The Upper West Side: History meets new luxury

When it comes to real estate on the Upper West Side, things are hopping

 

New York Times reporter and neighborhood expert Richard Shepard once described the

Upper West Side as “a complex character, one fashioned of a multiplicity of ethnic shadings, of buildings that range from ramshackle tenements to fine apartment houses, of age spans that embrace energetic young upwardly mobiles and quiescent elderly residents.”

 

These “ramshackle tenements” have since been replaced with luxury high-rises like Trump West, the Rushmore, 535 West End Avenue, the Aldyn, the Ashley, 10 West End Avenue, 845 West End Avenue, 200 West 72nd Street, 808 Columbus, 801 Amsterdam, 775 Columbus, 795 Columbus and 455 Central Park West, the Laureate, and Ariel West and East, just to name a few.

 

Add to the mix highly desirable historic buildings like the Apthorp, a Renaissance Revival luxury building complex that takes up an entire block at Broadway and 79th Street, or major commercial developments like Columbus Square and Riverside Center, the Upper West Side seems to have it all.

 

“The West Side is truly a diverse market,” said Beth Fisher, a senior managing director at Corcoran Sunshine. “You are literally surrounded by millions of dollars in investment.”

 

Corcoran senior vice president Lawrence Schier has definitely seen an uptick in the interest in properties on the Upper West Side, but that is paired with a more realistic view on how much they’re willing to spend. “I see the UWS market as extremely active,” he said. “My open houses were packed this weekend and I am busy day and night with showings. I see more properties reducing prices as sellers become more realistic about their pricing.”

 

“UWS is booming with activity,” said Howard Margolis, executive vice president at Prudential Douglas Elliman. “We have seen an increase in activity and Web inquiries to book appointments at the properties over the past couple months. Spring is in the air and people are coming out of hibernation to see what the real estate market is offering.”

 

Corcoran senior vice president Sherry Matays said that price is really the tipping point when it comes to buyer movement in the neighborhood.

 

“When priced right, properties are hot, hot, hot,” she said. “[We are seeing] a big pool of buyers are still conscious of price but very much want to buy. Many properties are selling at or close to asking, so whereas the asking prices might look similar to six months ago, the agreed-upon prices appear to be strong.”

 

The area’s beautiful setting is another draw.

 

“The Upper West side is just very bucolic,” said Cliff Finn, Citi Habitats managing director of new development marketing. “It’s a beautiful, tranquil setting. There are a lot of open spaces, a lot of green space, it feels very residential now and didn’t always feel that way.”

 

Luxury residential buildings have become a new trend for renters and buyers in the area.

 

“Not just on the Upper West Side, but everywhere, I would say, the higher luxury rentals are doing extremely well,” Finn said. “People have a lot of money; some of them can afford to purchase and are electing instead to rent for numerous reasons. They want similar or the same standards they would have if they were buying. Buildings like the Aldyn or the Ashley speak to that.”

 

Many of these new developments, like the Aldyn, are part rentals, part condominiums, and come with the standard luxury amenities—a gym, condo finishes, even a pool.

“The amenities all over New York City are crazy, the Upper West Side included,” James Brettholz, senior vice president at Citi Habitats. “The Ashley and the Aldyn are prime examples of this—they share a 40,000-square-foot amenities level that includes a bowling alley, rock climbing wall, indoor pool and regulation basketball court.”

 

When it comes to renters and buyers, the distinction is clear.

 

According to Schier, there are more renters in neighborhood – but they expect the same amenities as they would find when buying.

 

“Part of this is because some people who have sold their apartments and want to be liquid while they wait to see how the market is progressing,” he said.

 

“Others are not sure where their next move will be and prefer not to buy at this time so they are renting in the meantime.”

 

The exception to that rule comes with townhouse buyers, said Brown Harris Stevens senior vice president and managing director Wolf Jakubowski.

 

“Townhouse renters are the exception,” he said. “Most people who want townhouse living buy one. Because I have half a dozen for sale signs posted on townhouses on the UWS at any time; I have a pretty good pulse on the buyers looking. My inquiry rate is back to normal (contrasted with early 2009 when it was virtually zero), and the number of serious buyers with the resources to buy is high.

 

Jakubowski said he expects to see 40 townhouse sales on the Upper West Side alone in 2011.

 

The only drawback of the area may be its limited inventory.

 

“It’s a fresh, casual and friendly place to live with a diverse housing stock, though right now very limited inventory,” said Stribling & Associates executive vice president and associate broker Cathy Taub.

 

But luxury high-rise living quarters are just the beginning. Massive, all-encompassing developments like Columbus Square and Riverside Center have begun to move into the Upper West Side, as well.

 

In December 2010, the plans for Extell’s Riverside Center was approved by New York City Council. While this development is still in the early stages, it certainly is another indicator that the area is still changing.

 

Columbus Square is another major development in the area—perhaps the Upper West Side’s biggest project in years. The 3.1 million–square–foot, juggernaut retail and condo complex is a mini-neighborhood in itself, spanning from 97th Street to 100^th Street.

 

“Our project, Columbus Square, is leading the way in reenergizing the Upper West Side,” said the director of development at Columbus Square Management, Jeffrey Brett Davis. “We built a vibrant new residential community and a bustling retail corridor that draws thousands of shoppers daily.”

 

Columbus Square’s five buildings contain a Whole Foods, a TJ Maxx, a Petco, gardens, two private schools and five-high rise rental buildings—808 Columbus, 801 Amsterdam, both of which are fully leased; 775 Columbus, which opened in January and was 45  percent leased as of press time; 795 Columbus, which opens this month; and 805  Columbus, which opens in April. The project’s developers are Stellar Management Co. and Chetrit Group.

 

Columbus Square also offers a lot in terms of amenities.

 

“Columbus Square offers not just beautifully designed lobbies and lounge space but state-of-the-art fitness centers, a 70-foot saltwater swimming pool, children’s play rooms and lusciously landscaped decks,” Davis said. “Our amenities are more in line with what you’ll find in some of the most-sought-after condo buildings in Manhattan.”

 

Winick Realty associate director Kelly Gedinsky believes Columbus Square has already done much to change the neighborhood.

 

“Columbus Square exemplifies the future,” Gedinsky said. “We have created a market in a section of the Upper West Side that did not exist.”

 

The Upper West Side, once known for its quiet residential streets and boutiques, has undergone a systematic transformation when it comes to commercial development as well. It’s a stark departure from the 1970s, when Verdi Square, the iconic triangle on the West 72^nd Street subway stop at which Broadway and Amsterdam diverge, was commonly referred to as “needle park” due to the high volume of heroin users who openly did drug deals there.

 

Upward of 40 years later, this area is a nexus of a different kind—that of inventory, consumerism and development.

 

“It’s been a destination market,” said James Gricar, executive vice president at Brown Harris Stevens, West Side division. The neighborhood’s diversity also lends itself to the new developments, he said.

 

In January, the 66th Street Barnes & Noble moved out because of the high rents—and in its place will be discount fashion retailer Century 21, to open later this year.

 

Century 21 is joined by a new Upper West Side neighbor, the gourmet chain grocery store Trader Joe’s, which moved in a few months before, driving a wedge between shoppers at the Fairway, an Upper West Side staple.

 

And just why has the development in the area been so successful?

 

Fisher attributes it to the Upper West Side having the “best of both worlds.”

 

“We’re visual creatures,” she said. “The Upper West Side provides every kind of input a citydweller seeks.”

 

Jakubowski agrees.

 

“It is a cultural and food haven,” he said. “The buyers who come to me know this already and know which they want to be close to—Zabars, Citarella, Fairway, Trader Joes; Lincoln Center, Central Park, Museum of Natural History, Children’s Museum.”

 

Convenience is also a big seller, said Abby Plitt Gellert, executive director of West Side Sales for Halstead Property, LLC.

 

“The neighborhood has facilities that appeal to all aspects of buyers—it’s all here within a few blocks and convenient to get around,” she said.

 

And who can argue with that? The Upper West’s quiet, residential streets combined with top-of-the-line retail and luxury living quarters seems to be something of a trifecta in terms of city living.

 

And when asked what the future of the area may hold, Fisher maintains that the area is already a pinnacle of development.

 

“Over the last ten years,” she said, “there’s been a significant investment made to the West Side that has catapulted it to the pantheon level in New York City.”

 

Finn sees a continuation of current growth for the area.

 

“I see a lot more building, a lot more retail,” he said. “A finished Riverfront park. It looks fantastic there. You’re talking to someone who grew up here. I know what that used to look like.”

 

Lisa Lippman, senior vice president and director of Brown Harris Stevens/Christie’s Great Estates, thinks things can only go up from here.

 

“I see it just getting better,” she said. “The Upper West Side has many great schools, both public and private, great parks, museums, and architecture. We even have great restaurants now.”

 

Despite the always-changing, dynamic real estate market of the city, there are few things that remain constant on the Upper West Side, Schier said.

 

“Some things don’t change —everybody would love to own a piece of Manhattan.”