Moving on Up: Value Abounds in NYC’s Most Historically Glitzy Neighborhood

1148_5th_ave_3a_lr1_jteplitzky adjEven in this past winter, the season when the market typically slows, Jacky Teplitzky, managing director, Douglas Elliman, and leader of the Jacky Teplitzky team, says open houses have attracted steady traffic, and sales have been strong. She only expects those numbers to improve with spring.  “In relative terms, there is more to choose from in terms of housing as there is more inventory, unlike most of Manhattan,” she says, explaining why the Upper East Side will always be popular. “The options are diverse and there is a range of price points.”

Today’s buyer wants everything in mint condition. “They don’t want to do any remodeling,” Ms. Teplitzky says. “The ideal properties are move-in-ready. Buyers are specific in what they want regarding amenities as well, such as a doorman building, gym, storage and bike room. Buyers also want views and plenty of natural light.”

And they want condos. While 75 percent of the housing on the Upper East Side is co-op, luxury condo developments are what are really on the rise, so to speak, and large apartments in these brand new structures are selling out at the highest numbers. Among those buildings and developments are: The Skyline Development at 200 East 79th Street, The Lucida at 151 East 85th Street, The Brompton at 205 East 85th Street, the Georgica at 305 East 85th Street, 135 East 79th Street, and The Chatham, new luxury townhomes on East 65th Street, and The Helmsley Carlton House at 21 East 61st Street, formerly a hotel, now a condo building offering the luxury amenities of a hotel.

“In the case of The Lucida, The Brompton, Georgica, and 170 East End Avenue, we see that luxury condominium offerings are moving north and east,” say Adrienne Albert and Jacqueline Urgo of The Marketing Directors, a development advisory and master property marketing and sales force that works on behalf of owners and builders of new homes. “Expanded retail offerings and higher demand from a greater number of market segments means that the coming years will be good ones for residential real estate on the Upper East Side.”