Welcome to Brick Underground’s luxury pick of the week, a feature spotlighting a condo, co-op, or townhouse for sale with an asking price of at least $3,000,000, the current entry threshold for luxury apartments in Manhattan. If you’re in the market for a high-end abode, you should know that while sales have slowed considerably over the past couple of years, that trend is starting to reverse as sellers come to grips with the new market reality and adjust their prices accordingly. It's good news for your wallet—just be aware that many luxe listings won’t linger on the market indefinitely. For more information, check out Brick Underground’s tips on buying a luxury apartment in NYC.
Combining two apartments is not for the faint of heart, but it is one way to get the exact layout and number of bedrooms you want. While New Yorkers generally create combination apartments by buying their neighbor’s place, you’ll sometimes see two apartments being sold together.
This listing at 40 East 78th St. in Lenox Hill is one of those two-for-one deals with two adjacent condos, #7H and #7A. The first is a two bedroom, three bath with 1,844-square-feet, and the second is a one bedroom that has been opened into a flexible, loft-like space. Combining the two apartments would create a 2,549-square-foot space with up to five bedrooms.
The asking price is $4,790,000, with low monthlies for a luxury apartment: Monthly taxes are $3,183 and monthly common charges are $2,748. The property appears to have been on and off the market, and taken several price cuts, since its original listing in September 2017 at $5,925,000, according to StreetEasy.
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The sellers drew up two alternate plans when they were considering a combination, however the plans have not been approved yet. That’s not necessarily a red flag—the condo board appears receptive to doing this kind of work: It has previously approved other combination apartments in the building, according to the broker.
The alternate floor plan shows how the studio apartment would be used to create a master suite with a giant 24-by-21-foot bedroom.
The current master suite has a dressing hall with custom closets and modern master bath. It also has north and east-facing treetop view of East 78th Street.
There are high-end kitchens in both, with Sub-Zero, Bosch, and Gaggenau appliances, however to create a legal one-family, one of the kitchens would need to come out.
The Charles House is a pet-friendly, full-service building near Madison Avenue's restaurants and shopping. There’s a 24-hour doorman, fitness room, garage, and planted roof deck with park views, private storage, a bike room, and live-in super.
Pieds-à-terre and investors are welcome, according to the listing.
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