CO-OP/CONDO BUYERS

While we wait to hear whether Demi Moore's swank Central Park West penthouse sells for $75 million, setting an Upper West Side co-op record, a condo at One57 on Billionaires' Row got a bit of love on CNN Money. Purchased on December 23, the two-level duplex penthouse set a mystery buyer back $100,471,452.77. The record-breaking sum is reportedly the highest price paid for a residence in New York City. That certainly sets the bar high for luxury condos. So what does the mystery buyer get? Breathtaking views of Central Park, access to in-room dining and spa services, a swimming pool, and cleaning and dog-walking amenities. What's a few million among the mega-rich, though? Any bets on when that record's broken?

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Buying a co-op apartment — that is, purchasing shares of the corporation that owns the building — ain't easy. One of the many hurdles a potential buyer has to overcome is the dreaded board interview, not to mention having to successfully tackle the admissions package. The board has to scrutinize you, in part, to ensure that you are the right fit for the building; that you will be a good, courteous, and conscientious neighbor; and that you can afford your apartment. There will be background checks and credit checks and you may not get in. But what happens when you get in and then do something to smear your record? What happens if you find yourself pleading guilty to defrauding the government of more than $165,000 in a 9/11 scheme. A shareholder in Hastings-on-Hudson asks Ronda Kaysen in this week's "Ask Real Estate" column in The New York Times whether the board has any grounds to get this guy out of the co-op. And the answer is probably not what you might expect. Had this shareholder committed a crime prior to purchasing the co-op, it would have shown up on his background check and very likely lost him his chance to buy into the building. But as this happened after he was already a shareholder, well… Kaysen points out that although this guy "might have committed a crime… that fact alone does not make him a bad neighbor, nor does it mean he should lose his home. Although co-ops reserve the right to evict residents under certain circumstances, this is not one of them." The bottom line is that a board can only evict current shareholders "for doing something that harmed either the building or its residents." He's not defrauded the co-op, so he stays.

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With all the new construction happening in New York City, including towering luxury condos made of glass and steel, it's easy for the more nostalgic among us to mourn how much and how fast the city is changing. Yes, all those shiny buildings may symbolize modernity, but it's transforming a city that was once so appealing, so unique — because of its beautiful, ornate architecture — into one that, at the end of the day, is just like any other big city. The Singer Building is long gone. The Drake Hotel is no more. We still have the Woolworth, thank goodness. It's not too homogenous yet: you can still walk around and see beautiful brickwork. And not all of the new buildings that are rising all over the city are all glass and steel, even if they are still very tall. The Sutton — a 30-story condominium rising at 959 First Avenue — may be too tall for some people's taste, but it is trying to fit in with nearby traditional walk-ups and the overall historic flavor of the neighborhood with its design. Or is it? The New York Times reports that the "building will be clad mostly in brick rather than in glass and steel, 'to be reflective of a lot of the buildings that were erected a century ago,' [according to] David Von Spreckelsen, the president of the New York City division of Toll Brothers City Living, the owner of the Sutton, which recently started selling its 113 apartments." Mostly clad in brick… but there's still a lot of glass; the rendering looks rather boxy and doesn't really evoke that gorgeous, old New York. 

Rendering of the Sutton from Toll Brothers City Living. 

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Living in New York means getting used to seeing places come and go. Sometimes when a place goes, however, you wonder what took so long. The Pavilion Theater in Park Slope was never a great place. It wasn't horrible, either. In fact, for all its faults and imperfections, it was a godsend to those who lived within walking distance or a stop or two on the F train. The sulky teenage staff and cramped seats were a small price to pay for convenience. The Pavilion is hardly a landmark, but it sits in a historic district, so that it has lasted this long — as the neighborhood's demographic changed and prices skyrocketed — is kind of remarkable. That it's lasted this long even after a bedbug scare and increasing complaints about questionable customer service is, in every sense of the word, incredible. But you see where we're going with this, don't you? DNAinfo reports that "developer Hidrock Realty will renovate the inside of the landmarked Pavilion to create 24 condos inside, as well as a retail space and 16-car parking garage." And a "'high-quality' theater will replace the historic cinema." 

Photo by Kate Leonova for Property Shark 

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Wanted: co-op seeks new board member. Must be willing and able to do a lot of work, invest a lot of time, cope with various personalities. Compensation is a smooth-running building. Interested? Last week, we shined a spotlight on how a board works — specifically elections and proxies — for those who have never served on a board before and are thinking about throwing their hat into the ring.

This week, we take a closer look at the venue. 

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It is the best of times, it is the worst of times, it is the tale of one city, and the tale of the two socioeconomic classes that inhabit it. The 1 percent has arrived in Manhattan. The luxury condo is rising up everywhere you turn. The chasm between rich and poor, the haves and have-nots, is growing. How much? Brickunderground reports that at "a recent Symposium on Inequality at New York Law School, sociologist Andrew Beveridge, who's the co-founder of data site Social Explorer, revealed that [Manhattan] now holds the distinction of being the 'most unequal county' (of counties with more than 100,000 residents) in the country." CityLab crunched the numbers and if we examine Beveridge's findings, we'll find that the top 20 percent of earners make — sit down — 43 times what the bottom 20 percent makes. And that bottom 20 percent is vying for spots in buildings with so-called poor doors. It's like a postmodern Dickensian story.

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To mark the 45th anniversary of Earth Day, CityRealty decided to take a closer look at Manhattan's eco-friendly neighborhoods and residences. For a few years, the Financial District has been working hard to shed its isolated and desolated image — come 5 or 6 P.M. it would turn into a ghost town. As part of its transformation into a more residential area, it has embraced the green agenda. In fact, the downtown area looks to be the greenest in New York City. How green are we talking? 

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West 57th Street, or Billionaire's Row as it is commonly called, may impress many, including the one percent, with all its high-rise glory, but not everyone is a fan. DNAinfo reports that Community Board 5's Sunshine Taskforce has spent a year studying the effects of these buildings can have on Central Park and those who paid top dollar for nice views of it. The taskforce plans to hold public meeting next week at the New York Public Library's main branch on Fifth Avenue, and they encourage local residents "to air grievances about the development of super-tall condo buildings on the stretch." According to the article, the taskforce isn't only "concerned about shadows cast on Central Park by the supertowers." It also has objections about air quality, protection of historic buildings, and construction issues, such as plexiglass and cranes falling. The public meeting will be held Tuesday, April 28, from 6-8 P.M. at the South Court Auditorium at the New York Public Library.

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A READER ASKS: I am on the board of co-op in Queens. A few years ago, we had a problem with arrears, but we've been working really hard toward resolving it. We were told that no more than 15 percent of the units should be more than 30 days in arrears for maintenance or common charges. As of last year, we are well under that percentage, but it seems like potential buyers are still having trouble borrowing money to purchase apartments. We are concerned that with sales still suffering, the building's value will plummet. What can we do to get the building back in tiptop financial shape?

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When it comes to the luxury market, it's condos that tend to get all the attention in New York City. But co-ops can be pretty swanky, too. Take the triplex south tower penthouse on Central Park West. The New York Times reports that Demi Moore, who purchased the penthouse with her then-husband Bruce Willis in 1990, and acquired the residential maisonette, is selling it. "The asking price for the residence, PH26C, along with a two-bedroom two-bath lobby level maisonette, No. 1H, included in the sale, is $75 million," according to the exclusive. If there are any takers, that figure "would set a record for an Upper West Side co-op and shatter the in-house record of $26.4 million achieved at the San Remo last year." So how much does it cost to live in the crown jewel of the San Remo? Monthly maintenance for the penthouse would set you back $17,912.85. That's for nearly "7,000 square feet of interior living space and 1,500 square feet of wraparound terraces with panoramic park, river and cityscape vistas from the 28th floor." Monthly maintenance for the maisonette would set you back an extra $3,273.

Photo by Carmen Cordelia (English Wikipedia) [GFDL (www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0 (http://creativecommons.org/licenses/by-sa/3.0/)], via Wikimedia Commons

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