Co-ops are the dominant form of for-sale housing on our fair isle, more difficult to get into (persnickety boards that have recently gotten that much more uppity) and generally more expensive to buy (bigger down payments and more stringent financial requirements). They account for roughly two-thirds of the Manhattan housing stock, with condos comprising much of the rest.
But, for a while there during the last decade, condos overtook co-ops as the preferred housing choice, maybe due to looser mortgages or just the simple ubiquity of all those gleaming, new towers. This reporter recalls offhand a study done by The Real Deal magazine that showed more than 9,000 condos proposed for Manhattan in 2005 alone—and most of them subsequently got built.
It appears, though, that the dowager has risen.
Rancher Tom Brokaw and his wife Miss South Dakota Meredith Auld Brokaw recently downsized their New York spread, buying a two-bedroom co-op at 33 East 79th Street. Their 10-room duplex at 941 Park Avenue went into contract back in April, but this being a New York City co-op, these things take time. The Read More
From the Paper
Graduation season just commenced, which means gifts for grads. In most of the country, that’ll be a new MacBook, maybe a car. Here in Manhattan, it means another Times trend piece about parents buying a $1.15 million condo—complete with rock climbing wall and spa—just for the kids.
Why would they do such a Read More
“It hasn’t happened before,” A. Laurence Kaiser IV, the high-end broker of 44 years, said from the car on his way out to Long Island last Thursday. “Never before has there been an apartment of this scale under the same ownership forever. The size, the pedigree and the mystery–it’s an unparalleled combination.”
Forty-two rooms, 15,000 Read More
There is a certain jadedness that sets in surfing this much house porn. Every fabulous co-op in Gotham has amenities, and countertops of certain gradients, and there is always a fourth or fifth bedroom tucked away somewhere that’s more sizable in itself than the majority of studio apartments in the city. And tomorrow and tomorrow Read More
While it may not have a book written about it, 778 Park Avenue is just as grand at its sister down the block. John Hess, James Robinson and William Lauder all call Rosario Candela’s red-brick wonder home, and of course Brooke Astor and the Buckleys used to. (Vera Wang was here, too, before trading up Read More
If the computer’s don’t kill us, the taxes will.
The city’s Department of Finance began using a new formula along with new computational software last year to calculate taxes for the city’s vast swathes of co-operative housing stock last year. It resulted in huge new assessments for hundreds of buildings, according to The Read More
For decades, Brooke Astor’s duplex at 778 Park was the pinnacle of New York City living. This had much to do with the society queen and her courtiers, who hosted lavish parties there, but also with the 16-room home, boasting six terraces and a renowned red-lacquered library. That was before the wallpaper began to peel Read More
Second-quarter housing numbers for Manhattan dropped this morning, and we caught up with appraisal ace Jonathan Miller, CEO and president of Miller Samuel and author of Prudential Douglas Elliman’s report. Guess what? There’s a shift in the market—and a good one, if you’re a condo developer or a condo seller.
While the number of overall Read More
Every year for at least a decade, Sylvia Shapiro had decorated the Christmas tree in the lobby of her co-op building on the corner of East 9th Street and University Place. A person who cares strongly about visual aesthetics and crafting—not typical for a type-A Manhattan litigator, but most don’t have a “past life designing Read More