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This attractive pre-war two-bedroom-plus-maid's-room co-op in a Sutton Place doorman building has some definite pluses. The spacious layout includes a dining alcove, two bathrooms and generously sized bedrooms. The kitchen, while not newly renovated, is updated and functional. There's a washer/dryer, storage, hardwood floors and beamed ceilings. In the minus column, the maintenance ($2,334 for a 1,369 square foot apartment) is on the high side, likely reflecting the costs associated with running a smaller full-service building (in this case, 62 units). Another drawback: Like many buildings in the neighborhood, this co-op requires 50% down.
Looking at its sales history on StreetEasy, we see that the apartment, 7B--currently listed at $999,000--was originally listed in February for $1.15 million. In terms of comparable sales in the building, in June of this year 4B--three floors down, with a more recent and expensive renovation--sold for $1,450,000, while apartment 3B, a lower floor unit needing renovation, sold in September of 2009 for $970,000. The price here seems right for today's market, making this a good deal for someone who has the cash to get the deal done.
BrickPicks is A. Ready's weekly independent selection of an apartment that she believes reflects good value given current market conditions. It is not an advertisement for the property, nor is it paid for by the brokerage mentioned.