Residential deals

September 01, 2010 07:00AM

Chelsea

$615,000

223 West 21st Street

1-bedroom, 1-bathroom, 520 sf co-op in a prewar elevator building; second-floor unit has northern and eastern exposures, original details, renovated windowed kitchen and marble bathroom; building has storage, garden and laundry room; maintenance $719 per month; 40 percent tax-deductible; asking price $630,000; 5 weeks on the market. (Brokers: Kelly Killian, Bond New York; Pamela Wolfe, the Corcoran Group)

“Probably the most important part of this deal was the custom cabinetry. The buyer had actually purchased that cabinetry in a different color pattern for her own apartment in New Jersey, so she understood how high-quality the apartment was. She had been looking for a long time herself, and the sellers had a kid and were upgrading. Part of it was definitely luck. The people who came to view the apartment were very, very serious — there weren’t a lot of lookers. We had three offers within the 20th person that saw it.” — Kelly Killian, Bond New York

Midtown

$3.5 million160 Central Park South

2-bedroom, 2-bathroom, 1,100 sf condo in a prewar elevator building (Jumeirah Essex House); 24-hour doorman; concierge; unit has new kitchen, renovated bathroom and 1,200 sf wraparound terrace with views of Central Park; building has hotel services, valet, health club; common charges $3,738 per month; taxes $745 per month; asking price $3.995 million; 39 weeks on the market. (Brokers: Nancy Candib and Chris Dominiak, Brown Harris Stevens; Jamie Lee, AC Lawrence & Co.)

“It was an all-cash buy and the sellers needed the money quick. We signed a contract in late May and our contract was to close within 30 days. But by the time the contract was fully executed and board-approved, we had less than two weeks to set up the closing. My buyer lives in China and I knew he had the funds, but it turned out that it took him longer than anticipated to get them together. It was nerve-racking, because the sellers were pushing their attorney to close quickly, and although my buyer understands English perfectly, it’s difficult for him to negotiate in English. I speak fluent Mandarin, and I was the one coming to the attorney and relaying the information back and forth. The attorney told me that we would have only one chance to extend the closing deadline with a legitimate reason, and it all wound up coming together. We closed on a Monday when the deadline had been the previous Friday. Now, my buyer is renting out the apartment, but eventually he plans to live there when he moves from China with his wife and daughter.” — Jamie Lee, AC Lawrence & Co.

Kensington


$199,000

475 East 7th Street

1-bedroom, 1-bathroom, 600 sf co-op in a postwar elevator building; unit has windowed eat-in kitchen with northern and western exposures; building has storage and laundry facilities; maintenance $634 per month; 38 percent tax-deductible; asking price $199,000; 22 weeks on the market. (Broker: Leif Johansson, Barak Realty)

“I’ve sold two apartments in that building, both to twenty-something professionals, both through Craigslist. This area is actually pretty cool — it’s what Park Slope was like 10 years ago. It’s a nice alternative to Park Slope because it’s much more affordable and still a safe neighborhood. Most people don’t really know about it. This buyer was a really smart recent college graduate who had been living with his parents on Long Island. He has a good job and wasn’t paying any rent, so he was able to save up some money. The first-time homebuyer tax credit was extended; otherwise he wouldn’t have made the cutoff, and that was something he was quite aware of.” — Leif Johansson, Barak Realty

Interviews compiled and condensed by

Sarabeth Sanders