). It would be very difficult to find another building that offers floor-to-ceiling glass with the kind of new construction amenities 10 WEA offers at the same price per square foot.

Common charges are around $600 to $1,200 per month, depending on the unit.

Concessions/Extras:

Thusfar, the sales team has not negotiated on any units in this building. Do not expect any sort of price break.

There is in fact a 421a tax abatement for 10 West End Avenue despite rumors flying around to the contrary.

Interiors:

Interiors are sleek and finished stylishly. The floors are cherrywood.
10 West End Avenue Living Room

The bathrooms are beautifully tiled with comfortably (thought not luxuriously) deep tubs. 1 bedroom bathrooms have a bath-shower combination; 2 bedroom master bathrooms have a separate shower stall.
10 West End Avenue Bathroom

The kitchens have Sub Zero refrigerators, Viking Ranges, and wine coolers.
10 West End Avenue Kitchen

Amenities

The building’s amenities include a 50 foot lap pool, cold storage for grocery deliveries, on-site parking, a fitness room, and a full-time concierge. 10 WEA is being marketed as very family-friendly, with a playroom by the Children’s Museum of Manhattan.

Outdoor Space:

Many of the units on the middle and upper floors have terraces. On the third floor, there are a few large terraces that were snapped up early. The largest outdoor spaces exist on either side of the building’s wide base.

Pet-Friendliness:

One pet of 40 pounds or less (small/medium dog, cat, etc.) per home is allowed.

Location:

10 West End Avenue is located in one of the most developing areas in all of Manhattan. Another new condo, The Element, is on the same plot of land, and a third condo, The Hudson, is adjacent. One block north, there are 2 other construction sites. John Jay College, which is just south of 10 WEA on 59th, is also developing a new fitness center.

10 West End Avenue Aerial

The growth of the area and the expectation of a good return on investment 3 – 5 years from now is one reason why a lot of people are buying into 10 WEA. It is priced slightly better than The Element and faces the water directly. It is also three avenues from the Time Warner Center and 1 avenue from Hudson River Park, which is expanding to become even greener. For those who haven’t spent much time along the water from 59th to 72nd street, there are numerous fields, lawns, piers, and a long boarwalk. It is quite beautiful there.

The immediate area has given rise to some concern among potential buyers, as it is currently somewhat bleak. Downtown on 11th avenue there is nothing but car dealerships and industrial-looking buildings, and uptown for about five blocks there are mostly new rental buildings – not much retail at all. The nearest supermarket is a Gristedes in the mid 60s on West End Avenue and a Morton Williams Associated Supermarket on 59th and 9th. Of course, the Time Warner Center has Whole Foods – probably the best supermarket in the city – but that’s a realistic 10 – 12 minute walk, which by Manhattan standards is a bit far. In the mid 60s along West End Avenue, there are a few furniture stores, but that’s about it for retail.

The nearest transportation is at Columbus Circle, where a number of subway lines run, as well as the 57th street crosstown bus.

The nearest gyms are the Crunch on 64th and West End Avenue, the Equinox at Columbus Circle, and the New York Sports Club at 61st and 9th. If you’re a jogger or bicyclist, you’ll be pleased to know that an idyllic, 6 mile long bike and running path is just one avenue west.

Investment Potential:

Optimistic 10 WEA buyers speculate that plenty of retail will follow when hundreds of families move to the area, raising home values. This seems correct, although certain buildings, like the Con Edison plant one block south across the street and many of the car dealerships, aren’t going anywhere.

There is also the issue of what will happen with the parking lot across the street, which is currently active with no plans to demolish it. Many believe that it is only a matter of time before Extell (who supposedly owns the site) puts another condo there, blocking all of the views from lower floors. However, nothing has been filed with the city at the present time.

10 West End Avenue Parking Lot

It seems as if the building is well-positioned to appreciate, but the growth of the area, the introduction of restaurants and retail, and the “community feeling” that exists just 10 blocks north, will be determining factors. 10 WEA purchasers might also take heart in the fact that the president of Corcoran recently purchased a unit in the Element right next door. If she’s betting on the area, then it’s pretty safe to say that others are too.

The Bottom Line:

A great new condo in an area with a lot of potential.

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