No, it's not a FrontGate Catalogue, just the garden of 17 East 77th, complete with Bichon Frise ! (see right)

We suggest you look right next door to 15 East 77th for a clean slate and a promising investment opportunity.  While this offering has identical dimensions to its neighbor, it has been spared the wrath of bad taste, boasts considerable original detail, and lo – and elevator! According to Street Easy, it came on the market 8/12/2009 at $11.5M. A month later is was reduced to its current price of $10.5M, which suggests the seller wants a quick deal. It seems reasonable to expect a closing around $9.5M ($1,590/sq.ft) and therefore a value, investment opportunity, and additional incentive to avoid the previous listing. 

* Not convinced? A parting note: annual taxes on 17 East 77th are $75,000 and a tad over $52,ooo on 15 East 77th. * 

78th street between fifth and madison is one of the most attractive side streets in Manhattan. (Click here to View)  It is lined with turn of the century and early 20th century homes, amongst which the grand 25-wide former mansion at number 7 is notable.  The limestone building is amongst those gold-coast trophies done “after Europe.”  A studio and a one bedroom currently on the market present a rare opportunity of being combined to create a floor through.

The studio, priced at $1.3M, was the former library and faces South onto the street, with a side view out to Central Park.  Next to it is a 1-bedroom, priced at  $1.25M, which though larger and in better condition, faces North and has considerably less light. 

The apartments comprise the third floor, boast 14-foot ceilings, and have considerable original detail.  While the location, the particular street, and the pre-war charm are major draws, it appears the apartments will require some ingenuity for a clean combination, as the kitchens back into one another and are the only point at which the units can be combined. The consolidated listing is accessible though Peter Ashe Realty at $2, 450,000, just under $1,300/sq.ft.

The front elevation of One East End is a pristinely ordered but rather plain geometry of yellow brick and limestone. This deliberately underplays the exuberant back facade which gives the apartments within spectacular views of the east river through floor to ceiling windows, juliet balconies, terraces, and gorgeous bay windows. The back facade also shows what the front does not, the great ingenuity by which it accommodated a steep and awkward wedge shaped plot. Entering the rather sparse, almost purposefully generic lobby, an elegant set of marble stairs lead down to what was once a yacht landing, but is now a pathway and buffer from the FDR.  There are three apartments per floor, with simplex 8 and 9 rooms on either end, and duplexes stacked in the center. 

But are the myriad charms of this building loosing hold over its tenants? Or are the all-cash building and its allegedly brutal board detracting would-be buyers? The largest apartment of four currently available is a 13-room duplex maisonette. The significant property appeared on the market in October, 2007 with an asking price of $8.25M. Since then it has been reduced, delisted, relisted,and is now available at $5.995M. It is curious that Douglas Elliman’s listing closes ” VERY FAIR BOARD. Call broker if you wish to discuss requirements.”

The living room of apartment 5C boasts spectacular river views through its bay window

The other three apartments on the market are all in the northern, C-Line of the building, a gracious 9-room layout. Apartment 13C was on the market for over a year with Alice F. Mason, with an initial ask of $4.3M. It is now being offered though Stribling at $3.875M , which includes an external maid’s room.  Apartment 5C has been on the market for almost a year with Halstead Property, initially offered at $3.8M and now $3.45M. Meanwhile, Apartment 10C recently came on the market, also with Stribling and priced aggressively at $3.25M. It is also worth noting that earlier this year, apartment 9A finally went into contract under Sotheby’s Realty for under $2.6M, after being on and off the market for nearly two years and several price reductions. Prior to that an estate sale, Apartment 5A, also with Stribling, spent over a year on the market despite aggressive pricing. 

It is curious to observe so much activity at present, considering that until recent years there were relatively few transactions at the address. While an inside perspective is welcome to clear up the matter, one can guess that the economic climate is not the only factor driving both the veritable exodus and the stagnancy of listings.  More likely there is a changing of the guard.

The grand beaux-arts facade of 5 East 75th

While there are other listings in multi-family dwellings off Gold-Coast Fifth Avenue, this is far and away the most intriguing offering in its price range. To start – 75th between Fifth and Madison is one of the most attractive streets on the Upper East Side, and 5 East 75th is just off fifth, clustered with the grandest structures on it. There is an identical mansion to the East at 7 East 75th, while 3 East 75th, is an even grander limestone building- converted into multi-million dollar apartments. Just opposite 5 East 75th, is the Harkness Mansion, which sold for over $50 million last year. 

The main foyer of the building

The magnificent foyer of the building, shown above, has been very well maintained and hearkens back to the gilded age. The unit being offered is directly off this foyer. It is interesting to note that the elaborate mosaic floors of the public entrance continue into the entertainment area of the apartment. On entering, a small kitchen is to the left and visually independent from the long, richly detailed room that faces south onto the street. Twelve foot high ceilings contribute to the sense of space here, a sense somewhat diminished by the staircase railing that leads down to the small, dark basement bedroom. The bedroom is indeed a side note to the impressive main room, and perhaps a reasonable sacrifice for owning such a space at a peerless location. We should also note, that the bathroom is accessible only through the basement bedroom. 

The impressive ground level entertainment area

All in all, this unit was intelligently carved out of the main structure, which is more than can be said for many other townhouse apartments. It is certainly a rarely available kind of space, though mostly impractical and suited to the type of single buyers that this economy is making scarce.

We attempted to gain a handle on the issue before presenting it to you, but fell asleep. Do try and make sense of it by reading the related content below-

1.) New York Times Querry 1998

2.) Habitat Article, Bill Morris

3.) Tenant.net forum

The major disadvantage on this class of apartments are severe flip taxes imposed on resale. However, we understand that these can often expire over a set period of time, meaning that long term buyers could stand to benefit. Nonetheless, these units are intended for permanent residents. While we advise interested parties to proceed with caution (and consulation with an attorney) apartments like those below could represent a tremendous opportunity to suited buyers.

HDFC Apartments Available: As of December 2008. 

Street Easy lists six units available at 7 West 92nd, a prewar building with elevator, just off Central Park West. They range from $350,000 – $525,000 for two and three bedroom apartments.

Also Available:   

309 East Houston Street # 2A: 2 Bedroom on East Houston and Clinton. $399,999

NOTE: We will be updating this page with other HDFC listings as we come across them.

The entrance of 860 Fifth Avenue

Built in 1950 with the characteristic beige brick that mares so many New York streets, 860 is not our favorite building on Fifth. However, the location and views are truly spectacular. While the listing currently asks $2,300,000, we think there will be some room for negotiation.

Best of all, the maintenance is $436, meaning you’ll be at ease to enjoy the wonderful restaurants in this stretch of Madison Avenue. Most of the buildings on this street have been converted into single families, so this property is a rare opportunity. 

A view of the street.

For more information on this historically significant block, read Christopher Gray’s excellent article in the New York Times of February 25th, 2007. 

While the area east of Tompkins Square Park, Avenues B and beyond, has long played poor sibling to the densely fashionable sprawl of cultivated bohemia to the West, Avenues A and after, recent years have seen tremendous gentrification. We hope it always retains its grimey Olde New York (i.e. early 1990s) appeal, but fun restaurants, bars, and boutiques never did wrong.

The property is ideally located to enjoy both sides of of the East Village and presents an exceedingly rare opportunity for outdoor space- the current arrangement of which we aren’t thrilled about. Nonetheless all the components are there.  While carrying costs are a tad high, you’ll be saving alot on weekend cab fare.

The four story brownstone was beyond vacant, a state that brought attention to minor cosmetic and decorative shortcomings. We loved the parlor floor which, if opened up, would take full advantage of its 12 foot ceilings. The upper floors were a little cramped. In fact, two front facing bedrooms on the fourth floor were basically holding pens. But overall, the prospects seemed good: a $4,250,000 single family, in need of minor upgrades, on an attractive tree-lined street adjacent to a park and near private schools. 

In the summer we saw her again. The asking price had dropped to $3,995,000. When we inquired how things were going she described being bogged down by offers. We expected as much and mentioned how we had always liked the property. “Why don’t you cut a check then?” she joked. A good laugh followed. 

It was more a homecoming than open house when we found our dear Snee outside the property one rainy Sunday this fall. Her orange curls were somewhat deflated and the asking price had fallen to $3,700,000. We wanted to offer some encouragement but, thinking better, crossed the street and anticipated a future opportunity.  

Will the latest price drop do the trick? The cunning Snee has since cut the asking price to $3,495,000. Is the seasoned broker loosing her touch or is the market really this bad?