Is Right Now the Best Time to Invest in a New York Co-op?

If you have always lusted after the enviable status of those who reside in the epicenter of culture, dining and society, there is no better time to invest in a New York coop than now. Historically, renting in Manhattan has been exponentially more affordable than buying. While renting has always offered the benefit of lower monthly payments and less maintenance worries, the gap between renting and buying in Manhattan is beginning to narrow.

Current Housing Trends 

Rent for an apartment in Manhattan is now at an all-time high, averaging upwards of $3,438 a month. The market is competitive for buyers due to an increased demand. Landlords have responded by offering fewer perks that were once a given for apartment renters. As rent fees go up, as much as 16% within a year, the price of ownership remains steady. Depending on renting variables such as funds available for a down payment, interest and loan terms, buying may now be slightly more affordable. 

Other Variables 

A simple comparison between the monthly costs of rent versus a mortgage can be somewhat misleading. While rent prices can climb, property taxes are still a variable in home ownership. The maintenance and upkeep of a home can also be a significant cost in terms of time and money. While rent prices in Manhattan are causing many to consider the benefits of buying a New York coop, qualifying for a mortgage has never been more difficult. Some purchases require a down payment of 35%. A down payment of that size is certainly an investment, and one that will only pay off over the long term, which has a deterring effect on house flippers. 

What’s the Best Option For Me? 

You may be asking yourself if owning a New York coop is the right decision for you. While real estate and financial planning experts both have arguments for and against buying, purchasing property is a personal decision. While the good real estate bargains and historically low interests rates of today’s market may be tantalizing incentives, you should probably consider if the investment fits your personal lifestyle. For example, if you’re looking for more personal ownership and independence, make sure you understand how the coop or condominium association operates. There are still many ways in which a condo association or a coop board can place restrictions upon your personal living preferences. You may want to become familiar with the history of coops and condos in the New York metro area. It is also important to consider if you are planning on committing to a purchase; many financial planners state that you should plan to live in a purchase for at least the next five years in order to make the investment worthwhile. Also, while some argue that property in Manhattan is a good investment, it is still an investment and that comes with a certain amount of risk. 

For those pondering the purchase of a New York coop, it seems that market conditions are somewhat favorable towards buying over renting. However, that doesn’t mean that everyone should jump on the real estate bandwagon. Yet if you are one of those astute and financially savvy individuals that has been eyeing property in Manhattan but have been waiting for the right opportunity, then perhaps now is the time to make the jump.

Central Park Coops: Getting Your Dog Past the Board

Central Park coops are often a minefield of navigation when it comes to approving pets. Unfortunately dogs tend to be a bit discriminated against when it comes to the approval process. That is difficult for most pet owners. You find the condo or apartment you truly wish to rent or buy and suddenly you have to make the choice between residency and your best furry friend. The approval process can be a stressful time for all involved but there are ways to help pad your chances of getting your dog past the coop board.

Know Your Dog

Many dog owners tend to have blinders on when it comes to the behavior of their beloved pet. While you may think your dog is quiet and well mannered, another person would describe Fido as loud, obnoxious and uncontrollable. It is essential that you truly know your dog and how it behaves. One way to do this is by enlisting a trainer and a friend.

For this exercise you need to see how your dog reacts to strangers when you are not around. This also includes if the dog parks when you are not home and if the dog reacts poorly to doorbells. One of the number one reasons why Central Park coops refuse a dog is based on sound. Condo owners do not want to deal with a barking dog at various hours of the day and night.

The trainer will observe your dog without your presence. He or she will have someone ring the doorbell at various times and then note what behavior the dog exhibits. If the dog is a closet barker (one that barks when you are not around), you will be notified. At that point you will need to train the dog not to bark at strange sounds.

The second part of knowing your dog is learning how he reacts to strangers. Have a friend take the dog for a walk and then ask questions regarding how the dog behaved. Did he pull on the leash? Did he bark at strangers? Did he act aggressive? These are all behaviors that can be corrected with the right training.

The Interview

Once you know your dog and your dog's behavior you can then begin preparing for the interview. There are dog behavior specialists that can help you in this matter. The trainer can teach the dog to lay down during the interview and behave in a docile manner. Central Park coops definitely want to see that trait.

At the interview prepare a package for your dog. The package is the same as the one you provided minus the financial and employment information. Include letters of recommendation from current neighbors, friends and even your vet. The letters should present a picture of a well mannered dog that will not attack neighbors, cats, doormen or leave waste products in the hall.

Size Does Matter

Unfortunately most Central Park coops do put a weight restriction on dogs. The limit tends to be 25 pounds. If you have a large dog you will have to go above and beyond with the coop to prove that your dog is friendly and well obedient. Pay for additional training and make the dog extremely loveable and well mannered. Take dog training classes and provide certification. You can even educate the coop on the breed tendencies of your dog.

With the right application, interview and training...you can most certainly get your dog past Central Park coops. The key is taking the time to show your dog in the best light possible.

Is 15 Central Park West New York's Most Expensive Building?

Is 15 Central Park West New York's Most Expensive Building?

Whether its ambition or recession that set the pace for the steady rise of prices per square foot, it would be too difficult to find 15 Central Park West a competition for the title “the most expensive building in New York”.

With 85,000 panels covering 290,000 square feet of Indiana Limestone gleaming beneath the sun on the building's facade and soaring ceilings, carvings and expansive windows from the inside, who could possibly resist a room in either of the two highly esteemed buildings of Manhattan? Well, probably those who could not afford it. But for the rich and famous, the mighty and notorious who feel they have had their fair share of the bitter pill and the battles that make up the first half of an individual’s life, an eight digit pent house would be deemed much deserved and fitting.

Moreover, as if the impeccable interior were not enough, 15 Central Park West offers the rustle and bustle of the city while giving moderate doses of stunningly vibrant colors and sunshine through a 360-degree view of New York Central Park.

The construction of the said building began in 2006, spearheaded by developers Arthur and William Lie Zeckendorf and architect Robert A.M. Stern. They began by deciding what materials would fit their vision of the place.  And because limestone was used in the most important buildings, like for example the Empire State, they chose the Indiana limestone for its unique white color which, at times, would seem a pale shade of grey. Limestone also matches, even accentuates other building materials like glass and metal. Hence the long and dreary travel of each block began from their quarry to a new home in Manhattan.

From an apartment at 25 Central Park West, another glorious Central Park coop, a woman watched from their balcony as construction began on 15 Central Park West. “We watched every stone go up,” she said. Her name is Barbara Bradley Baekgaard, a co-founder of Vera Bradley, a label of hand bags in vibrant colors valued at $1B. Last November, she moved from her apartment at 25 Central Park West into a $17M corner apartment in “the house”, the smaller of the two 15 Central Park West buildings. 

In 2007, 15 Central Park West opened, offering an average of $2,500 per square feet. Within months of combined ego and recession, prices went up to at least $4,500 per square feet. As of the latest wave of insanity, around $7,000 per square feet when Sanford Weill put their 6,744-square-foot pent house in the market and sold for $88M, which is almost twice the amount they put out for it in 2007.

When 15 Central Park West opened in 2007, the titans of finance and celebrities were quickly enchanted into choosing the residence as a temple of sorts. Building residents included Denzel Washington, Sting, Norman Lear, Bob Costas and Daniel Loeb. When the net worth of the building’s residents was computed in 2009, it came to a shocking $50B.

So, who’s to say 15 Central Park West is not, in fact and undeniably, New York’s most expensive building?

3 Things You May Not Know About 15 Central Park West

15 Central Park West - Central Park Coops

1)  It was built by renowned architect who is responsible for many other iconic buildings around the world

Robert A.M. Stern is a post-modern architect who studied at Columbia and Yale.  His famous projects include working with Walt Disney, planning the redesign of Times Square, and working on campus planning at Georgetown, Harvard, and Acadia universities.  All of this work is made possible through his 300-person architecture firm which bears his name.  15 Central Park West had an initial construction price tag of $950 million.  While many architects have tried to create something sleek and new, Stern's work at 15 Central Park West is reminiscent of the 1920s and 1930s, simple and classic but beautiful.  This style is what made him fall in love with the field of architecture which in turn led to him building an empire.  It evokes a memory of the past but with his own touches that make it modern, giving it a unique New York feel.  

2)  The Zeckendorf brothers were thought to be crazy to pay $401 million in 2004 for the site that 15 Central Park West stands on
On the contrary, they were wildly successful.  With one entire city block facing Central Park West and one side facing Broadway, the Zeckendorf brothers purchased the site and sold out the apartments before the completed construction on it.  It is the most luxurious apartment building in New York, and at one time had the most expensive penthouse ever sold in the city.  Some of the details used in the building are from the 1930s era, such as covering the facade in limestone, and using marble and English oak in the lobby. Limestone that was used was taken from a quarry that also supplied limestone to build the Empire State building.  The largest apartment boasts upwards of 6,600 square feet.  The biggest sale they made was a 2-apartment sale to one person, who purchased the combined 10,000 square feet for $45.8 million.

3)  Many famous celebrities have called it home
Sting purchased his apartment during the construction phase.  Since then, Denzel Washington has also taken residence at 15 Central Park West, as well as Yankee Alex Rodriguez, television producer Norman Lear, sportscaster Bob Costas, and NASCAR speedster Jeff Gordon.  Although Sting was offered several times the amount he paid for his apartment, he decided to stay.  This is perhaps because of the sky-lit 75-foot swimming pool and private gym, or the personal chef provided to the apartments through room service.  Or maybe these stars decided to call it home for the privacy of 15 Central Park West's long and gated motor court, allowing for privacy from the residents' groupies or screaming fans.  It could also be that they are wine connoisseurs that need their own reserved wine cellar, which can be purchased separately, in addition to service residences for their personal assistants.  While all this may align with views of the celebrity lifestyle, many of 15 Central Park Wests' most expensive apartments are owned by Wall Street investors.  Whatever your career, this Central Park coop is the pinnacle of elegance and charm.

A Guide to Finding your Perfect Central Park Coop

Step 1: Choosing a Neighborhood

You’ve already decided that you want to move into a coop off central park.  Yet how do you know which central park coop neighborhood is for you?

Upper West Side: Central Park West on the Upper West Side is home to a number of great options for your Central Park coop.   Should you choose a coop on the west side of the park, you will be sharing your neighborhood with the American Museum of Natural History and the New York Historical Society.  Park views on the UWS also offer prime views of the Thanksgiving Day Parade.  Coops on Central Park West are mostly elegant pre-war buildings. 

Upper East Side:  Central Park coops on the East Side of the Park are unique from their Central Park West counterparts.  Along the Park, 5^th Avenue is mostly a residential neighborhood.  However, on Madison, the neighborhood is known for its boutiques.  These unique retailers are part of what sets living on the Upper East Side apart from other Central Park neighborhoods.  Furthermore, on the lower end of the Park, 5^th Avenue’s “Museum Mile”. 

Step 2: Choosing the Perfect Central Park Coop

The Pierre – The ultimate Central Park Coop on the UES.  The Pierre is one of the most exclusive coops on the UES and is directly across from Central Park.  This landmark pre-war building shares a space with the Pierre Hotel and therefore residents have access the premium hotel service.  Other amenities in this Central Park coop include first rate restaurants, a fitness center, and several units also include their own terraces. 

The Dakota – This pre-war co-op on Central Park West is what many look for in a Central Park coop on the UWS.  This large, iconic, building has high ceilings and spacious apartments with breathtaking views of the Park.  Built in 1884, the Dakota was one of the first luxury apartment buildings on the UWS, which at the time was a fairly empty area in Manhattan. 

Known for being the home of John Lennon, The Dakota, has had many celebrity occupants over the years including Judy Garland and playwright William Inge.  The square Dakota features a central courtyard with a fountain and several fireplaces. 

Now that you know more about Central Park Coops on both the UES and the UWS, which area is right for you?