75 Wall
Miraval
One Jackson Square
The Rushmore Riverside
Superior Ink
Manhattan House
Overview
To get to Miraval Living, a new condo conversion on 72nd between York and East End, it takes a long time to walk to from the 68th St – Hunter College subway stop. It feels like you are walking to Queens. Most buildings in this area are fairly old, so you will see a lot of conversions coming on in the next few years. Considering the proximity to the hospital, and the average age of residents in this part of the UES, I expected a condo development for Seniors. Accordingly, I told the saleswoman I was shopping for my mother. As soon as I got out of the building, I actually called my mother to recommend it and frankly, I wouldn’t mind living there myself.
Miraval Living is the first building to be designed to the specifications of the famous Miraval Spa in Arizona. So they should be considered the developers, with the financing coming from Zamir Equities. With euro style interiors (Bonetti/Koserski) and classic american condo exteriors (Acheson Doyle) combined with the hospitality of Miraval, this building has every possible amenity you could ever need. The building is still under going conversion, and the first units will come online to actually move into a few months. The “Marketing Directors”, their exclusive broker, has already sold a lot of units, and prices are expected to rise around 5% by year end. So I say move now, or at least before the 2nd Avenue Subway is built (don’t hold your breath) and pushes up value even further.
Pricing
The pricing varies at Miraval. Pricing depends on view, square footage and layout. So there are some large 1 bedroom units on the top floor that cost more than 2 bedroom units 1 floor below. For a 2 bedroom unit with North West Exposure, you will pay around $1.4 million or $1365/sf. For an identical but South East exposure unit, you will pay $1.855 million or around $1600/sf. Then there are other 2 bedroom units with South West or North East, that are priced around $1.45 million.
As this building is chock full of amenities, the common charges are pretty steep. You will typically pay $900/month in common charges. This includes everything but specific spa treatments and services at the cafe. The taxes are similarly steep, at around $1500/month. So you will end up paying at least $2500/month on top of your mortgage, which is no pittance even with the amenities. It seems to me that they are targeting affluent people, whether they are young or old, so this is not a place you should go to if you are on the border of affording it.
The southeast exposure
Features and Amenities
All units have standard features. Beautiful walnut floors and cabinetry are present throughout. Everything in the kitchen is standard for a high priced condo, with Miele dishwasher and oven and Liebherr refrigerator. The thing that grabs you about the kitchen is the counter tops. They are Corian, which is a common polymer for countertops, but they are also bacteria resistant. They also boasted they were environmentally sustainable, but I am not sure what they meant by that, as polymer plastics are pretty environmentally damaging. A lot of the building is boasted as environmentally friendly, with recycled and renewable materials, a green roof and fresh filtered air. The bathrooms are very chic, with limestone walls and floors and glass-door showers with rain shower heads.
Every unit has a balcony, but since they were currently being constructed, I could not get an idea of their size. However, this does provide a perfect segue to my favorite part of this building, which is the views. Looking South East, you have beautiful views onto the river and the Queensboro bridge. Higher up (I was on the 28th floor) you can probably see all the way down the river. On the North west exposure, the first thing you see is a Con Edison Plant. This is not as bad as you think, it is a really old and beautiful building with a singular towering smokestack. Beyond the plant are views of the triborough bridge, the upper east side, and Long Island City. I know these views do not sound that great, but check the website, they are simply breathtaking.
The strength of the building is supposed to be the amenities, and they do not disappoint. The development includes a spa, fitness center, huge (56 foot) pool, yoga studio, park, cafe, and indoor garage parking. The building is staffed to the hilt too, with uniformed service staff, 24 hour concierge, and personal trainers, nutritionists and the like. Everything is included in common charges, except for actual spa services and food and drinks at the cafe, which serves breakfast, lunch, and dinner.
The Area
The Upper East Side is a double edged sword. It is quiet, nicely landscaped and everything you need is right in your neighborhood. There are everything from major hospitals (Cornell Medical Center) to luxury boutique like Roberto Cavalli, Yves Saint Laurent, and Ralph Lauren. On the other hand, sometimes it feels disconnected from the city. The subway, for the time being, is really far away. Additionally, there do not seem to be that many major employers in the area, with the exception of Sotheby’s Headquarters.
I think if you are going to live here, you are probably rich enough to take cabs, own a car, or use a car service, so all in all, the area is a treat.
Investment Potential
The per square foot prices ($1300 to $1600/sf) for these units are high, but not unreasonable for this area, especially when considering the amenities of the building. Plus, the 2nd Avenue subway speculation will always drive prices in this area. My only concern is the building stock in the area. In the next five years, there will be a lot more condo conversions or new condo projects coming onto the market, and its hard to see demand matching the absurd supply of condos that is continually being pumped into the market. Long term, you are probably okay, but the short term volatility in the market is certainly a concern.
As mentioned before, I recommended this building for my mother as an investment and part time residence, and I would do so again to anyone with the income to handle this property as an investment.
