So you're thinking about finally making that move to the 'burbs, Buenes Aires, San Francisco or where-have-you, but you're desperate to leave a little something behind--specifically, a NYC pied-a-terre to return to whenever it pleases you.
Whether it’s in the realm of fantasy or something you are actually considering, you may be wondering just what makes a good home-away-from-home in the city.
We asked 5 brokers to pick a pied-a-terre candidate (not their own listing) and make a teachable moment out of it.
As you browse through, you'll see that condos dominate (many co-ops frown on part-time residents) and all are located near cultural, dining and transportation hotspots.
(ProTip: If you're not seeing enough pieds-a-terre for sale in your price range or target neighborhood -- and/or you'd like to avoid a bidding war -- consider expanding your search to "off-market" listings. NYC real estate brokerage Triplemint, a Brick Underground partner, uses technology to mine public records and identify owners who may be ready to sell, meaning you can meet and deal with owners before their homes hit the market. Click here to learn more.)
The reason: This is an ideal pied-a-terre because of its affordability for the area, the full-service nature of the building and the location--convenient to just about anything a part-time resident would want. It’s near excellent shopping, some of NY’s best restaurants as well as a new Whole Foods just around the corner. The 4,5,6 and N,R, and Q stations are one block away and Grand Central station is two subway stops from here.
An alcove studio, it’s spacious enough to accommodate guests and with a full-time doorman there’s no worry about deliveries or security while you’re away. There’s plenty of storage space and the apartment is in move-in condition so no need to worry about long distance supervision of renovations. And unlike many co-ops, this one is friendly to pied-a-terre purchases. In all, a total package for a great value at $445,000.
The reason: This two-bedroom condo on the 18th floor of the Chelsea Stratus would be just right for a domestic or international buyer looking for luxury, knock out views (the city and the Hudson River) and a location in the heart of downtown Manhattan.
This corner apartment is in excellent condition, no renovation needed, and it has reasonable monthlies for a unit of this size and value--common charges and real estate taxes of about $1,600 per month. The Stratus is a full-service condo with a full time staff, gym, indoor basketball court, landscaped garden, lounge with a billiards room and a catering kitchen. Ideal for someone who’s in town periodically and wants to entertain and enjoy amenities that exceed those of some full-service hotels.
The location provides easy access to the Theater District and Midtown offices; it’s a short walk to Chelsea galleries, the Village, SoHo and downtown and you’ll never be more than a 10- or 15-minute cab ride to just about anywhere you want to go in Manhattan.
The reason: The price is right at $1.1 million and monthlies are low, $781 for this one- bedroom, one-bath prewar condo on the Upper West Side at 95th Street. What could be better than the full river views, easy access to Riverside Park and the two-block walk to the 2 and 3 express trains?
The apartment is in excellent condition and has three-inch oak strip floors, an entry hallway, beamed ceilings, custom closets,central heating and air-conditioning. The pass-through kitchen has Italian lacquer cabinetry, stainless hardware, quartzite stone countertops, and Subzero, Miele and Bosch appliances. Even the bathroom has a gorgeous view and a heated floor.
This is a good investment for all the above reasons and for its proximity to Columbia University. You can buy it now for your child who’s at Columbia and then move in yourself when he or she graduates. The value of this apartment will continue to rise and if you had to rent it out at any point, you could ask $3,500 to $4,000 a month.
The reason: This apartment in the Murray Hill Crescent is an excellent value at $599,000 and probably won’t be on the market for long. Why? Because it can easily be converted to a two-bedroom by turning the dining area into a second room. This would make a perfect place for a home office or for guests to stay and we all know that having a NYC pied-a-terre virtually guarantees that you will be having guests! The master bedroom is spacious, with ample closet space for seasonal wardrobes.
The apartment has been beautifully renovated and is in move in condition. The high quality finishes create a warm home away from home feeling. The views are open to the skyline with the Empire State Building and the Chrysler Building front and center.
In my opinion, Murray Hill, where this apartment is located, offers some of the best values in today’s market. It’s close to the FDR Drive and the midtown tunnel entrance, making it an excellent spot for anyone driving to the city. It’s also convenient t to public transportation. Bring Fido with you since the 40-year-old condo building is pet friendly and has a doorman, live-in super, parking and a roof deck.
The reason: The view from this one-bedroom 29th floor penthouse in the Financial District is spectacular--makes you feel like you are in the center of everything that’s New York. This is a great neighborhood for pied-a-terre owners, especially the ones who work on Wall Street. When the construction of the World Trade Center is complete, this area is going to be even more desirable. Now’s a good time to buy since the potential for appreciation is high.
The price, just under $1 million, is right, so no mansion tax is needed/wasted. Since the apartment has been on the market for quite a while, there may be room for negotiation on price. A 421-A tax abatement is also in place until 2020 which makes the tax bill a reasonable $504 per month.
The building offers hotel-like services--an 8,000 square foot roof terrace and lounge with harbor views, a fitness center, the largest residential spa facility in Manhattan and free gourmet breakfast five days a week. Like living in a resort that just happens to be in the heart of downtown New York.
Marjorie Cohen is a New York City-based freelance journalist, editor and author of over seven non-fiction books. Her real estate reporting has appeared in amNewYork, Investopedia, and The West Side Rag. Since moving to New York five decades ago for graduate school at the Teachers College of Columbia University, Marjorie has lived on the Upper West Side, with a brief detour to West 15th Street when she got six months free rent in a new building.
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