Halstead Property

Judy Oston
Sr. Vice President
Westside Office
Tel: (212) 381-2370
joston@halstead.com

Triple Assessment

(Photo: Courtesy of Bellmarc Realty)

Triple Assessment

315 Riverside Drive, Apartment 5D

1,800-square-foot, three-bedroom, two-bath co-op.

Asking Price: $2.27 million.

Monthly maintenance: $1,646.

Broker: Marcia Gershon, Bellmarc.

Four years ago, the owners of this roomy co-op poured hundreds of thousands of dollars into a renovation, transforming a dining room into a third bedroom and coordinating everything from the heater grilles to the locks. Will their investment pay off?

Auguste Olson, Mark David & Company: “It’s beautiful!” Olson exclaims. “[But] it might be overdesigned, so you’re paying a premium for someone else’s vision. Somebody may want to buy a less ‘done’ apartment for less money and use the extra [cash] to create their own dream home.”
Her assessment: $2.15 million.

Laurel Rosenbluth, Gumley Haft Kleier:
“In terms of the layout, there’s flexibility. But when they took away the dining room, they could’ve created a child’s room with a little less space and kept a dining alcove,” says Rosenbluth. Still, “the tree line and river view is pretty, and that trumps the deficits.”
Her assessment: $2.2 million.

Judy Oston, Halstead: Oston says she’d set her price a little lower to encourage a bidding war and reel in buyers who can’t quite handle a $2 million purchase. That said, “the architectural detail is phenomenal. It’s clearly in move-in condition.”
Her assessment: $1.95 million.

Monday, April 03, 2006