In early summer this year, my husband and I decided to try to purchase a New York City co-op apartment as a way to create a more permanent home and stabilize monthly costs. For the last three years we had been living in a large, Marvelous Mrs. Maisel-style apartment in Lenox Hill that was a pandemic deal, but was increasing in cost despite being directly next to an active construction site.
We narrowed our search to an area slightly south of our current neighborhood – Midtown East/Sutton Place and aligned our expectations to a one bedroom with a good layout and ample storage.
There are many things already written on the pros and cons of co-op versus condo in New York City, so this post is instead an attempt to pay homage to my favorite column in The New York Times called The Hunt.
They Wanted a Piece of Manhattan with Great Closets. Which Cookie Cutter Co-op Would Be the One?
Looking to stabilize costs and be closer to Grand Central, a couple scoured the East-side of Manhattan for ample storage and low maintenance.
Tom and Tracy Forzaglia have a lot of interests. Eating Italian food in the West Village, shopping, going to MOMA, playing music, visiting family in Westchester, working out at Crunch, hanging out with their two tuxedo cats and saving money are some of the activities that spurred their summer search for an apartment to purchase instead of rent.
Both work in tech – he as a Principal Software Engineer at a generative AI-focused startup and she as a Taxonomist and Metadata Librarian. General uncertainty surrounding the industry, as well as the need for a quiet work from home space was a driving factor in their decision to leave their amazing two bedroom rental in Lenox Hill. That apartment started out as a pandemic deal, but was fast approaching market rate and was also right next to a noisy, active construction site.
Setting their sites on Midtown East or Sutton Place due to the proximity to more trains, Grand Central, shopping, several Crunch locations, Whole Foods and Trader Joes, the pair embarked on a mission to secure a one bedroom with a good layout, lots of storage and low monthly maintenance.
They set a budget of $600,000 to $750,000, although rising and unstable interest rates quickly made it clear that staying under $700,000 would be preferred. It was apparent that a co-op versus a condo would be easier to find in that location and price range.
The couple worked with David Son at Douglas Elliman who provided calm direction on the complexities of the Midtown co-op market.
Among their options:
No. 1
Junior-4 Near the East River
This 925 square foot, one-bed, one-bath apartment was newly renovated with a large kitchen with a window, amazing roof deck views, and enormous closets. The unit was in the Park Sutton, a well-kept doorman building with an elevator. The asking price was $649,000 with monthly maintenance of $1750.
No. 2
Great Location, Great Potential
This 900 square foot one-bed, one-bath in The Harridge House on East 57th Street was across the street from Whole Foods.
The unit had really big closets, parquet floors, and lots of potential although the kitchen and bath needed updating. The asking price was $625,000 with monthly maintenance of $2,348.
No. 3
Lots of Light on 2nd Avenue
The Brevard at East 54th and 2nd Avenue was a 400-unit building with a doorman, elevator, roof deck and good financials. The one bedroom apartments featured different layouts and were all around 600 to 700 square feet.
Unit 10G was newly renovated with a large bedroom and several closets, including a walk-in closet.
The asking price was $675,000 with monthly maintenance of $1,380.
Which Would You Choose?
- Junior-4 Near the East River
- Great Location, Great Potential
- Lots of Light on 2nd Avenue
Which Did They Buy?
- Junior-4 Near the East River
- Great Location, Great Potential
- Lots of Light on 2nd Avenue
THEIR HOME
Lots of Light on 2nd Avenue
After learning about the complicated co-op application process and with timing constraints related to their current lease expiring in late November, Tom and Tracy felt compelled to make a checklist, make a decision and make an offer.
In addition, knowing that minor alterations or cosmetic updates would be easier and more cost effective, they ruled out the large, but outdated unit on East 57th.
Despite loving the layout and roof near the East River, laziness prevailed. Both were concerned about having to walk farther to trains and conveniences, especially in the winter.
The Brevard was a big building with great financials, but it was tough to get approved. After looking at several units in the building, Tom and Tracy decided to brave the rigorous application process and engineer the best way to fit all their important items into a somewhat smaller place in order to benefit from stable maintenance and updated infrastructure.
They finally moved in November right before Thanksgiving, after having the apartment painted some cozy, poppy colors. It immediately felt like home.
“The location can’t be beat. We are in the West Village in about fifteen minutes and I can walk to MOMA,” said Tracy. “We love it!”
Midtown Century Modern 