Unit: 15C2 at 300 Central Park West (The Eldorado) Price: $1,150,000 Specs: Approx 950 sqft, 1-Bed 2-Baths, Pre-War Cooperative, Full Service & Pets Allowed. Where: Central Park West, Upper West Side, Manhattan What: Emory Roth designed, Pre-War Co-op in prized building, big floorplan, on the Park. |
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- Location: The Eldorado On the Park, near Express Trains, in the epicenter of the arts. Nearby is the Lincoln Center with its twelve performing arts companies and The American Museum of Natural History, and the eclectic entertainment of the iconic Beacon Theater.
- Pricing: At approx. $1,100/Ft it has value at current level, but you can likely shave another 3-4-5+% off the $1,150,000 asking. (I'd go in heavier with the offer ;))
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- Potential Resale:
- See all 1-bed transactions in the building in the past three years. *Note: These are finished units with Park views. Fully renovated (more valuable exposures), at a blended $1920/FT.
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- Can you get sub $1000/Ft, renovate for $400-500/Ft, sell for $1,700Ft+? I'd bet on it.
- This is a famed address with cachet. This is more than a flip for profit project, but a home to reside in and enjoy that will perform.
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Fully renovated unit at the Eldorado. |
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- Architectural Significance: Emory Roth Designed Building, a Pre-war icon. "They are not making any more of these types of units". MK - Buy unique things. Buy hard-to-replicate things. This is precisely that.
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- Inventory: Scarcity creates value. The available inventory at the Eldorado is scarce, especially fully renovated units in desirable buildings/locations like this. Buyers are willing to pay a premium for “no work needed”. If it doesn't exist, go create the market. Make the unit desirable. You can either pay up for a pristine unit or spend less and put in the sweat-equity to create your version of your perfect home.
- Historical Significance: The Eldorado has a rolodex of famed residents that have graced its’ halls.
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Some of The Eldorado's famed residents. |
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- High DOM (Days on Market): As days tick by, appetite for a deal increases. Languishing listings are an opportunity. Desperation? Duress? Let's find out!
- Work Required Reduces Competition: This market feels more reticent to tackle rehabs. Costs are up, time to complete is longer, pain, suffering, mental exertion create barriers for buyers. Less capable / willing buyers, less competition, more opportunity to deal.
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- Short-Mid-Long Term Growth
- I'll repeat this. “Buy assets and invest in upgrades, that are in triple AAA locations that are not easily replicated” (eg. high floor, Pre-war)
- Allocate $300-$400K in upgrades. All in Costs = $1.4M
- Hold forever or make this a transitional home to scale up.
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Fully renovated unit at the Eldorado. |
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What's Wrong with It? - Exposures: Interior facing, no park views. Surprising light for an interior facing unit.
- Floor Plan: You'll need to decide whether to keep as massive 1-bed or optimize layout for a 2-bed.
- Condition: It's a gut. You'll need time and capital to make it your own. Trades and materials are 20-25% higher than pre-covid prices.
- Time to Occupy: Patience is a virtue. 12-18 months, realistically. It's the UWS not Brooklyn, so there are more stringent requirements and red-tape is to be expected.
- Coop Board approval and LPC (Landmarks Preservations Commission) have more strenuous guidelines for renovations.
- Electricity and a "Load Letter Setup" required. Electric cloth wires and fuse boxes are common to vintage homes in the Upper West Side so engaging with a GC/Architect/Engineer familiar with UWS renovations is key.
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If you are interested in this property or are curious about other Savvy Investments There are more of these opportunities, you just have to find them and have the confidence to act. |
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575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY. |
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