In Manhattan real estate, all that’s old really is new again.
As gleaming new luxury residential towers rise, co-op boards and condo building owners at more august buildings are taking unconventional measures and investing in upgrades to attract buyers, reports the New York Post. By reforming and renovating these classic properties, the boards aim to increase the values, which have lately languished.
The boards at several of these “top-tier” co-ops have sought brokers to help improve perceptions of older properties, an Upper East Side realtor told the Post.
One well-regarded co-op, 19 East 72nd Street, has thrown out unpopular policies, allowing pied-a-terres, summertime renovations and purchases by trusts, reports the Post. Allowing anonymous parties to buy via trusts could grow the pool of interested purchasers and boost values.
The arrival of super expensive buildings may also be improving the prospects for nearby classics, according to the Post. Alwyn Court recently closed a deal on a two-bedroom for a building record $2.85 million. The co-op now sits in the shadow of One57, where prices have gone north of $100 million.
“The whole area is changing, with very hot buildings and very high-priced apartments,” Karen Bressler, a Douglas Elliman broker, told the Post. “Alwyn Court is one of the only prewar co-ops there and nothing is as desirable as a prewar.” [NYP] — Tom DiChristopher