Overview

The Wellington Tower, built in 1999 and converted to condos in 2005 is somewhat of a contemporary anomaly in its design. The trend of turn of the century building (a phrase that will have increased resonance when applied in 40 years time…) was towards the plain and functional. Developers RFR Davis, who from the mid 90’s embarked on an aggressive building surge on Manhattan’s east side, embellished this project with almost Art Deco flourishes. It has sturdiness about it helped by the limestone base that forms the first two stories and detailing such as arched windows and limestone battlements on the terraces. Benefiting from an impressive list of amenities it was perhaps a natural choice for a condo conversion as prices rocketed in the last 5 years. Architects Shuman Lichtenstein Claman & Efron also collaborated on the project.

The front entrance of the Wellington Tower

Units and Prices

Of the original 151 apartments spread over 19 floors six remain available. Sales began early on 2006 so as we enter the last few weeks of 2007 the take up has progressed at a fairly leisurely place. Not too much of a problem for RFR Davis I’m sure as their shrewd land purchasing policy when prices were low in the mid-nineties is undoubtedly paying huge dividends.

The one remaining studio is on the eighth floor and is priced at $570,000 for 620 square feet working out at $919 per foot. The three available one-bedroom units are all priced at $750,000 but with square footage at 706, 722 and 747 respectively. The same pricing for different footprints perhaps reflects light or noise issues as the layouts are basically the same with the bedroom dimensions accounting for most of the difference. The per-foot prices pan out at $1,062, $1,039 and $1,004.

All the two-bedroom apartments are sold or have contracts out but one three bedroom remains. Priced at $1,725,000 for 1,355 feet, this gives a per-foot figure of $1,273 and the apartment boasts a 1,104 sqft terrace.

On the 14th floor $2,750,000 will buy you the one remaining four-bedroom unit at $1,455 for the 1,889 of well-designed space. This also boasts a 995 ft wrap around terrace. Incidentally, in addition to some of the design flourishes on the façade RFR Davis thoughtfully added trellises to the terraces.

Features & Amenities

Compared to the high design of most of the new condo buildings coming on to the market the units are fairly conservative in style. Black granite counter tops contrast with white cabinetry in the kitchens and bathrooms and stainless appliances by GE Profile are more solid than bling. Most apartments have generous ceiling heights up to 10 feet and oversized windows. Closet space is more than adequate and units on the 14th floor and above have gas fires. Overall the impression is one of conservative lines and colors, not overly designed and with a comfort level suitable to its Upper East Side buyers.

A notable feature when it was built was the high standard of amenities and while the market has caught up and in many cases exceeded what is here it still has a fine selection of services. Concierge and maid service is available along with a fitness center, year round pool and spa facility. A community room and private lounge is available and the on-site garage offers valet parking. A huge draw for the building is PS 290 just down the block, one of the best schools on the UES and the building has an impressive children’s playroom to cater for the families attracted here..

Location

Situated on the corner of First Ave the Wellington is not in the most pretty, elegant section of the UES but 82nd street is tree lined and the retail, particularly as you head west onto 2nd and 3rd Avenue is eclectic and free of the overwhelming presence of chain stores. This mix is what makes the UES attractive to many and it is of course within walking distance of Central Park. Transport is provided by the 6 train with the 77th and 88th St stations being almost equidistant on Lexington Ave. it is this limited transport that has kept price inflation lower on the eastern side of the neighborhood, a factor that will change if the 2nd Avenue subway line ever gets built.

Investment Potential

The UES is usually a good bet, the combination of schools, Central Park, the museums and choice of retail and restaurants combine to keep it an attractive choice for many. Prices on the remaining units are a little high but there is probably some wriggle room there. Going forward the zoning for and proximity of PS 290 will always create demand for the larger 3 and 4-bedroom apartments. For its decent amenities, well laid out floor plans and the fact that it’s a condo on the UES, we rate it a B.

This entry was posted on Tuesday, November 20th, 2007 at 2:38 pm and is filed under Blogroll, Wellington Tower - 350 East 82nd 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.