Category — West End Avenue
A 2,500 square foot 8 room co-op apartment at 277 West End Avenue on the Upper West Side just sold for $2.2 million, a huge drop from the original $3 million list price.
Buchbinder Warren associate broker Anne Abbott had this estate sale listing. Her commission must have taken a nosedive from the $90,000 (using a 3% commission rate) that she would have split on a fifty-fifty basis with her office if the co-op sold for it’s original $3,000,000 list price That would have mean a cool $45,000 commish for Abbot.
Instead, the apartment ultimately sold for 26.67% less than the ask, dropping a whopping $800,000 to close at $2,200,000. If the buyer’s and seller’s brokers split a 6% commission on the sale, it would mean that each side’s take dropped to $66,000. The broker’s split would have been $33,000.
Although it’s a huge apartment in a pet-friendly building down the street from Fairway, close to Zabar’s, and a 30-second walk to Riverside Park, the unit’s drawback was that it had a view of the self-managed Schwab House, the monstrous block-long co-op just across the street.
The apartment was old, but appears to have good bones. The current bedroom layout could potentially be converted into four.
Maintenance on the unit was very hefty: $2,836.92 per month, 50% of which is tax-deductible.. The co-op board allows up to $75% financing.
Likely renovations include modernizing a severely outdated kitchen, and trying to get permission from the co-op to have a washer-dryer combo in the apartment.
September 7, 2008 1 Comment
A 1,600 square foot Classic 6 co-op apartment at 755 West End Avenue for $1,472,500, just $22,500 under the asking price.
Journalist Dana Roberson Johnson and banker Joseph Johnson, 3d sold their family-sized cooperative apartment to lawyers Michael Treisman and Mariya Treisman
This incredible, remodeled Upper West Side co-op boasts style and warmth, but perhaps even more important is the incredibly low maintenance of just $1,105 per month.
The sellers’ Manhattan real estate brokers at Corcoran included Jennifer Taylor, Deanna Kory, and Karen Kelley.
This is a pet friendly co-op with communal laundry facilities. It’s located between West 96th and 97th Streets. The apartment faces North and East.
Photo credit: Corcoran
September 7, 2008 No Comments