Overview

The cache of having a cool address matters more in New York than perhaps anywhere else in the world. Residents of this thin strip of exclusive real estate derive immense pleasure from addresses which include slick numbers such as “200” and words in the address such as “Union Square” or “Central Park West.” Presumably, people all over the world can make sense of such an address. That cache could be yours by owning a converted condo unit at 212 East 47th Street. No marketable name was needed for this building; it carries the area code of this island, “212”, and developer Extell and marketing agent Corcoran, felt that was enough.

212 East 47th street is, as branded, “the ultimate Manhattan address.” In the heart of Turtle Bay, 212 (there is even a satisfaction in typing it) is a modest condo conversion offering generous spaces at affordable prices. Formerly a high-rise rental, at 35 floors, the lobby and hallways have already been redone and a brand new “Public Space” is under construction on the 2nd floor. The work continues on the individual units as they become vacated by their former tenants with an eye towards closings by end of this year. With a move-in date by March of ’08 don’t be surprised if someone saying, “take me to 212” gets a place next to “key to the park” in the ever-growing NYC vernacular.

Units and Pricing

At press time, this 261-unit building is already 30% sold As this is a conversion, the layouts mimic those that existed when the building was solely a rental high-rise; do not expect innovative and expansive floor plans. 2 Bedrooms appear to be the most desirable; those units are the most affordable for what they offer.

The Penthouse floor offers unit G, a 911-sq foot 2BR/2BA with a 52sq ft Balcony that would give a resident South and East exposures. At $1350ppsft that puts it at the high-end of 212; however, the East view on a high floor is the most coveted as it is a clear view of the East River. Lower floor units, minus the balcony and Eastern view, can go for $1065ppsft.

Small families will be attracted to the 3BR/2BA units that start at $1.325M and top out at $1.609M. Price per square foot, the units range from $1142ppsft to $1387ppft. All 3BR units are the same floorplan (1,160sft) and are on the building’s F line offering South and East exposures; again, the higher the floor, the better the view as even the south view, below the 24th floor looks into an office building. In today’s market, a 3BR/2BA with Balcony space and East River views for well-under $2M, is something to consider.
First time buyers that are either single or newlywed will find ease on the wallet with the 1 Bedroom units. Ranging from unit 23A which is a 628sft N/W facing unit at $669K to unit 30B which is a 710sft N facing unit at $811K, the units are still very affordable.

Because the unit is a conversion, monthly real estate taxes do not reflect exemptions or abatements found in other new developments. Common charges; however, are a bargain. At under $1 per square foot, $0.82-$0.85 to be exact, the common charges of this building undersell any building in the area.

As is the case with new developments, not all units have been made available to the public.

Interiors

All units come with one of the three finishes being offered at 212. Each finish is a package of flooring paired with cabinetry, along with matching bathroom floor, walls, and vanity.
Collection 1 features kitchen and main space flooring in natural wood, with moon white granite kitchen counter tops. The backsplash is a Calacatta marble brick mosaic and wenge wood lower cabinets. Upper kitchen cabinets are aluminum framed frosted glass. The bath vanity matches the lower kitchen cabinets, and meets the Gris DeSienna limestone with soothing contrast.

Collection 2 features kitchen and main space flooring in French white oak with Gramercy stain. The Kitchen counter tops are crystallized white glass which is bacteria and scratch resistant. The cabinets are rosewood, which warm up the kitchen with their dark color. The crystallized white glass climbs up to complete the kitchen backsplash. Bathroom counters are Grigio Carnio stone atop the mahogany vanity which rests on the dark Grigio Carnico marble bathroom floor.

Collection 3 offers more brown hues with the Berti wood Jatoba, and Venetian brown stain as the flooring and the brown-toned Gaudi marble in the bathroom. The kitchen countertops are the crystallized white glass and the backsplash is similar to that in collection 1. The bath vanity is Tabu wood underneath the Mayorca limestone bathroom counter which is smooth and clean.

Any choice of finishes would be a smart one; the developers, Extell, work only with the finest products. Altair Lofts in the Flatiron district, which start at $3.25M, and Ariel East & West on the UWS, round out Extell’s portfolio in Manhattan. “212” is their first and only condo-conversion, and their least-expensive property. However, their tastes do spill over into this development when it comes to the finishes.

Amenities

The low common charges do not adversely affect the amenities offered by “212.” An atrium lobby is manned 24-hours by a Concierge and Doorman. Currently under-construction is the public space featuring a media lounge, business meeting center, and a fitness center and yoga studio designed by La Palestra (renowned for their ability to blend the medical and fitness industries). The most sought out feature in Manhattan real estate, outdoor space, is offered at “212.” There is a rooftop garden, beautifully landscaped, offering panoramic views of the city and beyond from 35 stories up.

Area

The Midtown East area, or Turtle Bay – the enclave within the Midtown East area, is walking distance to Grand Central Terminal which means vast access to mass transportation, gourmet food and retail shopping. 212 is within walking distance to public spaces such as Dag Hammarskjold Plaza, UN Plaza, and the East River. Being located in a large business district allows residents of 212 to take advantage of the fine dinning along 2nd, 3rd, and Lexington Avenues where restaurants include The Palm, Smith & Wollensky, and Brasserie.

Interesting Fact

The building is boasting “212” as part of the “Turtle Bay” area, but WHERE does that name come from? Some say it is due to a once turtle-filled creek that emptied into the East River Bay while others claim it is a distortion or derivative of the Dutch word “Deutal”, which means bent blade.

Investment Potential
With its affordable units, palatable layouts, and on-par amenities this building would be attractive to investors. A 2BR/2BA on 49th Street and 2nd Avenue, in a similar building, rents for $5,000.00. Doing the math, an investor would have to put down 60%, or $600,000, on 2BR/2BA unit in order to break even on a monthly rent of the similar price. “212” started out as a rental building, and if enough investors catch on, it could end up back as one.

This entry was posted on Sunday, August 5th, 2007 at 9:33 am and is filed under 212 East 47th Street, Blogroll. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.