Overview

Located between 1^st and 2^nd Avenues, this condo conversion was originally built in 1880 as four separate but contiguous brownstones. In 2004, developer American Development Group purchased the buildings to create 23 uniquely shaped condos. ADH specializes in high-end condo conversions including 123 Baxter Street and 43 East 30^th. Combining these walkup buildings into a cohesive condominium required a laborious, gut renovation of the interior. Kushner Studios and Penelope Kim Design worked together to bring these classic brownstones to the millennium, with a combination of contemporary architecture and old world charm.

Units & Pricing

Among the 23 apartments are a variety of different layouts including traditional 1 and 2-bedroom units, as well as two townhouses with double width English gardens and two penthouse units with private roof terraces. Prices range from $995K to $3.5M. While the building has already closed on several apartments, four remain on the market and another four are in contract. One of the more interesting configurations still available is unit #1D, which had a price reduction five weeks ago of $200K, and is now listed at $2.195M. This triplex townhouse has a private entry from the street and has 2 bedrooms and 2.5 bathrooms spread over 1,991 square feet. Common charges for this unit are $2,066 per month and taxes are $767 per month.

The street “cellar” level is simply a 26’x 20’ open room with a closet, ideal for a professional, such as a therapist, who would be seeing clients from home. Going up the private stairs to the first floor, there is a custom-designed kitchen, living room, office/second bedroom, 1.5 bathrooms and a whopping five closets. The second level is seemingly the most awe-inspiring; the entire floor is the master suite, featuring a large bedroom and bath, along with three closets and a private balcony.

Features & Amenities

M at Beekman’s main entrance is the middle of the three doors and it opens automatically when you walk up to it. As you go through the narrow corridor you are greeted by a doorman and a simple but tasteful lobby, with access via elevator to the majority of the units (excluding the two that have entry directly from the street).

Perhaps the most interesting feature of the building is the spa-like master bathroom. The spacious layouts feature Bain Ultra Temazkal Shower Cabins with wood planked bottoms, as well as Chromatherapy tubs, radiant heat fossilized slate floors and glass tiled walls. A mixture of heat, light, color and water is meant to soothe both your body and soul. I get it—sort of, although those shower cabins remind me a bit too much of a cruise ship bathroom.

In addition to common amenities including a doorman, gym and central air conditioning, the building also enlisted the services of Kelly Killoren Bensimon (formerly of Elle Magazine) as “curator” of M at Beekman’s exclusive collection of luxury services. As a resident of the building you are entitled to special deals and accommodations with a host of New York establishments including Henri Bendel, FAO Schwarz, Hampton Luxury Liner and Mikimoto, just to name a few. For a full list of services available you can visit the website.

Location

Situated near the historically revered enclaves of Sutton and Beekman Place, this east side neighborhood features a mix of small retail shops, restaurants and architecturally interesting pre-war buildings. A Food Emporium supermarket is only a couple blocks away and a large Equinox fitness center (if you don’t want to use the one in the building) is located at 2^nd Avenue and 54^th Street. Until the third phase of the 2^nd Avenue Subway is complete (slated between 2015 and 2018), the closest subway access is the 6 train at 51^st Street and the E and V trains at 53^rd Street, both crossing at Lexington. There are fairly frequent buses at 1^st and 2^nd Avenues, as well as a cross-town going across 49^th and 50^th Streets.

If you enjoy walking, this location is within a reasonable distance to Midtown offices, Rockefeller Plaza, Saint Patrick’s Cathedral to the west, as well as the United Nations and the East River Promenade to the east.

Investment Potential

The neighborhood has usually been home to older, more established New Yorkers meaning there is not much around that is super trendy or hot. This is supported by the prices for this building, which are lower than in other areas such as downtown, coming in at $1,102 per square foot. With that said, it looks like the area is gearing up for an influx of new residents with all the nearby construction. The anticipation of the new
2^nd Avenue subway line is drawing people to the area who never thought about it before, as there is anticipation that prices will increase once the area becomes more accessible.

A downside for some buyers may be the look of the exterior of the building, which combines a very traditional façade replete with street-facing steel fire escapes with post-millennium square glass balconies and a modern rooftop addition. The layouts could be considered ‘on the strange side’ as well. Depending on one’s personal aesthetic tendencies, this could decrease interest in the building.

We give the building a hesitant B for investment potential and would love to hear from anybody who has taken the sales tour.

This entry was posted on Sunday, February 24th, 2008 at 4:17 pm and is filed under M at Beekman - 343 East 50th 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.