De a n n a Ko r y

Ri v e r s i d e Dr i v e & We s t En d Av e n u e report Winter 2008 Edition

significant price jump is in part attrib- increases on par or above city-wide fig- utable to strong activity in the high-end ures. The studio segment was the only segment of the market. This trend is exception, with median prices up 8% also reflected in the number of apart- to $448,000 by year-end as compared ment sales over $10 million which has to a 16% jump to $475,000 through- more than tripled compared to a year out . ago. West End Avenue and Riverside Drive. The enduring appeal that Riv- Many of those high-end sales took erside Dr. and West End Ave. have for place at 15 Central Park West and the buyers is reflected in the current low Plaza where 94 units closed during the level of inventory in all market seg- fourth quarter. Yet other market indica- ments. In the studio and one-bedroom tors, including the number of sales (up categories, which represent the largest A LOOK INSIDE: 3.2% over last year), length of time on inventory of existing units throughout the market (18 fewer days than a year RSD / WEA MARKET UPDATE the city, currently there are a mere 17 ago), and level of inventory (down TO RENT OR TO OWN? units on the market as compared to 13.5% from last year), all indicate that WHEN TO RESTORE? 28 units a year ago. The asking prices sales across market segments remained THE FIREMAN’S MEMORIAL for one-bedroom units range from strong in Manhattan. WEA- ON THE MARKET $449,000 to $2,000,000 for a 1,100 sq. ft. pre-war condo on Riverside Drive. NEW HOME: West Side Properties. As compared to NEW NEIGHBORHOOD With only a few exceptions these avail- city-wide trends, demand for property SALES SAMPLING RSD/WEA able units are coops which may reflect on the West Side was extremely strong, the current high demand for condos, with prices increasing at rates beyond especially by foreign buyers who have city-wide levels. By the end of 2007 the recently flooded Manhattan’s market. MARKET average sales price of apartments on the West Side had reached $1,778,000, up Inventory in the two-bedroom catego- OVERVIEW 33% over 2006, and the median price increased 25% to $1,090,000. The The Market City-wide. Running price per square foot reached $1,308 610 WEST END AVENUE contrary to the downturn in real estate for an 18% increase over the previous markets across the country, Manhattan’s year. market saw record-breaking sales in the fourth quarter that drove the average On track with, but also out-perform- sales price to $1,489,000, up 22% from ing, city-wide trends, the West Side the same quarter in 2006. Similarly, market segment with the largest gain the median sales price of apartments was the three-bedroom plus size where rose 15% to $915,000 and the average the median price increased by 31% to price per square foot increased by 10% $2,995,000. City-wide the year-to-year to $1,138. As is indicated by the larger increase in this segment was 8% with increase in average price as compared to the median price at $2,705,000. One- Rare Old-World Classic 7 the median price, the fourth quarter’s and two-bedroom categories also saw $3.995M Web # 1146146

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] MARKET NEWS ry, currently with 11 units on the mar- ket, is also well below levels of one year Recent Notable Large Apartment ago when there were 21 two-bedroom & Townhouse Sales apartments for sale on Riverside Drive and West End Avenue. Again, of the units that are available, only one is a Townhouses condo as compared to 5 condos on the market last year. Asking prices for two- Address Status PPSF Sale Price Size bedroom units currently range from 352 RSD Sold $1,761 $16M 26‘ Wide $899,000 to $2,695,000 for a pre-war 333 W. 88 In Contract $1,704 $11.250M 20’ Wide coop on West End Avenue. The average sale price for the 13 units currently in contract (all coops) is $1,510,000. 7-Room Category The three-bedroom plus segment is also Address Status PPSF Sale Price Conditon limited with 11 coops and one condo 37 RSD #12A Sold $2,019 $5.25M Excellent currently for sale. At the same time last 190 RSD #8C Sold $2,400 $5,999M MINT year there were 14 coops and four con- 473 WEA #10A Sold $1,500 $3,6M Dated Reno dos on the market. Asking prices in this 530 WEA #6B Sold $4M MINT category now range from $1,249,000 to 595 WEA #12A Sold $1,482 $2,978,381 NEW $4,250,000 for coops; the one condo, 110 RSD #4F In Contract $1,456 $3,495M Needed Work on West End Avenue, has 10 rooms, 258 RSD #12A In Contract $2,000 $3M Needs Gut Reno 450 WEA #5C In Contract $1,678 $4,195M 5 bedrooms, and an asking price of 755 WEA #14A In Contract $1,406 $2,85M MINT $6,500,000. Five three-bedroom coops 789 WEA #8C In contract $1,452 $3,050M MINT are currently in contract with an aver- age asking price of $2,747,000. * Price depends on square footage, condition, building and floor height/views. Average PPSF Looking Ahead to 2008. While Man- of 7rooms is $1,400-1,600 with the high end/renovated/top buildings closer to 2000+ per sq ft. hattan’s market had a strong finish in 2007, some real estate professionals ex- pect prices to level off in 2008 rather 6- Room Category than increase dramatically. Others, however, remain optimistic that Man- Address Status PPSF Sale Price Conditon hattan real estate will continue to buck 222 RSD PH3A Sold $1,850 $3,7M Condo national trends due to factors unique to 755 WEA #2C Sold $1,069 Needed Work this market. High on the list of reasons 800 WEA #5D Sold $1,079 Needed Work to be optimistic is Wall Street bonus 246 WEA #4BC In Contract $1,650 $3,795M Mint Reno money which will total some $35 bil- 450 WEA 10B In Contract $1,298 $2,595M Good/ Fair 473 WEA #13B In Contract $1,550 $2,48M lion dollars this year, followed by the 180 RSD #10C In Contract $1,448 $2,895M Excellent huge influx of foreign buyers (one in three condo sales were to overseas pur- chasers), low interest rates, and mod- *The market for 6 rm apts remains very strong. Avg PPSF is approx $1,200-1,500 depending on condi- erately low inventory. But whether tion, building, & views. this year’s gains are dramatic or more Prime example is 505 WEA where 5B totally renovated sold for $1,862M in August & 8B (the exact same moderate, the highly desirable neigh- unit) in ESTATE CONDITION sold for $1,795M in November. On a PPSF basis, this is $1,282 ppsf for a borhoods along West End Avenue and property that needs a total gut renovation. Riverside Drive can be expected to fare at least as well if not better than the real * P/W classic-6 apts above 96th St. on WEA and RSD avg. $1,050-1,100 PPSF (unless they have a river view and depending on renovation) estate market city-wide.

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] PERSONAL PLANNING

To Re n t o r To Ow n ? preciates.

What is the best answer for you EXAMPLE 2

omeownership has always been tunity to live-in, or “use,” an investment The second example, a two-bedroom a major part of the Ameri- while the value grows, are compelling. luxury condo buyer who will spend more Hcan dream. Long the norm each month on a condo than a rental, il- throughout the country, a different lustrates how even a monthly expendi- tradition took hold in ture that exceeds the rent of a comparable which has historically been a city of rent- rental still places the buyer ahead of the ers. During the heyday of the major real game when appreciation (conservatively estate development that took place in put at 5%) on the property is taken into Manhattan during the first decades of account. the twentieth century, the vast majority of buildings were constructed as rentals; 2 BR condo selling for $2.2M, with only a relative handful of buildings were monthly rent for a comparable unit of originally developed as cooperatives. $8,000 ($96,000/yr) $550,000 down payment (25% of pur- Over the last 20 years or so, with the Calculating the Benefits chase price) with a $1,650,000 mortgage advent of coop conversions, condo de- EXAMPLE 1 @ 6.25% velopment, rent deregulation, and low- interest mortgages, a shift has occurred The first example illustrates how a one- Monthly mortgage payment=$10,159/ in the balance of ownership vs. renting. bedroom coop buyer will spend less per mo ($121,908/yr) With so much attention paid these days month on maintenance and mortgage Cc+ret=$3,000/mo ($36,000/yr) to the building boom and soaring prop- payments as compared to renting. As- Monthly payments=$13,159/mo erty values, surprisingly, New York is still suming a modest appreciation rate of 5% ($157,908/yr) a city of renters with the lowest owner- on residential property, this purchase is Monthly payment less tax deduc- ship rate of any major American city. Ac- clearly an appealing proposition for the tions (38.5% tax bracket) = $10,789 cording to new US Census figures, own- buyer. ($129,468/yr) ership is on the increase here and reached 33.2% in 2005. Meanwhile nationwide, 1 BR coop selling for $800K, with First year appreciation @ 5% of the unit’s the proportion of homeowners increased monthly rent for a comparable unit of valu= $9,167/mo ($110,000/yr) in 2005 to 68%. $4,000 ($48,000/yr.) $200,000 down payment (25% of pur- While the nationwide increase in owner- While this condo buyer will spend chase price) with a $600,000 mortgage $2,789/month more as an owner, the ship is attributed in large part to subprime @ 6.25% lending, many see New York’s increase as appreciation on the value of the condo driven by the building boom, easy credit, Monthly mortgage payment= $3,694/ (averaging $9,167/month) will more and something else as well--the growing mo ($44,328/yr) than offset the difference between rent scarcity of affordable rental units. Indeed, Maintenance= $1,200/mo and the monthly cost of the condo. in the last year the vacancy rate for rental ($14,000/yr) properties has remained below 1% while Monthly payments= $4,894 ($58,728/ While each person’s situation is unque, rents for market-rate apartments have yr) the long-term upward trend in real estate jumped as much as 20%, as compared to Monthly payments less tax deductions prices indicates that purchasing property the standard 5 to 7% increases seen each (38.5% tax bracket) =$3,460 ($41,520/ has been a sound and often very profit- year in the last 15 years. yr) able investment. As in any market, real estate prices do fluctuate and buying With a tight rental market many lifetime First year appreciation @ 5% of the unit’s with the intention to flip or resell within renters, along with those who in recent value = $3,333/mo ($40,000/yr) a year or two of purchasing is not with- years cashed out and moved into rent- out risk. Yet with the reality of high rents als, have come to conclude that buying This one-bedroom buyer will save $540/ for tenants and attractive tax benefits for is financially preferable to renting. The month ($6,480/year) by purchasing the owners, in the long-term buying a home financial benefits of ownership, which coop, as well as build equity as the mort- is, more often than not, preferable to include tax deductions and the oppor- gage is paid down and the property ap- renting.

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] DESIGN PRESERVATION Can this Brownstone be Saved? When to Restore and When to Replace by Evan Mason hen considering the pur- doors, hardware, moldings, and other chase of a brownstone, a historic detail is a much cheaper al- Wbuyer is sometimes ad- ternative to buying something new. vised to replace the floors, windows, wainscoting, etc., by an architect or A new door from Home Depot can contractor who assumes that restor- be inexpensive, but often doors for ing the existing materials would be brownstones have to be special or- too expensive. The decision to restore dered due to the typically high ceil- or replace original details is as much ings in these homes. After adding a personal and aesthetic decision as it shipping and installation to the cost is a cost-based one. If an owner likes of a custom door, it may be cheap- original prewar detail, with some re- er to restore the old door already in search and diligence he can success- place. The same is true for the door’s fully attain the desired historic look good restorer. The original paneling handles and lock. The cost of cleaning while working within the constraints can also be relocated within the home the original antique door handles and of a reasonable budget. if renovation plans require moving lock is minimal compared to the cost walls or otherwise redesigning the of buying a new set of door hardware The decision to restore instead of to interior. Sadly sometimes replacing for $150. And the color and beauty of replace goes against a wide-spread old wood floors is unavoidable, but the vintage hardware is unsurpassed. American assumption that “new is remaining portions of the floor can always better than old.” Yet when it be used as a reference to replicate Even purchasing a vintage door han- comes to our historic brownstones the same designs and wood types. If dle can be less expensive than buying and prewar apartment buildings the nothing is left of the floor recreate the a new replacement. There are many original doors, floors, windows, and original design, neighboring brown- local salvage yards that have 19th and wainscoting are almost always more stones are a good resource as they early 20th century hardware, man- finely crafted with higher quality ma- were likely constructed with similar tels, banisters, fences, gates and light- terials than their modern-day replace- materials and patterns by the same ing. Architects and designers can do ments. Plus, original wood details builder. the leg work in locating appropriate create an air of artistic charm that is items if the owner is not able to do impossible to replicate and well worth so. preserving or recreating if need be. Homeowners are often told that the Old wood paneling and floors have original windows can’t be saved but a much tighter and more interesting sometimes a second opinion and grain than new wood products be- some research reveal that the benefits cause trees are now grown, cut, and of saving them outweigh the costs. If delivered for quick use, and their the windows are original to the house, lifespan is too short to develop the One problem owners encounter when the owner should seriously consider close grains that give wood its charac- restoring a brownstone is that many having them restored, especially if ter and beauty. Original wood details contractors simply don’t like to do they have muntins (the wood or met- also have a rich patina and deep luster restorations as it is quicker and easier al strips separating the glass) since that only comes with age. for them to demolish, sheetrock, and new windows are often made with move on. Although they may warn extremely wide and clunky muntins Wood paneling that is stained, weath- clients that restoration is too expen- that obfuscate the light and can create ered or damaged can be revived by a sive, often times restoring existing a prison-like feel.

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] NOTABLE LANDMARKS

Wood replacement windows are more of successful restorations. Buying and The Firemen’s expensive than those made of alumi- renovating any house or apartment Memorial num but aluminum windows may (even a new one) is a difficult process have to be replaced in the near term not unlike giving birth – it hurts a lot anyway. And a word of caution--if but is more than worth it in the end! money is spent to buy new windows When the restoration is finally com- because they are energy-efficient, pleted, the proud owner can sit back, it’s essential that the architect speci- admire the intricacy of the details, fies insulating every single nook and and take in the warm and inviting cranny possible when the contractor atmosphere that only a restored and The Firemen’s Memorial was originally opens up the exterior of the house. decorated pre-war building can offer. intended for the north end of Union New windows can be extremely en- Square, but is now located at 100th ergy-efficient, but the importance of Street and Riverside Drive. The me- morial itself is a 19’ long by 8’ wide Evan Mason is Special Projects Coordinator sarcophagus erected on a granite plaza, at LANDMARK WEST!, a preservation ad- with a fountain and a bronze bas-relief vocacy not for profit located on the Upper tablet portraying three galloping horses West Side. She is also president and owner of Deco Works, Ltd. an interior design firm pulling a fire engine on the side facing specializing in traditional restoration and in- the park. Symbolic marble sculptures teriors. representing the firefighter’s motto, Duty and Sacrifice, flank the sarcopha- gus; Sacrifice on the north end, Duty ON THE MARKET on the south. The figure of Duty is a mother seated next to a fire hydrant, exact and careful quality installation holding a fire helmet and raincoat across her lap as she shelters her young is often overlooked—a great, techno- son standing next to her. Sacrifice por- logically advanced argon-filled, low-e trays a partially draped woman sup- window poorly installed will not be porting the limp body of her husband, energy efficient. And proper instal- a fireman killed in the line of duty. Un- lation is not so easily attained, as ex- derneath the foundation of the monu- isting buildings rarely have 90 degree ment is a small copper box containing angles, new materials contract and letters from the architect as well as the expand in varying degrees and may Triple Mint Home w Pvt. Entrance! badge and firebox key of Fire Chief not be compatible with original ma- 270 West End Avenue - Apt. #1N Edward Croker, who saw Deputy Fire terials. If the new windows are not $3.495M Web # 1075916 Chief Kruger fall into a blazing cel- measured absolutely accurately and lar in a Canal Street fire in 1908, the incident which inspired the monu- installed properly, there will be gaps ment. The memorial was completed in through which air will infiltrate--thus 1912. the homeowner will have paid for Every autumn, hundreds of New York new windows, sacrificed the look of City firefighters and their families a restored old window, and still lose a crowd the streets surrounding the Fire- considerable amount of heat. men’s Monument at 100th Street and Riverside Drive. At this time, a me- Finally, homeowners who like the morial service is held to honor all the historic look should work with ar- members of the department who died chitects, contractors, and interior in the preceding year. The Depart- designers who actually appreciate Spectacular Corner River 7-Room ment Medal of Valor and the Medal of historic buildings, know something 50 Riverside Drive - Apt. #4A Supreme Sacrifice are awarded to the about them, and have a track record $4.850M Web # 1060351 families of those firefighters who died in the line of duty.

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] ON THE MARKET A True Original Layout can be configured to suit indi- vidual needs, including a private gar- Townhouse den apartment. 627 West End Avenue enjoys the most desirable location on the Avenue at 90th Street, and is per- pacious and elegant this mag- fectly positioned on the West Side of nificent Clarence True home the block that is bordered on all sides offers the ultimate in old-world S by other brownstones allowing for glo- grandeur. Comprising approximately rious light front and back. 6,000 square feet on five levels plus basement and roof deck. Completing this magnificent house rarely seen on the market, is eight wood-burning fire- places, four bedrooms, 2 maid’s room, 4 baths, high ceilings and generous proportions.

627 West End Avenue

Currently offered at $7,850,000. For more information or to schedule an appointment, please call: 212-937-7009.

n November 15, the Deanna Kory Team hosted an architec- CLARENCE TRUE: Otural discussion at 627 West End Avenue featuring architectural his- Beyond the Conventional Row House torian and acclaimed author, Francis Morrone. tects’, Clarence were provided by our team, allowing The eve- True and his guests to view the house revealing most ning was visions beyond of the original design and vision of the organized the convention- architect. in conjunc- al brownstone. tion with He is credited Landmark with the design West, a of at least 270 non-profit award winning community houses on the group who promotes the preservation of Upper West the best of the ’s archi- Side, many of which are found in the tectural heritage. Guests were dazzled area surrounding 627 West End Av- with Francis’ discussion & knowledge enue and particularly the southern end on one of NYC’s most influential archi- of Riverside Drive. Tours of the house

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] PERSONAL NEEDS Ne w Ho m e , Ne w Ne i g h b o rh o o d A little help can go a long way, one that best suits your needs and re- when it’s the right help… quirements. Similarly it is a good idea By Gale Gregory to interview at least three or more can- oving to a new Another resource to didates before hiring anyone. city, borough or consider is agencies neighborhood can that specialize in plac- Whether you find a candidate through M an agency or by networking or refer- present a daunting set of chal- ing child and/or el- lenges that at first may seem der caregivers. These ral, it is important to check personal overwhelming. The most agencies can be espe- and business references yourself. And stressful of these tasks can be cially useful for those for an additional level of comfort you the search for child care and, who are completely may want to hire an independent ser- increasingly, elder care. new to an area or who vice to perform a background check on need care-giving help the candidate as well. Even if working Many find help by network- as quickly as possible. within a limited timeframe, the extra ing with friends, neighbors, Typically agencies pro- few hours, or days at most, that it takes and colleagues who can recommend vide some level of screening in terms to do your own research is time well- useful resources, or perhaps provide of background, qualifications, and ref- spent in insuring that your loved-one(s) a referral for someone they have em- erences. But the level of service does will be cared for by someone with the ployed in the past, or someone who vary among agencies, as do fees and very best qualifications. they know is looking for a position. guarantees, so it is important to find Others turn to churches, synagogues, out exactly what services each agency Gale Gregory is owner & operator of Mom’s Helper Inc., a domestic placement agency or schools which have connections with provides. Interviewing at least three specializing in the placement of nannies, organizations or groups that know of agencies will provide a good basis for housekeepers, and companions for the el- potential employees. comparing agencies and selecting the derly. She has been in business for 6 years. WEST END AVENUE Address and Asking Price 270 West End Avenue- 9th Flr 60 Riverside Drive- 2nd Flr & RIVERSIDE DRIVE $5,200,000 $860,000 246 West End Avenue- 12th Flr 610 West End Avenue- 8th Flr The Deanna Kory Team’s 2007 $4,000,000 $4,100,000 Sales Sampling 530 West End Avenue- 6th Flr 260 West End Avenue- 12th Flr Happy New Year! 2007 was an incredible year $4,000,000 $1,430,000 for our team in many ways. We want to ex- 650 West End Avenue- 1st Flr 505 West End Avenue- 8th Flr press our gratitude to everyone we have met $2,165,000 $1,795,000 and worked with along the way. We head into 2008 with renewed energies and an even 315 West End Avenue- 7th Flr 222 Riverside Drive- 9th Flr stronger commitment to our present and fu- $1,407,500 $999,000 ture clients in assisting them in realizing all of 878 West End Avenue- 12th Flr 685 West End Avenue- 9th Flr their real estate goals. $1,450,000 $1,250,000 Riverside Drive and West End Avenue con- tinue to be where we have a strong expertise 645 West End Avenue- 11th Flr 190 Riverside Drive – 5th Flr and presence, along with an ever increasing $1,980,000 $4,990,000 love for the community. Here is a sampling of properties our team sold in 2007. 473 West End Avenue- 10th Flr 131 Riverside Drive- 8th Flr $3,600,000 $4,280,000

Deanna E. Kory Tel. 212.937.7011 Fax 212.230.8191 - www.deannakory.com - [email protected] De a n n a Ko r y

Ri v e r s i d e Dr i v e & We s t En d Av e n u e report Winter 2008 Edition Deanna E. Kory Karen Kelley Karen has distinguished herself as a top-producing bro- An absolute professional, Deanna never departs from the highest ker among her peers. She is forthright, intelligent and ethical standards, while thriving on the remarkably productive rela- passionate in her dealings with buyers & sellers, always tionships she develops with whomever she deals with professionally. working to achieve a positive outcome. Employing those Besides her intelligence, intuition, empathy, and sensitivity to her same skills and work ethic as a residential real estate ex- clients’ specific requirements, Deanna possesses vast knowledge of pert, Karen has a new audience-the buyers and sellers of the industry and an unmatched ex- Gotham real estate. pertise in marketing properties and selling them in record time and at record prices. She is a superb nego- tiator, able to represent both buyers Christine K. Morgan and sellers with great success. Deanna Coming to real estate from a has consistently ranked in the top five successful career in publishing, brokers in Corcoran. Christine Morgan brings to her clients and customers a re- Deanna stands out in the industry for porter’s attention to detail and her staging ability to show properties an orderly approach to realizing at their best to obtain the highest pos- their real estate goals. sible price. She is most attentive to the unique qualities of each property, ensuring that all transactions proceed smoothly, always putting her clients’ Meghan Kelly needs first. A graduate of the London School of Economics, Meghan worked Layla Rose Jennifer Taylor for three years in finance and market- Knowledgeable, service-oriented, and Jennifer truly understands the importance of ing at a top Wall Street investment firm results-driven, Layla provides honest, home, both from a professional stance and before joining the Deanna Kory team. straightforward advice throughout the from a personal perspective having bought and As a buyer’s broker, Meghan stands out transaction process. Her enthusiasm is sold several Manhattan properties. She is a su- for her knowledge of the market and her surpassed only by her commitment to her perb communicator and most sensitive to her keen ability to match clients with their clients. clients needs. dream home. deannakory.com revealed

the SOURCE to unlocking the secrets of New York real estate