Upper East Side Vs. Upper West Side
Manhattan residential real estate has seen a distinct westward tilt in recent years, but an East Side resurgence, fueled in part by the soon-be-completed Second Avenue subway, is already underway.
The West Side is narrower, and residents are always close to a park (Riverside or Central). Westsiders prefer their transportation, although the Second Avenue subway, when it opens in December, will reduce that advantage. The West Side in general has more low-rise buildings and is considered a bit more low key.
The East Side is generally cleaner, and has fewer buildings with stabilized rents. Cost wise, Fifth Avenue and Central Park West, as a rule, are neck and neck. "If you want a four-bedroom apartment for $3 million, you can't easily find one on the West Side, but east of Third Avenue you can," said Lisa Lippman, associate broker with Brown Harris Stevens. "The East Side has more inventory, and more diversity of housing."
Built in 1989, the Coronado, at 155 West 70th Street, has a two-bedroom condominium of 1,302 square feet on the 15th floor listing for $2.375 million. The building features 12,000 square feet of amenities on the second floor, with a gym, his-and-hers sauna and a large laundry room, bike room, billiards room, and a playroom with a tree house, plus a 24-hour doorman and concierge service.
"What stands out about this building when compared to other newer condominiums on Riverside Boulevard is that you are right on Broadway, with full services, near everything," said Dina Scheinman, associate broker with Halstead Property. "Riverside South is soon to be a real shopping destination, and it will increase property values even further, just as the Time Warner Center did for the area. The value is still here in Lincoln Square."
Farther uptown in Carnegie Hill, a classic pre-war six (two-bedroom/two-bathroom plus staff room/office) in the Emory Roth-designed co-op at 21 East 87th Street is on sale for $2,995,000. The apartment features a 21-foot gallery with hardwood floors, formal dining room and a living room with high-beamed ceilings, windowed kitchen, breakfast bar, butler's pantry and a decorative marble fireplace overlooking tree-lined 87th street.
The apartment is around 1,750 square feet. "Much of Carnegie Hill is seven or eight rooms or more-- typically three and four bedrooms -- so a two bedroom like this so close to the park is fairly uncommon," said Liz Chiang, associate broker with Halstead Property. "For this price, and a monthly maintenance of $2,632, including property taxes, a two-bedroom this close to Central Park is special. Everyone loves living near the park."
Thursday, January 14, 2016