About Us - Recent Press | Halstead Property

UWS Living: The Essential Resource

Ever since Leonard Bernstein and Stephen Sondheim’s depiction of the UpperWest Side came to life in the legendary Broadway musical West Side Story the areahas flourished into a neighborhood rich with the cultural opportunities and diverse experiences that define living in Manhattan. In fact, the 1957 musical literally birthed one of the most notable and admired building complexes on the island. The Jets and the Sharks battled around the tenements on 66th street, in the verysame area where today stands the Lincoln Center for the Performing Arts, the quintessential venue for artistic creativity.

The Upper West Side has become one of the most desirable places to live in not only Manhattan, but in the entire country. The neighborhood is bursting with wide ranging entertainment, fashionable shopping, delectable dining and stunningarchitecture. There are options for everyone and therefore the area has attracted a diverse crowd of residents. Gorgeous townhouses, distinguished pre-war brownstones, landmark apartment buildings, breathtaking luxurious co-ops offer residential opportunity for any individual.

The New West Side Story

Whether you are a family of five, a young professional or a retired couple, moving to the area means youwill be embraced by a neighborhood that is engaging, intellectual and agreeable. The community presents a relaxed and social atmosphere withaccessibility to the finer experiences Manhattan can offer. “The Upper West Side is very prestigious. It attracts people who want to be closer to the arts,” Says Pamela D’Arc, Senior Vice President at Stribling and Upper West Side resident.

“Carnegie Hall, Lincoln Center, the Museums are all within walking distance… yet it’s very casual and laid back. Not formal at all. The casual nature of the neighborhood is attracting a very diverse set of individuals. I have sold to single people, large families, retirees, business professionals and celebrities. The relaxed feel isappealing to everyone.”

The Upper West Side denotes the area that extends north from is bordered on the east by Central Park and to the west by Riverside Park and the Hudson River. Withinthat area lies three neighborhoods - Lincoln Square, located between 59th and 72nd Street, the Upper West Side, located between 72nd and 96th Street, and Manhattan Valley located between 96th and 110th Street. That all of theseneighborhoods are sandwiched between the two magnificent parks offers an experience unlike anywhere else.

“How I like to refer to Central Park is that it’s the largest backyard in the world,” says Michael Goldenberg, Executive Director of Sales at Halstead’s Westside office. “And if that’s the case, then Riverside Park is the second largest backyard in the world. That’s something that’s unique and appealing to anyone.”

Each of the different neighborhoods within the Upper West Side has its own culture and appeal, presenting opportunities for all buyers. “I’ve loved raising my family here and I cannot imagine doing it anywhere else,” says Lisa Lippman, Senior Vice President at Brown Harris Stevens and Upper West Side resident. “The kids werealways involved in the community. I have three boys that were always into sports and other interests and they do it all on the Upper West Side. You never have to leave the neighborhood to keep the kids happy… plenty of playgrounds, museums, parks and recreation centers all within walking distance.”

Meanwhile, Rosette Arons, Senior Vice President at Stribling, lives on Central Park West and describes the area’s appeal to an entirely different set of clientele.“There is a whole different group of buyers who are retiring to New York. They want to walk to the arts centers and be in close proximity to the theater district. It’s very attractive for people who are at that point in their lives. There’s a lot to do and everything is a short walk away. The cultural aspects are a major draw. A lot of entertainers, artists and celebrities also live in the  area because of the neighborhood’s feel. There’s been a history of a creative and artistic mindset on theUpper West Side.”

A Neighborhood Fit for the Big Screen

A home can be made on theUpper West Side no matter your status or situation. There is truly no individual that the area doesn’t embrace and accommodate.With a culture all of its own, it is the archetypal New York City neighborhood and therefore has been the setting for countless movies and television shows andhas been the home to an enormous amount of celebrities.

In the Stanley Kubrick film Eyes Wide Shut, the characters played by Tom Cruise and Nicole Kidman lived in an apartment on Central Park West. The 1998 film You’ve Got Mail, starring Tom Hanks and Meg Ryan, takes place all over the Upper WestSide. Woody Allen movies such as Annie Hall, Hannah and Her Sisters and Manhattan all feature locations throughout the neighborhood. In the hit sitcom Seinfeld, Jerry lived at 129 West 81st Street. The show stayed true to real life, since Jerry Seinfeld himself now resides in an apartment in The Beresford, locatedat 81st Street and Central Park West. It is quite common to see on-site trailers, cables and production lights on the sidewalks filming a scene for Law & Order.Sex and the City used locations in the area such as Zabar’s and Gray’s Papaya. The characters from the sitcom How I Met Your Mother reside in an apartment on75th and Amsterdam. Filmmakers and producers realized long ago that the pre-war architecture, diverse community and rich cultural life of the Upper West Side make it the perfect Manhattan setting.

Stunning landmark apartment buildings such as The Dakota, The San Remo, The Eldorado and The Beresford, all located on Central Park West, feature arrestingand renowned architecture that cast shadows along the edge of Central Park.Celebrities such as Lauren Bacall, John Lennon, Jack Palance, Judy Garland and Roberta Flak all lived in The Dakota.

While pop culture icons such as Dustin Hoffman, Bono, Rita Hayworth, Stephen Spielberg, Bruce Willis and Barry Manilow all called The San Remo home. The neighborhood has also been the setting for pioneer musicians. Legendary jazz orchestrator and educator Lynn Oliver operated a recording studio for over 30 yearson 89th and Broadway where artists such as Sonny Rollins, Chet Baker and Stan Getz all went to hone their craft and exchange ideas. Famous electronic music innovator Wendy Carlos cut her classic album Switched-On Bach in the West End Avenue apartment that she converted into a private music studio.

The artistic culture has infused a liberal and casual mindset into the community and has made the Upper West Side one of the most sought after neighborhoods foranyone looking to make their home in Manhattan.

The Real Estate Market

“The market has really made a remarkable recovery, especially in the last three or four months,” says Gregory Kammerer, Senior Vice President and Associate Brokerat Corcoran. “When you look at the Upper West Side, it’s really a very small area, so there are fewer units and inventory. The area has rebounded very quickly and the available inventory has started to shrink. There is a high demand, there are a lot of buyers who are eager to get involved and they don’t want to miss an opportunity.”

The Upper West Side market is marked by a lack of inventory. The dearth is due to the demand of living in such a coveted location and the fact that the area is smaller than other neighborhoods in Manhattan. Don’t let that discourage you from thinking you can find your dream home on the Upper West Side though, no matter your

budget.

While there are signs that the market is in the midst of a rebound, remnantsof the economic recession are still palpable and there remains some uncertainty. Buyers and sellers are both cautiously optimistic, so while prices have increased, they are still well below their high points. The general consensus among those inthe industry is that now is the time to buy before prices increase even more.

“We are definitely on an upward trajectory,” Kammerer says. “Each quarter we have seen improvement and I’m very optimistic about the market. The trend is movingupward. It’s definitely still a buyer’s market, there are still many opportunities to negotiate, but it’s slowly making a transition. So now is a very good time for people to buy. With market velocity picking up there has been an increase in activity.

People are becoming more optimistic and self assured with each passing day. This has led to a very busy quarter in the industry and numbers continue to steadilyrise. The sooner one can invest in property on the Upper West Side, the better the chance at findinggreat value.

“My business is very active,” says Gene Vezzani, Vice President and Associate Broker at Prudential Douglass Elliman. “I currently have seven exclusive listings ranging in size from a one bedroom condominium to a three bedroom co-op, and I am working with half a dozen buyers. Buyers and sellers seem much more realistic in their expectations today compared to former years. The real estate market is bouncing back. My phone is constantly ringing.”

Pamela D’Arc also sees an area facing high demand and a shrinking supply of inventory, but believes there are tremendous opportunities to be had right now.

“The current real estate market on the Upper West Side is extremely busy and there is very little inventory,” she says. “Most of the properties are having multiplebid scenarios, especially in larger, six or seven room units. The openhouses are completely filled. We’ve absolutely turned a corner here. It’svery, very busy. We are well off the bottom and buyers want to purchasebefore prices escalate further, so now is an excellent time to buy.”

The Upper West Side offers a wide variety of properties at differentprice points. Central Park West, with its distinguished pre-war apartmentbuildings, and Riverside Boulevard, with its gorgeous new developmentcondominiums that are full of amenities, offer luxurious living withthe best views in all of Manhattan. In between those two borders you have a little bit of everything – charming brownstone apartments, traditionalwalk-ups, non-doorman buildings, studios and large townhouses for families.

“There’s a cross section of availabilities,” says Michael Goldenberg. “You have your  pick of everything, that’s what’s so beautiful about the Upper West Side. Our office has 600 available listings priced at one million and lower and 600 available listings over one million. Plus, things are moving in a positive direction. Buyers and sellers appear to be getting on the same page because deals are happening. There is an indication of a shortage of inventory, but there are still a lot of opportunities in this desirable neighborhood.”

The Rental Market While there may be a shortage of inventory for those looking to buy, the rental market on the Upper West Side has an abundance of options. Rental properties in the neighborhood are as varied as all other real estate in the area.

Whether you want to rent in a doorman building, a new condominium with amenities, a cozy studio or a pre-war building, it’s easy to find what you’re looking for.

“A lot of my clients who weren’t happy with what the market was giving in terms of sales, were suddenly looking at rentals,” says Brian Lewis, Executive Vice President at Halstead Property. “Renting is a great way to audition a neighborhood and to allow the market to adjust to where the client is comfortable. There’s a market out there, a hungry market. The spring market is theprimary rental market.”

The rental market on the Upper West Side is going strong and offers many advantages to those looking for a much easier financial transaction. It’s a practical option for those who don’t want to go through the process of getting approved for a mortgage, dealing with closing costs, real estate taxes and the general responsibilities that come with ownership.

“Let’s not forget that this city is a renter’s city,” Lewis continues. “There is lots of rental inventory and a lot of that inventory has no fee involved, the seller pays the fee. The rental process moves along at a much faster pace. It’s more flexible and gives you a lot of liberty. If a sale doesn’t make sense to you for whatever reason, then renting is a completely valid option… There are tremendous opportunities in the rental market.”

Paul Batsel of Prudential Douglass Elliman lists a one-bedroom rental unit in a pre-war elevator building at 252 West 76th Street for $1,850 per month, a great value. The three-room unit features one bathroom that has been fully upgraded, high ceilings and a brand new galley kitchen. The location is excellent, just a block from Riverside Park and great shopping like Fairway and Citarella. This is a rent-stabilized unit, a rare find in such an excellent location. A few blocks over, Bikash Guha of Prudential Douglass Elliman lists a one-bedroom rental in a luxury doorman building at 160 Riverside Boulevard between 68th and 69th Street for $2,500 per month with no fee. The three-room one bathroom apartment has been newly renovated and features wood flooring, generous closet space and a brand new kitchen with granite counter tops. The building itself has amazing amenities including a 24-hour doorman, concierge and security, laundry facility, onsite parking garage and fitness center. Another great find in a fantastic location.

The Upper West Side has also seen a lot of exciting new development rental options rise up. There’s the large and luxurious Aire at 200 West 67th Street, withit’s soaring 43-story glass tower, breathtaking views and 310 rental units. The Corner at 200 West 72nd Street contains unbelievable amenities such as a 12-foot “mist” wall, a barbecue area, fireplace area, movie theater and roof deck. Otherrental options in awe-inspiring new developments include The Ashley at 400 West 63rd Street, Columbus Square at 808 Columbus Avenue and Sessanta at 200 West 67th Street.

Prices in the rental market are holding steady, but the no-fee opportunities might not last for long. For those interested in the Upper West Side neighborhoodsbut not fully ready to commit to buying, renting is a great way to experience these communities first New Developments Further supplementing the inventory on the Upper West Side is the construction of extraordinary new condominium developments.

These buildings come fully loaded with all the amenities and feature luxury living, many of them with breathtaking views. They are spacious and were built with location in mind, with parks, schools, transportation, shopping and culturalinstitutions nearby.

“There’s very little new construction on the Upper West side and they have the shortest pipeline of inventory in the city,” says Beth Fisher, Senior Managing Director at Corcoran Sunshine Marketing. “The neighborhood has the least supplyand the most demand, so finding a new construction apartment at the very highest level of quality and execution is very exciting. The lifestyle, convenience and array of amenities that these new developments have to offer are unmatched.”

One such development is The Rushmore, developed by Extell and located at Riverside Boulevard and 64th Street. It is truly a trophy building with convenient location and an unbelievable selection of amenities. There is a 50-foot swimming pool, sun-lit garden atrium, fitness center, children’s play center and entertainment suite with private theater and separate billiards room. There is even a landscapedsundeck with spectacular park and waterfront views. The Rushmore sits on a 16-story base that gives rise to two 43-story glass towers, adding to the glorious architecture of the neighborhood. Buyers have their choice of three styles of units,between two and five bedrooms, priced from $1.4 million.

“When people are looking at new developments, if you are fortunate tofind a building that is stabilized and a quality offering, then it’s an excellent investment and a great opportunity,” says Fisher. “The Rushmore is a welloiled machine at this point… We’ve closed over 130 units thus far.”

Extell Development also has a few extensive projects on the horizon that will further add to the developer’s vision of Riverside South luxury living. With projects like The Rushmore and The Avery already thriving, Extell has unveiled its newest projects,

The Ashley and The Aldyn, further adding to this dynamic and emerging neighborhood. The two buildings, one a luxury rental development and the other luxury condominiums, will share a 40,000 square foot amenity center at the base of the building. There is the exclusive La Palestra health and fitness center, a myriad of entertainment and athletic facilities are being offered including a two-story rock climbing wall, indoor basketball and squash courts, bowling alley, 75-foot indoorswimming pool and spa, virtual golf simulator and game room. The interiors of every unit have been held to the utmost standards of quality and include wood floors, marble and porcelain ceramic tile bathrooms and high-end appliances.

In addition, Extell has saved the best for last with plans to build “Riverside Center,“ which consists of five residential towers, all designed by architect Christian de Portzamparc, on an 8.2 acre site between 59 th and 61 st Street. In between the residential buildings will be 3.2 acres of open space filled with trees, a water scrim and a park-like atmosphere. Riverside Center will provide attractions, amenities and venues for the evergrowing population in the area. Thesite will even include space for a new public school to help meet the needs of this up-and-coming and vibrant neighborhood. Other areas on the Upper West Side have also seen new condominium developments rise up and enhance the area. Broadway has seen gorgeous buildings go up like Ariel East at 2628 Broadway and The Apthorp at 2211 Broadway. One of the most prestigious addressesin the city is 15 Central Park West,developed by Arthur and William Zeckendorf. While West End Avenue is now adorned with exceptional new developments such as 240 West EndAvenue and 535 West End Avenue.

“The new developments are really adding to the diversity of the options in the neighborhood,” says Barbara Russo, Sales Director at 535 West End Avenue. “It adds value to a neighborhood already in a very coveted location. We’ve had anunbelievable amount of traffic this spring. We have seven available units left out of 24 and I think that those last seven will move quickly.”

For more information on the successful new developments in this culturally rich and desirable area, refer to the advertisements and sidebars. The Upper West Side is truly the quintessential New York City neighborhood. It is diverse, casual, stimulating, intellectual and desirable with a culture all of its own. The neighbors are welcoming and friendly. The area provides easy access to transportation, two of the most magnificent parks in the city, entertainment venues, cultural institutions, schools, restaurants, shopping and anything else that Manhattan has to offer.

As Michael Goldenberg succinctly puts it, “It is truly one of the best places to live in the entire country… There is nothing that you would be looking for to enjoy in the city of New York that you don't have easy access to."

Post Date: 5/20/2010

> Return to Recent Press List