UES loft (really) / new at 120 E 87 St : Manhattan Loft Guy

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Aug. 14, 2007 - UES loft (really) / new at 120 E 87 St

who’d a thuhnk it?

Unit R-6B at 120 East 87 Street is a new Manhattan (little) loft listing today, really. (It surprised me, too.) The numbers are impressive for a Downtown Lofts snob: asking $$1.05mm (and $1,318/mo in common charges and real estate taxes) for 725 sq ft. Oh, and the very-loft-like 13 foot ceilings. (No pix or floor plan on the Bellmarc site yet.)

I did not recognize the address, but you long-time Upper East Side folks will recognize that this is the site of the old Gimbel’s Department Store. (Can’t tell if this is the actual Gimbel’s building that was re-purposed for residential, or just a new building [with 13 foot ceilings??] on the site.)

typical UES with downtown ceilings

The Park Avenue Court has the full roster of UES amenities: concierge, health club, pool, garden, garage and roof deck. It has some other premium-priced listings, as well. #P-4D is a “1,100 sq ft” loft with 17 foot ceilings (!!), asking $1.75mm ($1,912/mo). #R-14C is “1,250 sq ft” offered for $1.85mm ($2,211/mo), with 14 foot ceilings. (What’s up with the varying ceilings heights??)

Both of these are cookie-cutter layouts, but probably no worse than some new downtown loft layouts (Lions’ Head, for one).

I am curious about the market for these units. The lobby is definitely an “Upper East Side” lobby; the services match; the layouts, too. But how deep a market is there for such high ceilings up there? (pretty strong, based on closing prices (not all, but many of which are at higher prices pre foot than these three listings). I learn something new every day (thankfully).

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Sandy Mattingly is Manhattan Loft Guy; now with The Corcoran Group, he can be reached most easily at Sandy@ManhattanLoftGuy.com or 917.902.2491. Since March 2006, this blog has addressed matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others interested in New York City real estate.

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Aug. 14, 2007 - UES loft (really) / new at 120 E 87 St

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