Solid Gold Values

Continental Towers, built in 1975 and converted to a condominium in 1986, has shown “Solid Gold Values.”

Today, the average PPSF (Price Per Square Foot) is $1673.00, which is an 11% increase from 2016. PPSF closed at $1507 at the end of 2016. During the darkest days of the 2008 Financial Crisis, the maximum PPSF (Price Per Square Foot) decreased by only 18.33%.

Continental Towers has achieved continual growth in value thanks to its dedicated board of managers and their hands-on knowledge, expertise, and attention to detail. Continental Towers is known for having some of the lowest common charges on the Upper East Side.

Recently the building experienced a complete $1MM hallway renovation.

In compliance with Local Law 11 (Link) the building facade is now being inspected and repaired. The scaffolding is targeted for removal by the end of June, barring any major issues with the facade and brick repairs. Once the scaffolding is removed, the building will begin the renovation and  replacement of the sidewalks. Following the sidewalk replacement we will get ready for the lobby!

Does anyone want to buy the chandelier??

Around the Neighborhood

Quatorze Bis

The addition of a sign perched above Quatorze. Yes, it is a FOR SALE sign! The building is for sale and priced at $15M. You will see from the broker’s description the new building could rise up to 12-14 floors.

From the listing:

DEVELOPMENT SITE BUILDABLE TO 27,670 SQUARE FEET. 323 E 79, our newest exclusive listing, is a 27′-wide building with 8,080 SF on a 102′-deep lot, buildable to 27,670 SF for both residential and community facility uses in an R10A zoning district which permits base height of 125′-150′ and total height of 210′. Based on a community facility footprint of 27′ x 82′ = 2,214 SF, the 27,670 buildable SF could be efficiently allocated on 12.5 floors which would fit easily within the maximum 150′ base height. Based on a residential footprint of 27′ x 72′ = 1,944 SF, the 27,670 buildable SF could be efficiently allocated on 14.2 floors which could fit within the maximum 150′ base height, but we would recommend construction of at least 1 penthouse level set back above the 150′ building base. In fact, for residential use it might make sense to explore a design that features a 125′ minimum base with a set-back tower rising up to the maximum 210′ height allowed in the zone. The building is delivered vacant and additional square feet with high ceilings can be built below ground. This property has the advantage of excellent light and open views as it sits on the north side of extra-wide E 79 with a sunny southern exposure.

Nancy Lee’s Pig Heaven

Great food, great service, and Nancy Lee is the best! She greets you at the door and makes sure your evening is perfect. As a life-long New Yorker, this is the place to go for Chinese food. You will love it! (Menu)

• The Empty Lot

• 
  301 East 80th Street
  

According to the NYC Department of Buildings, a permit was filed by CM and Associates in April, 2017 to construct a new fence.

BuzzBuzzHome reported that SLCE Architects has been chosen as the architect for the upcoming project. 301 East 80th will be in good company. SLCE is the firm who designed 432 Park Avenue and One57. (Click for projects by SLCE)

Icon Realty plans a 30-story tower. Six pre-war apartment buildings were purchased beginning in 2007 to make way for the 438-foot-tall development, which will hold only 63 apartments.

A host of amenities would occupy the cellar floors, including a basketball court, yoga room, gym, children’s play room, game room, and lounge.

• How Much Did It Cost?

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  Air rights on Second Avenue
  

Icon paid $3 million for the air rights
and the following for each building.  You can identify the buildings by the restaurants that occupied them.

1538 2nd Avenue (Cascabel Taqueria)
$12,700,000
1540 2nd Avenue (Nancy Lee’s Pig Heaven)
$4,000,000
1542 2nd Avenue (Cantina)
$4,000,000
1544 2nd Avenue (Toscano)
$8,000,000
1546 2nd Avenue (Johnny Fox)
$8,000,000

Key Excerpts

In the first months of 2017 both the pace and the volume of New York real estate transactions accelerated. In the $5 million and above marketplace, months of doldrums were supplanted by strong and incremental deal flow. Trading improved in the new condominiums, even at the higher price points, and a mood of tempered economic optimism has so far countered the inevitable rise in interest rates, which has now begun to impact the mortgage marketplace. It was a strong quarter throughout New York.

We continue to see high transaction volume fueled by limited supply in the market for properties priced under $2 million. One of our Upper West Side Open Houses in February literally had a line around the block of buyers waiting to view the unit!

The upper market still has a fairly thin constituency, although we have seen a few particularly desirable, well priced properties going to multiple bids. There is a limited number of buyers for these units; the big change is that these buyers are ready to act to secure what they want. This change in buyer behavior has substantially boosted absorption rate for units priced at $3 million and above.

The attributes which make properties “must haves” remain the same: location, price and condition. Two recent sales of Upper East Side exclusives illustrate the importance of these attributes. Both are in highly regarded buildings, both are in lovely condition, and both sellers priced for sale and not for ego gratification. Although neither attracted a huge influx of buyers, both brought in the RIGHT buyers. They sold quickly, and either at or close to their asking prices. That is the behavior of an efficient market. At the same time, there are still units which have only one, or even two, of the three attributes described above which linger after months on the market. And the conclusion is clear: if you don’t have the location and/or the condition, that needs to be reflected in the price.