The saying goes that the top 3 most important things in real estate are Location, Location, and Location. I was just writing about it here.
Nowhere is this truer than in New York City. And it’s the most true in Manhattan. Our story this month is yet more proof.
We just closed on the sale of an absolutely gorgeous home along Fifth Avenue (we represented the seller).
The layout is what is known as a “9-room apartment,” which adds up the following rooms:
- Primary Bedroom
- Second Bedroom
- Third Bedroom
- Living Room
- Kitchen
- Dining Room
- Maid’s Room #1
- Maid’s Room #2
- Library (aka the 4th bedroom if you want it to be)
Measuring well over 3000 square feet, this apartment also overlooks Central Park.
How much is it worth, you ask?
On Fifth Avenue, it depends on lots of things:
- Condition
- The floor it’s on
- Its special views (open to the reservoir? looking at the Met?)
- of course, location
I’ll tease you a bit with some other area units we will compare it to:
- This nearby 9-room unit is on the 9th floor, faces the park, and has been on the market for 4 months asking just under $7mm (link here).
- Four blocks away, this 8-room unit is asking $7.4mm with views over Central Park in all the main rooms (link here)
- Further afield, this 9-room apartment is 22 blocks to the south on 79th street, and is in contract, asking $10.5mm (link here)
All of these units are white-glove, full service buildings. All of them built in the 1920’s. All feature name architects from the time. All feature a super high level of service. Every superintendent runs a tight ship. Mail brought to your door in all these buildings. Each apartment shares its landing with only one unit, if they share at all. Each unit gets its own storage in the basement.
But only one of them is located north of 96th Street. Our listing.
1170 Fifth Avenue is located at the corner of 98th Street and Fifth Avenue. The only thing that anyone might quibble over is that it’s located north of 96th Street. However, that one factor changes the value dramatically.
What might sell two or three blocks south of 96th Street for $6-7mm we just sold for slightly over $3.6mm on 98th Street.
Can that really be true? Can two blocks cut value nearly in half.
Yes, it can.
Now don’t get me wrong. Our sellers were delighted. They were ready to sell, and the price was above their expectations. The buyers were delighted, too. They were able to beat out another buyer at the last minute. The cooperative was happy. They got a good new shareholder and were able to thank a neighbor of 40 years for their time in the building.
It’s just another bit of proof that WHERE means everything in real estate.