Overview

Just down the street from the Duplex condominiums we have this project. It’s not a large building–just 6 floors–but the units consume the full floors. Overall it’s a nice conversion with luxurious details. Because of its small size the building doesn’t have the usual laundry list of amenities. It will appeal more to individuals and families looking for a decent amount of space at somewhat reasonable prices. One might also notice the building comes with a level of privacy not found in many larger projects.

Units & Prices

Most of the apartments are full floors. The two penthouse units are two combined half floors, offering a split level effect. All units are roughly 1,500 square feet and are priced between $1.8 and $1.95 million. The price per foot comes in around $1,200 which could put you in a luxury hi-rise, perhaps with slightly less footage. The Elliman website indicates most of these units are still available. Common charges, including monthly taxes come in around $1,000. That is about 75 cents per foot–a plus for the project but not all that surprising given the lack of amenities.

Features & Amenities

Each unit has outdoor space in the back (not facing the street). The elevators open directly into the apartments with key locks. There is central heat and air, and hookups for a washer and dryer. Obviously you won’t find a doorman in such a small project. The downstairs has a video intercom security system controlled from within each unit. There is also a common roof deck, bike room, and storage.

The interiors features are done very nicely. Kitchens appliances are very high-end (SubZero, Miele, Wolf, etc). The bathrooms have limestone and deep-soak tubs.

Location

81st Street is fairly quiet. This block is mostly residential with a cute little restaurant closer to 3rd Avenue and a few scattered stores. Most of the retail is on either 2nd or 3rd Avenue. You are a 10 minute walk to a great section of Central Park and Museum Mile. The second avenue subway should be making its way nearby within a few years which could ultimately give the neighborhood more price spikes.

Investment Potential

Its hard to find a bargain in this part of town. I think the units could have sold out already had they been priced 5-10% lower. At the current prices they represent a fair deal in a growing neighborhood which will continue to improve over the next five years. We give the building a B for investment potential.

This entry was posted on Tuesday, January 22nd, 2008 at 12:16 pm and is filed under 236 East 81st 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.