Co-op pick of the week

A Lenox Hill duplex penthouse with an 18-foot ceiling, for $750,000

By Mimi O'Connor | November 18, 2019 - 3:00PM 

The co-op permits pieds-a-terre, subletting and co-purchasing, and is also pet-friendly. 

Compass

This one bedroom, two-bath penthouse duplex in Lenox Hill on the Upper East Side is pretty deluxe, and well-priced at $750,000. But brace yourself for the maintenance: it's $3,787—but according to the listing, 70 percent is tax deductible.

On the ninth and 10th floors of a 1916 Beaux Art building, 61 East 77th St., PH 9/10D has new windows and updated fixtures, northern exposure, dark hardwood floors, and in some spaces 18-foot high ceilings. 

The first floor living area has space for a dining area, and has a decorative marble fireplace. (How there is a fire ablaze in the photo below is unclear.)

A spiral staircase connects the two levels; it's important to be realistic about how much you'll enjoying scaling it on a regular basis. 

The windowed kitchen features glass-front cabinets, stainless steel appliances, a vented gas range, French door refrigerator, and dishwasher. 

There's also a guest bathroom on this level. 

At the top of the staircase is a mezzanine, which looks like it is used as a home office.

The bedroom gets eastern light, and has a walk-in closet. 

The en suite bathroom features a walk-in rain shower and open shelving. 

The brick and limestone co-op has a part-time doorman and live-in super, and has liberal policies on pieds-à-terre, subletting, parental purchase and co-purchasing. 

Located in an historic district, the building is a block from Central Park and Museum Mile, as well as Lenox Hill hospital. The 4 and 6 trains are close by at 77th Street, and there stores and restaurants are plentiful in the area. 

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How to buy a co-op or condo apartment in New York City: A comprehensive guide

This guide to buying a co-op or condo apartment in New York City will help you navigate one of the most complicated and expensive real estate markets in the world. In Brick Underground's typical no-nonsense fashion, we take you through each step of the buying process, including information that many real estate agents may be reluctant to share. Throughout our guide, you'll also find links to dozens of useful Brick Underground articles to further your understanding of the nuances—arcane and strategic—involved in buying a co-op or condo apartment in New York City. 

 

Table of Contents

Deciding between buying a co-op or condo

Downpayment and asset requirements for buying a co-op or condo

Co-ops vs Condos: Lifestyle and other considerations

How to get a mortgage to buy a co-op or condo

The difference between mortgage contingency and funding contingency clauses

Deciding whether to work with a real estate agent when buying an apartment

When to work with a buyer's broker

How to hire a good real estate lawyer

A guide to NYC apartment building types: Prewar, postwar, white glove, full-service, elevator and walk-ups

Essential questions to ask about the building before you buy

Guide to attending open houses

How to evaluate an apartment's location in a building

Buying a co-op apartment from the sponsor

A guide to lot-line windows and illegal bedrooms

Common problems with buying new construction

Tips for buying "preconstruction" condo

Getting a mortgage to buy a brand new condo

A guide to buying a condo with property tax abatements

How to negotiate with a developer when buying a condo

How to make a successful offer to buy an apartment

How to win a bidding war

Getting approved by a co-op board

What to expect on closing day

 

Now, onto the first step of your search:  Determining whether you, your finances, and your lifestyle are better suited to a condo or co-op.

 

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