Neil Goldstein knows that popcorn can be bad — for a building’s health.
Popcorn, of course, is the highly technical term for the formerly trendy spray-on ceiling material found in many 1970s- and early ’80s-era apartment complexes. Goldstein removed the popcorn from his own ceiling — he lives in the Harmony at 61 West 62nd Street — and, as a member of the co-op’s executive committee, he’s been working on renovations of shared amenities to update the building, built in 1980.
He’s not the only one sprucing up. As new developments sprout from Lincoln Center to the Hudson River, the existing buildings in the southern part of the Upper West Side are upgrading to cash in on the rising profile of the neighborhood.
This is happening both at the building level and unit level, say brokers and owners. Outdated touches like popcorn ceilings — or even the once fabulous parquet floors of yesteryear — just won’t do.
This year alone, the Harmony’s executive committee is finalizing its deal for Lincoln Center to take over the ground-floor Harmony Atrium, an indoor space open to the public. The committee is also developing plans for a façde upgrade to coordinate with whatever facelift Lincoln Center gives the Atrium. The elevators, cooling towers and boiler for the building have all been replaced. Goldstein says the Harmony is also looking into adding a gym and children’s play area, popular amenities that well-heeled condo and co-op buyers increasingly expect.
The renovations are intended to boost unit prices and improve quality of life for residents.
“Details such as doorknobs go a long way,” says sales agent Robin Greenbaum of Prudential Douglas Elliman. She recently advised a client to update an apartment in the Colonnade at 347 West 57th Street, built in 1982. After redoing the floor, Greenbaum’s client obtained her full asking price of $515,000 within a week of listing the apartment. Greenbaum believes that the renovation netted the seller a 15 percent premium.
Owners and brokers who focus on this area trace the major impetus for upscaling to the opening of the Time Warner Center. More than a dozen projects are being built between Lincoln Center and the Hudson River in the high 50s and 60s, including the Avery and Rushmore condos by Extell, the Hudson Condominiums and the Element.
And 15 Central Park West further raised the profile of the neighborhood with its record-setting condos, including one that went for $45 million.
Some buildings are converting to take advantage of the condo craze.
Milstein Properties’ upscale rental building, 30 Lincoln Plaza, has an initial condo offering plan out now. Reportedly, asking prices start at about $900,000 and range up to more than $4 million. The company did not respond to requests for comment by press time.
For buildings that are updating, the question is just how much of a premium renovations can command, particularly relative to new construction nearby.
Hal Henenson, executive director of the development marketing division of Prudential Douglas Elliman, notes that in the case of the Harmony, where deals have been signed at an average of about $919 per square foot in the last year, comparable new condos in that location would probably command at least $1,300 a square foot. He says upgrades could boost the $919 to perhaps $1,000 per square foot.
Some older properties that are being converted, like the Sheffield 57 at 322 West 57th Street, have achieved prices per square foot that compare favorably to new developments. Kent Swig, president of Swig Equities, says several large apartments on high floors in the building have fetched $2,150 per square foot. As of mid-March, Swig said about 19 percent of the building’s square footage had been sold.