(by Elaine Ely)
The condominium conversion of 175 West 95th Street is a well-scaled project tucked into the Northeast corner of Amsterdam and 95th Street, joining the developing bridge between South Harlem and the UWS that includes the Whole Foods complex around the corner.
The developers have moved the entrance of the 226-unit rental building from Amsterdam to 95th Street, a thoughtful change, and begun a thorough exterior and interior renovation, with a contemporary slate and white look: grey linen hallways, being redone from the top floor down, a modern lobby with glass-walled lounge, and rather Zen common areas.
There will be a large, landscaped common terrace, with a children’s playground, and a fitness center and indoor playroom.
This is an addition of over 10,000 square feet of amenities.
As a full-service offering, the building will offer studios and one, two, and three bedroom apartments (though no three bedroom has been released yet). So far, 30% of units have converted, and the developers expect closings to begin by summer.
They expect additional units to sell to insiders (that is, renters) and expect that they’ll get to 50% total sold within 2-3 years.
Averaging $1,373/foot, the units are priced fairly when even quickly compared to the competition – One Morningside Park’s $1,391 per square foot on 110th Street represents units that went into contract over a year ago.
Those units now are selling for nearly $2000 per square foot and beyond for the Penthouse.
This pricing is
well beneath, say, The Chatsworth’s $2,371 per square foot on 72nd Street, where fewer units offer much more ornate elegance.
The finishes on 95th seem to fit the proportions of the building’s goal – clean, simple, efficient, with wide-plank oak floors, and stone and wood kitchens and baths. Even the studios have washer/dryers and terraces, and the closet space and layouts seem reasonable rather than decorative.
These apartments are targeting the value buyer who has nearly been priced out of many of the current offerings around the West Side.
Yet, between the understated and convenient location, the pleasant canvases with good light and many incredible views – this is a welcome alternative to much of the cooperative and condominium pricing and outdated neighborhood buildings.
Elaine Ely is a member of the Harris Residential Team.