Friday, July 8, 2011

The Stanford

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

The building:

The Stanford, at 45 East 25th Street, is not really quite on Madison Square Park, but it’s only one building away, just to the east of the beautiful and landmarked Appellate Division Courthouse, completed in 1899.

A modernist sliver building constructed in 1986, it was designed by the architectural firm of Liebman & Liebman and, with 42 stories, is the tallest residential structure in the area, not counting the beleaguered One Madison Park (see earlier posts on this).

Originally there were 122 apartments but some have since been combined.  They start on the 8th floor; the lower floors are commercial.  There are currently two active sale listings, two under contract, and one active rental.

The building has a permanent certificate of occupancy. 

What it costs to live there:

In late June, Apt. #32C, a two bedroom, two bathroom apartment of 1500 square feet with park views only from the balconies, closed for $1,797,000, or $1,198/square foot.  Two studios and a one bedroom have also closed in the last year.  Average price per square foot for these was $1,109.  None had park views from the living areas.

Average monthly charges including real estate tax are about $2/square foot.  There is no tax abatement.

Highest sale price in the building to date was $1,995,000, or $1,355/square foot, for a 1472 square foot two bedroom, three bathroom apartment with two balconies and direct park views, which closed in October of 2008 (contract signed pre-crash).  However, PHC is currently under contract with a last asking price of $2,850,000. 

12E10340$440,000 $1,294 12/29/10
16E20340$435,000 $1,279 4/28/11
10C31606$740,000 $1,221 4/26/11
32C5.521,500$1,797,000 $1,198 6/29/11

Average rent per square foot has been an annual $64, but rents vary widely based on the view.  South-facing apartments look squarely at the Metropolitan Life building across the street.  Those with east or west exposures have park and/or river views.  For a 707 square foot one bedroom on a high floor with a direct park view, you’d pay $3600--$3800.

What you get:

Privacy. The biggest advantage the Stanford has over all other buildings on the park (except 50 Madison) is that above the 23rd floor, there are only three units on a floor.  And no floors have more than five units.

Outdoor space.  All units have balconies, and two bedroom (or convertible two-bedroom) units have two balconies.

Views.  From many of the apartments, these are spectacular, and protected by the much shorter landmarked building next door.  The A and B lines have direct park views; you can see the park from the balconies in the C line. 

The B line on higher floors has views of both rivers (although with increased construction on the west side, these are being chipped away), New Jersey and Brooklyn; many of the C line apartments on higher floors have views of the East River.

A full staff.  There’s a 24-hour concierge, several doormen and a live-in super. 

Amenities.  There’s a fitness room in the basement, washers and dryers on even-numbered floors, and a large common outdoor area with fountains just to the west of the building. 

And of course, it’s only a few steps from the always glorious park itself.

©copyright Confidence Stimpson 2011

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