Dorchester Towers-155 West 68th Street has seen a steady number of units come on the market for sale so far in year 2011. In 2010 we tracked total of 8 sales occurred in the building and in year 2009 total of 11 sales occurred. On average over the past 5 years there is approximately 10-12 sales occurring.
So far in the first 6 months of the year we have had 6 apartments closed and another 4 are currently in-contract or have offer’s accepted. We are well above pace for the typical number of sales. So the question is, why is that?
Many of the apartments at Dorchester Towers fall into a sweet spot of desirability for a big pool of buyer’s looking for a condominium in the Lincoln Center area of the Upper West Side. An example being a One Bedroom apartment ranging in size of 600-700 sq ft priced in the $625,000-$750,000 range. That is a price range that has very limited supply right now. Most of the alcove studio’s in the building are in the 550-600 sq ft range and priced typically around $550,000-$600,000. That is a very desirable combination of price, apartment size, at this location. The Junior 4 apartments that can be converted to a small two bedroom also fit a nice niche in the market. Some of these apartments have a second half-bath which make them extremely desirable. Being able to get a convertible two bedroom condo in a full service doorman building like Dorchester Towers in the price range of $850,000-$1,000,000 is a strong part of the market.
The condition of an apartment has been one of the largest influences on individual pricing in the building. When an apartment is sold in an original condition(circa 1965) compared to a recently renovated apartment the price per square foot difference is quite evident. The unrenovated apartments are going to sell on the lower end of the price point for their segment of the market.
Here is a summary of what has sold and is currently in contract at Dorchester Towers:
Sold:
Apartment 710(Alcove Studio in original condition) $490,000
Apartment 721(Junior 1 Bed/Very Large Alcove Studio) $650,000
Apartment 817(1 Bed, renovated) $720,000
Apartment 1512(Junior 4, 1 Bath, original condition) $ 860,000
Apartment 23B(Convertible 3, 2.5 Bath) $1,160,000
Apartment 208(Convertible 2, 1.5 Bath, renovated) $950,000
In-Contract:
509(1 Bedroom)-Last Asking Price was $689,000
1509(1 Bedroom)-Last Asking Price was $625,000
428(Junior 1 Bed)-Last Asking Price was $725,000-Offer Accepted
1701(Junior 1 Bed-Last Asking Price was $595,000
So far this year we have represented 5 transactions in the building. If you are an owner thinking of selling or renting your apartment contact us today. We can be reached at (917) 837-8869.
