Manhattan House
845 West End Ave
The Aldyn
15 Union Square West
The Rushmore Riverside
515 East 72
Overview
215 W 85th is a standard condominium conversion in a really nice part of town. The units are aggressively priced but the finishes and apartment details are very luxurious. The complaints will undoubtedly be the miniscule bedrooms and forced layouts–the same complaints typical of this sort of project. Douglas Elliman is marketing the project, which still seems to have most floors available.
Units and Prices
All the floors are pretty much the same. They come in around 1,300 feet and have 3-bedrooms. Of the 3 bedrooms, the master is found in the rear and is a decent size. It also has a terrace you can step out onto which faces north. The two windows found in the master give it decent light. The living/dining room is found in the front of the apartment, overlooking the street. It also has two windows along with a fireplace. The views from the front are partially of Broadway but mostly just looking onto 85th. The highest floor partially clears the townhouses across the street so the view is better. That unit is listed at $1.75M or around $1,300/foot. Carrying charges come in around $1,100 and taxes are about the same. The other units come in between $1.6M and $1.7M.
The thin hallway leading from the back of the unit to the front also have two petite bedrooms, the elevator, and access to the stairs. The kitchens are open in the front near the living/dining area. Units do include washer/dryer.
Features & Amenities
The developers have done this project right, with high ceilings (10 feet) crown moldings, and fireplaces. These really enhance the warm, pre-war feel of the building. The new chefs kitchens have granite counters, stainess steel appliances and a wine fridge. The bathrooms are equally luxurious with jacuzzi tubs and steam showers.
There is no doorman (only a handful of apartments) but there will be video surveillance in the lobby and private key-locked elevators.
Location
To the building’s credit, it’s located just off Broadway on 85th street, steps from all major transportation, shopping, restaurants, nightlife, etc. The area also has a family feel with strollers everywhere, playgrounds, Central Park a five minute stroll and various synagogues and chruches. The neighborhood is very convenient and desirable.
Investment Potential
At the current prices (which have already been reduced twice) I don’t think the building represents a ‘killer investment’ so to speak, but the prices aren’t too far off. I’d say these units should sell around 1,200/foot, or about $1.5M. Obviously the highest floors should go for a bit more. The units may sell before any other price decreases because the area is very hot and 3-bedrooms just aren’t that easy to come by under $2M. We give it a B for investment potential.
