Sunday, June 5, 2011

15 Madison Square North

(The second building profile in a series on what it costs to live on Madison Square Park and what you get for the money)

The building:

15 East 26th Street, a beige brick building constructed as offices in 1912, was converted in 2006. The top 12 floors comprise 69 residential condos (some are combinations); the lower eight floors are commercial. 

There are currently three active sales listings and one active rental listing.  As per PropertyShark, 60 of the 69 units are owner occupied.

City records show that there is no permanent certificate of occupancy.  The managing agent reports that the last Temporary C of O expired in late April.  But there are only 18 outstanding requirements, so a permanent C of O should be on its way.

What it costs to live there:

Average price per square foot for the last 12 months was $1,216.  However, all three of the sales in this period were one bedrooms facing east over Madison Avenue.  Overall APPSF would probably be higher if more sales had closed.

The most recent sale of a two bedroom apartment was in February of 2010 for $4,816,322 (the price includes closing costs), or just over $2,000/s.f.  On the 14th floor, it measured 2380 square feet, had two and a half baths and about 45 feet of south-facing windows looking over the park

Average monthly charges including real estate tax are $1.91/s.f.—not bad for a building of this size with as much staff as this one has.  And there is no abatement on the real estate taxes.  While taxes will undoubtedly continue to increase, there will be no nasty sudden upward bump because an abatement has expired.

Highest sale price in the building to date was $12,219,000, or more than $1,900/s.f., for 17AB, a 6137 square foot combination with five bedrooms and six and a half bathrooms which closed in January, 2010. It stretched the full width of the building and had 70 feet of south facing windows with full park views. 

Average rent in the building has been just under $8 per month per square foot.  For a two bedroom with home office of 2380 s.f., you’d pay $20,000 or more.

What you get:

A large staff.     There’s a concierge, 24-doorman service, porters, full-time super, superintendant, porters, etc., etc., etc.

A lot of amenities.  There’s a common roof deck, common storage, a nursery and a wine cellar.

An unusually spacious apartment with very high ceilings.   The one-bedrooms are nearly 1200 s.f. and have an extra interior room.  Two-bedrooms range from more than 1500 s.f. to about 2400.  There are also a lot of three-bedroom units—hard to find downtown unless you’re in a loft—and some with four bedrooms.  Ceilings are high, some as high as 12 feet.

Maybe a park view.    Only the A and B lines—the largest apartments—have park views.  But they’re spectacular and sunny. 

And of course, the park itself.  Madison Square Park is often called the best small park in the city, and there are many reasons for this. 

From 23rd to 26th Streets, from Madison to Fifth,  you’ll find some of the most beautiful landscaping around, always interesting outdoor art, the original Danny Meyer Shake Shack, a great kid’s playground, a huge dog run, the friendliest squirrels, the tallest trees and the greenest grass in town. 

And every time I get the chance, you’ll also find me.

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