Overview

With the speculation that at any moment the “bubble” is going to pop, and the constant headline warning Americans of foreclosures because of rising mortgage rates, the apartment hunting process is more strenuous than ever; people prefer the dentist over apartment shopping, is the rumor. If you can tolerate so-so customer service, and don’t mind being part of a condo-conversion whose transition doesn’t look as smooth as planned, you are going to find a great deal at The Sabrina.

Rentals-turned-condos is still a trend on the rise; with rents steeply increasing, New York’s invisibility to the down turning mortgage market, and the demand for generous space on the Upper West Side, it is most reasonable for developers to capitalize on great opportunities. The Sabrina conversion project is just one of those opportunities that would make both buyer and developer very happy.

This pre-war building, built in 1923, is redolent of Upper West Side charm and historic architecture. The lobby is adorned with ornate details (although could use a polishing) and attended full time with a street through entrance, allowing residents and visitors entry on either 97th or 98th street. Just between Broadway and West End, the quiet, residential neighborhood flanked by Riverside Park to the west and Central Park to the East, you are bound to find yourself, affordably, in part of the neighborhood all New Yorkers envy.

Units and Pricing

With 14 Floors and 167 units, there are floorplans for everybody–whether single or a full family.

A studio on the higher floor is available at $850,000. With South and East exposures it is not nearly as stuffy or cramped as studios with just one. The plenty-of-sunlight, 550 sq foot studio comes in at $1545 a square foot.

Craving a classic 6? One can be yours, on a lower floor, for under $2M. Apartment 2H is a classic 6 with 2 bedrooms plus servants quarters (more on that later…) and 1.5 baths. A generous dining room, plus a separate living room that overlooks Broadway, gives this 1400 sq foot apartment a price tag of $1.75M or $1250pp/sqft. CC’s and taxes are approximately $1,520 a month.

Families desiring space at non-Gold Coast prices should check out The Sabrina. Where 15 Central Park West’s Penthouse set the buyer back $42M, this penthouse is asking just $5.245M. With 3600 square feet of indoor space and just under 900 of outdoor, this is quite a home. Four original units make the triplex layout unbelievably spacious as it allows for 8 bedrooms, 6 bathrooms, library, art-gallery, and private dining room. With an architect in tow, one could have 740 Park Avenue life, at an out-of-state price.

There are duplex 4-bedrooms available. 4 bedrooms lined in a row on one floor and living space on the other; the higher the floor, the higher the price. 4 Bedrooms start at $2.3M and top out just under $3M for a 12th floor unit.

Common Charges are some of the most affordable around – starting from $0.60/sqft and not staying around $1/sqft. Because the building is a conversion, it is subject to standard real estate taxes; there are no abatements.
Interiors

The interiors maintain their original details; that is a huge selling point. Vaulted ceilings aren’t conceived by some high-brow architect, nor are the beautiful arched entryways or restored hardwood floors recreations brought to us by a modern flooring company. Everything is original.

Separate dinning rooms and living rooms, and separate kitchens are commonplace – as they were back in the 1920’s. There are even servants’ quarters which are being counted as an extra room; however, with 12’x6’ dimensions, they won’t be used as anything more than storage, laundry, or office space. Bedrooms are not obstructed by oddly placed poles (read: Financial District conversions where odd columns are centered in bedrooms), and each has its own closet.

The units take you back to a time when functionality and logic came before design and space conscientiousness.

Kitchens will be renovated and updated to offer something new for purchasers. However, do not expect top-of-the-line (despite their saying “top-of-the-line”, what you find here is below what you’d find at other, “chic” buildings), expect functional and decent. Nothing ostentatious, nothing significant – The Sabrina will maintain its original grandeur and architectural detail and will not bend to current development trends.

Amenities

What is the trade off when getting reasonable prices and even more reasonable common charges? Less amenities. Beyond a full time doorman and laundry room, as the sales rep put it best, “does this building really need it?” To expand that point, the building is catering to a middle-class New York (we know, we didn’t think it existed either). The building is marketed towards unpretentious families looking for a safe haven on the Upper West Side.

Area

Riverside Park to the West and Central Park to the East, public outdoor spaces are very close by. The Symphony Space offers eclectic concerts, films, and festivals year round and is just two blocks away. Immediately on Broadway there is a Duane Reade, Starbucks, and all the other chain retailers one could find in any condensed Manhattan area. Great dining and marketplaces are not too far away; Fairway is down on 74th, Tom’s Restaurant (made famous from Seinfeld) is on 112th, and H&H Bagels is on 80th – all of these just a short cab ride, or brisk walk away. To be fair, it’s not the “most prime” section of the Upper West, but it’s not too shabby.

Interesting Fact

The UWS has been the backdrop of too many movies to name, but it has become a “character” itself in such famous movies as: West Side Story, American Psycho, Ghostbusters, You’ve Got Mail, and several Woody Allen films – Manhattan and Annie Hall. Constantly the tree-lined streets and Art Deco buildings of the area make their way onto silver screen. Purchase an apartment at The Sabrina, and you could be starting a long career making cameo appearances.

Investment Potential

The Sabrina does allow for corporate ownership and Pied-a-Terre purchases. With the reasonable 10% down, it’s a condo in a co-op neighborhood. That certainly is attractive to anyone looking to make a quick dollar – purchase the apartment, renovate with more exquisite finishes, and flip. Also, with the apartments retaining their pre-war character, and incredible charm, no matter what the market is doing, there will always be a buyer salivating for units like this. We rate the Sabrina a B+.

This entry was posted on Monday, September 24th, 2007 at 3:14 pm and is filed under Blogroll, The Sabrina Condo - 240 West 98th 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.