Page 6 - NY Cooperator October Expo 2019

6 THE COOPERATOR — OCTOBER 2019 COOPERATOR.COM Manhattan’s Central Park Tower has reached a special milestone. Developer Extell said in a press release that its luxury condo project on West 57th Street – in the area known as ‘Billionaires’ Row’ – has topped out at 1,550 feet, making it the tallest residential building in the worldOther reports have called it the tallest residential edifice in New York City (says Curbed.) and the country, (says Crain’s New York Business ). The Adrian Smith + Gordon Gill Architecture-designed building consists of 179 residences ranging from two- to eight-bedroom apartments that begin on the 32nd floor and up, said Extell. The base of the building will be the home of a Nordstrom’s department store, which is expected to open on October 24 of this year. Crain’s reported that prices for the building’s condos range from $6.7 million for a two-bedroom residence to $63 million for a five-bedroom penthouse. The value of the apartments at Central Park Tower add up to $4 billion, earning the property the distinction of being the most expensive condo development in America. Extell Founder and Chairman Gary Barnett said in a company statement: “Central Park Tower is the pinnacle of development in New York and around the world. We would not be able to offer this level of design, quality and service without the contribu- tions from the world’s most talented architects, engineers and designers.” When asked by New York Magazine on what makes Central Park Tower a distinct New York building, co-architect Gordon Gill said: “The standards in New York are very high and so are the expectations. That leads to delicate detail and a lot of attention paid to where the columns are, the size of the glass, the proportions of the rooms, the acoustic isolation. It’s not a loose design.” n David Chiu is an associate editor at The Cooperator Cooperator.com From As the market for co-op and condo units continues to soften in Manhattan and throughout New York City, co-ops and condos are looking to make themselves more competitive. One area where existing co-ops and associations can raise their profile among potential buyers is in the amenities they offer. New buildings often have a laun- dry list of built-in amenities provided by the original developer. However, older more established buildings often have to find both the space and the funds to add similar amenities—among them gyms, roof decks, and up-to-date storage installations. We asked several real estate experts about what prospective buyers are looking for when it comes to amenities and related features. Up on the Roof “A roof deck,” says Joanna Mayfield Marks, a broker at the Brooklyn office of Hal- stead. “This is a huge upgrade, especially if it has a furnished common space. Out- door space is a fantastic, distinctive amenity for resale advertising purposes, and an additional benefit is that common outdoor spaces create a sense of community, with residents watching the Fourth of July together or bumping into neighbors at the sunset hour for a cocktail.” Dan Wollman, CEO of Manhattan-based property management firm Gumley Haft, concurs. “The top amenity co-op and condo residents desire in their buildings include some kind of common outdoor space. They seek an area where people – neighbors and their friends – can congregate. This could be a roof deck.” But, he cautions, “a roof deck must be in compliance with the rules of the ADA \\\[Americans With Disabilities Act\\\]. If you can’t get to a roof deck, the building can’t have a roof deck. There are also issues with the load that a building’s roof can bear, which may make a roof deck moot.” Staying Fit “Anything related to fitness,” says Sarah Marsh, Principal of MAAI Marsh Ar- chitects in Manhattan. “That can include anything from bike rooms to gyms.” She says that even a somewhat small space —20 feet by 20, say— can be converted into a well-appointed gym, depending on the configuration of the building. “Say you have a 14-story apartment building with two apartments per floor, as often found on Park Avenue. A 400-square-foot gym will serve the residents well.” At 760 Park Avenue on the Upper East Side, Meryl Sacks, President of Sacks Real Estate Management, oversaw the reconfiguration of existing storage space. “We de- molished it,” she says, “to accommodate the construction and installation of a gor- geous, state-of-the-art gym, with mirrors, Peloton, and everything you could want.” The building had the right budget in place for Sacks to accomplish the goal of adding What’s Hot in Building Amenities Real Estate Pros Talk About What Buyers Are Looking For BY AJ SIDRANSKY An underlying permanent mortgage (UPM) is a commercial loan, not a residential loan like your co-op mortgage. As such, it carries additional and different terms and conditions than a residential mortgage. When selecting a mortgage for your unit, the interest rate is often the foremost consideration. That may not be true for your build- ing’s UPM. In determining the best loan for your building when refinancing, board members should think more like landlords than homeowners. What Are the Terms of an UPM? Like a residential mortgage, an underlying permanent mortgage carries terms such as interest rate, term (length of the loan), amortization (payback period), fees, and prepayment. Unlike most residential mortgages, though, underlying permanent mort- gages are typically made for 10 years (not 25 or 30 years), and that changes consider- ations for the other terms. “Most co-op board members who come to me to refinance their underlying per- manent mortgage,” says Stuart Bruck, Director of Mortgage Brokerage for Time Eq- uities, a full-service Manhattan real estate firm, “are seeking the lowest interest rate, primarily to keep maintenance low. I explain to them that interest rate is not the only consideration. Flexibility is more important than most people realize. Typically, these loans carry a 10-year term, and generally something will happen during that time. A boiler, elevators, a roof will have to be replaced, or Local Law 10 work may have to be done. My experience both as a shareholder and a mortgage professional is that I prefer a more flexible approach that will provide for reasonable prepayment when an un- Refinancing Your Underlying Permanent Mortgage Like a Banker Borrowers Should Think About All Options When Refinancing UPMs. BY AJ SIDRANSKY Central Park Tower Is the World’s Tallest Residential Building, Says Developer The Luxury Condo Development Topped at 1,550 Feet BY DAVID CHIU COOPERATOR.COM continued on page 7 continued on page 12