Overview

There is an interesting conversion going on at 235 West 71st street, a very short stroll from the major 70th-72nd street intersection on the upper west side. The area is full of pre-war, architecturally significant buildings along with the tasteful brownstones which line much of the upper west side. The developer is Dominion Management with James Rinzler as principal. I think the marketing firm is Brown Harris Stevens (reported in the December issue of Real Deal) but when I called BHS to get a press kit, they had no idea which building I was referring to. So, I’m not sure where to direct interested buyers, but I can tell you what I’ve observed so far. Rinzler, by the way, has made his way into the papers several times over the past few years. He seems to have a hand in plenty of smallish conversions which get people talking.

Features and Amenities

It’s hard to see the building behind all of the scaffolding, but I’ve read it’s 10 stories with a beautiful 2-story limestone base and corner stones. The conversion will focus on revitalizing the interior to match the gracious exterior. When finished, amenities will include a gym and children’s playroom. Considering how large these units are families will clearly be a marketing target.

When I walked by the building at 9:00 yesterday morning it was a beehive of activity. There was a truck attempting to tow away a green bin full of demolition waste which was very interesting to watch. There must have been a dozen construction workers on the job, some downstairs, some upstairs and plenty of fascinated onlookers.

Units & Prices

The conversion should be finished sometime in the next few months. The units are large with generous layouts. Prices range from $3.8M for 2,000 feet to over $10,000,000 for the 4,700-foot top floor.

Interesting Fact

CityRealty reports that Irving Berlin lived at 235 West 71st Street at some point. Other reports indicate that composer Alec Wilder lived there as well, probably during childhood. So we’ve found ourselves a ‘musical building.’ That works well considering the building is 6 blocks from Lincoln Center.

Location

This condo is located on 71st between Broadway and West End Avenue. It’s a great little side street which is mostly full of other boutique apartment buildings and townhouses. For those who haven’t been to this intersection, Broadway and Amsterdam meet up around 72nd Street. It’s buzzing with activity from the plethora of shops and restaurants and the express subway line located in the center of the intersection. This building is also steps from some of the most beautiful co-ops in the city, including the Ansonia and the Dakota.

Central Park is very close, midtown is accessible, you’ve pretty much got it all.

Investment Potential

I can’t give too accurate an opinion about investment potential yet b/c I haven’t found much detail about the project. The preliminary numbers suggest $2,000/foot and up. That may sound high at first, but if the interior fininshes are as impressive as one might expect, the price could be about right. Buildings with very large apartments like this tend to be a bit more exclusive than those ridden with one-bedrooms. We’ll award a B for now and await details from the sales office.

This entry was posted on Friday, January 11th, 2008 at 10:17 am and is filed under 235 West 71st Street. 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.