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Old 09-30-2013, 12:32 AM
 
6 posts, read 11,693 times
Reputation: 10

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My boss is moving to New York City from overseas, and he's put me in charge of advising him on his real estate purchases. I'd really appreciate it if y'all could help me out with your opinions.

He's looking at Penthouse North at 150 East 72nd Street, a building on Lexington and 72nd. It's 3600 square feet four bedroom with a 2,600 sqft rooftop terrace. It's listed at $15.5 million.

His other option is the 3rd floor of 18 Gramercy Park. That residence is a full floor, 4,200 sqft four bedroom overlooking Gramercy Park. It's listed at $14.7 million.

If he moves with his family which neighborhood would be better? Which one do you think has a higher resale value?

I appreciate all feedback! Thanks in advance. I myself just moved to New York City last December, for some reason he thinks I'm an expert in high end real estate.
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Old 09-30-2013, 01:30 AM
 
1,370 posts, read 1,598,111 times
Reputation: 1363
try harlem its gentrifying
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Old 09-30-2013, 05:42 AM
 
Location: Manhattan
24,182 posts, read 33,841,273 times
Reputation: 11736
That's a hard call. His outdoor space at 72nd is always extremely desirable but the North view will be only be many other slightly higher towers and the wide expanse of East Harlem.
Grammercy Park's third floor view of the Park is probably very nice but the Third Floor has gotta be a tough sell at the princely price of $14.7...but the apartment is immense...but it also has the patter of little feet overhead.

They featured 18 Grammercy on one of the NY real estate shows on HGTV and the place is very nice...but then at the third floor level even a single big tree could block a lot of the view.

Who can say what real estate values will be. Today he will be paying market determined by all the vagaries and guesstimates of value that are factored into the pricing. It really is impossible to say what will be the situation in 5 or 10 years.

I think it will hinge on how beautiful the outdoor space of the 72nd Street penthouse is and only a personal visit from you or him can determine that. Is it a vast expanse of open gorgeousness or is it surrounded by a sea of water tanks, chimneys, and central air conditioner condensers?

Have you spent time in these apartment to take in the WOW and get a feel for what $15 million should buy.

Prestige address wise, I think the Grammercy Place probably has the edge.

Last edited by Kefir King; 09-30-2013 at 05:53 AM..
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Old 10-01-2013, 02:46 PM
 
11 posts, read 12,601 times
Reputation: 11
Since you are not a real estate professional, my advice would be to get in touch with one. As a buyer's broker, there would be no charge to you or your boss. This is an extremely large purchase, so why not talk to someone who really knows what they are doing.

If you'd like, I'd be glad to connect you to someone who specializes in these areas and types of purchases. Let me know!
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Old 10-01-2013, 03:04 PM
 
912 posts, read 1,980,079 times
Reputation: 438
You should talk to Fredrik Eklund, he's a genius
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Old 10-01-2013, 10:42 PM
 
Location: NYC
292 posts, read 245,455 times
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Well, for the fun of it - the Gramercy apartment has more distinct living spaces - living room, family room, dining room, plus maybe the island in the kitchen for day to day meals, while the 72nd street apartment looks like it has one massive open living space, so there's one difference. I'd be more inclined to go with the separate rooms but that's just my personal preference. More nooks and crannies.

Of course the patio at the 72nd street place looks awesome for entertaining, but how much time will the owner actually spend out there? Can he rig up a little getaway house?

I've only been down in the Gramercy Park area a few times and the surroundings seem a bit grittier than what you'd find around 72nd and Lex, but it's also closer to Union Square, Lower Broadway, more Olde New York. Might be more of an acquired taste.

At 72nd and Lex the owner would be much closer to Central Park, which is a huge plus especially if he has kids.

So, Gramercy - nicer floor plan, cozier, quieter, more historical neighborhood; 72nd and Lex, nice location for a family due to proximity to Central Park, museums, etc. Plus no upstairs neighbors and that huge patio.
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Old 10-07-2013, 09:11 PM
 
14 posts, read 20,787 times
Reputation: 11
Speaking from a personal view:

I don't like Gramercy Park I prefer the UES neighborhood and area any day. It's just more friendly. The Gramercy Area as the other poster up top suggested is a bit more "gritty"

That apartment holds excellent value in that area though due to the Gramercy Park Exclusivity, I dislike the floor it is on though.

Ive seen the pictures of both apartments and personally like the UES apartment better especially those heated floors ^^

It's a great sell to say you have a "penthouse" for sale with outdoor/root top space.

Contact me I would love to help you and represent your boss. I could give you a tour of all these apartments before your boss does to alleviate the stress.

Have you looked into other areas/apartments?

Full Disclosure: I am a Manhattan Real Estate Agent.
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Old 10-08-2013, 06:25 AM
 
Location: Manhattan
24,182 posts, read 33,841,273 times
Reputation: 11736
Quote:

Of course the patio at the 72nd street place looks awesome for entertaining,
but how much time will the owner actually spend out there?
An INCREDIBLE amount of time.

Want to give us an update, dad?
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Old 10-08-2013, 06:37 AM
 
Location: Plandome, NY
8,060 posts, read 9,874,862 times
Reputation: 5379
I believe many uber wealthy people have multiple residences. I would guess not there all year around
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