Apartments for Sale in Midtown East

April 21,2015 | By Solomon

 Apartments for Sale in New York City are Hot!

           This is the busiest time of the year for NYC’s real estate market. The apartments for sale in NYC are literally flying off the shelf. A condo apartment in prime Midtown location, which would not get any enthusiastic buyers three months ago, now it attracts buyers who are willing to pay above the asking price.  Buyers are not apprehensive at all and the open houses are full with people.  The scarce availability drives the prices of the apartments in New York City up.

Looking for the Right apartment        

            Currently, we work with a buyer who is interested in finding a two bedroom co-op apartment in prime Midtown east or Murray Hill area. She is buying the apartment for her two sons who work in the city. Instead of paying the unreasonably high rent, she prefers to save in a long term and make an investment by purchasing an apartment in the city.  Considering her two sons will live in New York for at least 5 more years, she understands it makes more sense to invest by purchasing an apartment. However, the market is challenging and there is not too much out there. Still my colleague and I are able to select options which work. We selected the following two bedroom co-op apartments for sale.

First choice: 150 East 49th Street, apt 9C 

 This is a really nice coop building in a prime Midtown East location, right by the subway station and transportation.  The apartment is on the 9th floor. This two bedroom coop for sale is listed at $999,999. The listing agent made a point to inform us that there is an accepted offer at asking price and if we were interested, our offer would need to be above the asking price. This would be fine. However, any buyer paying the price above 1Million dollar in NYC would need to pay the so called –Mansion tax of 1%.

The apartment itself is renovated and really stylishly designed. This coop two bedroom apartment boosts approximately 1000 sq ft. There is a washer and dryer in the unit.
I looked at the data and analyzed the comps in the area. To my surprise, I foundout that similar apartments for sale in Midtown East went into contract for around $875-$960 per sq ft. Even though the apartment 9C is listed above market price, I would say it is a good buy because of the many personal renovations and updates.  The monthly maintenance is around $1900.  
Second Choice: 
 
139 East 33rd Street apt 15AO

 

 This is a medium size coop building located in the heart of Murray Hill. Close to Lexington Avenue, this building appeals with its convenient location. The apartment for sale is on the 15th floor. It is a large combined unit apartment which offers more than 1300 sq ft. large apartments for sale in NYC like this one are the most desired right now.  It is prices well at only $925 per sq ft. After I looked at the comps, it is easy to find out that the apartment is listed for below market price. Similar apartments in the area sell for around $960 per sq ft. don’t forget that there is a 2% flip tax which is usually paid by the seller; however, in this particular instance it is negotiable and it might need to be paid by the buyer.