Combining Co-ops | NYC Co-op Apartment Sales
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Category — Combining Co-ops

Michael Rena Gets Triplets! Buys Adjoining Co-ops From Harry Lis and Wife

New York real estate developer Harry Lis and wife Melissa Lis just sold their co-op apartment combination at 31 East 72nd Street for $9.425 million, turning a profit on their sale to Michael Rena, a neighbor. Rena already owns an adjoining high-floor apartment in this Upper East Side building.

Like a select few other apartment owners in Manhattan, this means that Rena now has triplets: three contiguous co-ops.

In 2006, Harry Lis paid $6.75 million for one co-op and $2 million for another adjoining apartment to create a combined unit. In today’s market, turning a $650,000 profit on the sale is a nice chunk of change.

The 8-room, 3 bedroom, 3½ bath apartment has a low monthly maintenance of just $2,326 This co-op has incredible sun-drenched rooms from its southern and western exposures. You can see Central Park from the dining room, and relax in the living room, library, or master bedroom — all of which get southern exposures.

The listing brokers were Serena Boardman, sister-in-law of developer Aby Rosen (Harry Lis’s business partner) and Roberta Golubock had the exclusive for Sotheby’s.

The co-op has New York City Landmarks Preservation Commission status, a combination boon and a bane. In theory, such a designation adds value to an apartment building and neighborhood district. On the downside, however, even minor changes to apartment windows, building facades, and signs may be subject to LPC review and scrutiny — a costly process for co-op shareholders and boards.

Floor plan credit: Sotheby’s International Realty

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February 22, 2010   No Comments

Sale Price Drops 29% for 1172 Park Avenue Co-op Apartment

An enormous co-op apartment on a high floor at 1172 Park Avenue just sold for $5.65 million. The apartment’s original list price was $7.95 million when it was first put on the market in October 2008, making the sale price a 29% reduction.

The 3,200 sq. ft., 9 room, 4 bedroom, 4½ bath apartment was formerly 11 rooms. It is actually a combination of two apartments.

The sun-filled living room has a very un-environmentally friendly woodburning fireplace. The wood paneled library conveys an old-world feeling.

This pre-war cooperative is one of the grand New York City apartment houses of noted 20th century architect Rosario Candela. More than any other architect of the time, Candela co-ops are the epitome of luxury and grandeur.

The sellers were Anthony Root and Pamela Root. He heads of Milbank, Tweed, Hadley & McCloy’s corporate law practice in Asia, and is the managing partner of Milbank’s Beijing and Hong Kong offices. She is a a veteran Goldman Sach’s lawyer, and a Chief Global Compliance Officer for the investment bank, having previously served as the Wall Street titan’s general counsel.

The buyers are Stuart Birdt and Ruth Birdt. Before his latest position, Stuart Birdt was a victim of the Bear Stearns debacle, but spent only about 18-months there covering the telecom sector for the bank’s Global Emerging Markets equity research team. Previously, worked as a telecom analyst at French investment house Exane BNP Paribas, and before that, at Deutsche Bank.

Sotheby’s broker Sybille Novack had the exclusive for the listing.

Monthly maintenance for the apartment is $5,619. The building has doormen and a nice-sized gym with windows.

Photos: Sotheby’s International Realty

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January 17, 2010   1 Comment

Park Royal Co-op Sells for $3M

A 7½ room, 2,300 square foot co-op apartment in The Park Royal on West 7rd Street sold for $3 million, according to public records, nearly 15% less than the original $3.5 million price when it was first listed in March 2009.

Sellers David Markowitz and Melissa Markowitz relocated to Ohio.

The buyers are Dr. Margaret Pisani and Edwin Pisani. Dr. PIsani is a pulmonary and intensive care physician at Yale University Medical School who concentrates on the health of older intensive care unit patients. Ed Pisani is a partner at Ernst & Young, LLP where he leads the Financial Services Advisory Group.

Carol Levy had the exclusive for this cooperative.

Monthly maintenance charges are just over $3,900, and include all electric bills. The apartment was created by combining two co-ops. Don’t worry: for this kind of money yu get a legal washer and dryer

The Park Royal is conveniently located at 23 West 73rd Street between CPW and Columbus, just steps from Central Park, near subways along West 72nd Street, and around the corner from the Dakota and San Remo. The building is just blocks from Fairway and Zabars.

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January 12, 2010   No Comments