Which Storied Cooperatives to Purchase in Today
For today’s luxury buyer – including both the generational wealth and the newly minted – the storied New York City cooperative continues to be a top consideration for those with a certain emphasis on lifestyle, community and investment safety.
As many publications have chronicled, the cooperative, on the whole, has lost much of its allure as it competes with flexible condominiums and flashy new developments. From glassy new towers with helicopter views to the ever-growing amenity package that rivals some of the world’s top hotels, buyers today have a compelling reason to eschew Manhattan’s gilded buildings. Finally, the ease of purchasing and renting, the privacy maintained and less onerous liquidity requirements are all considerations weighing on the decisions of ultra luxury buyers.
These are some of the most prestigious cooperatives in Manhattan and their secret ingredient to their success.
The Power Address
740 Park Avenue, also known as Manhattan’s “Towers of Power,” was designed collaboratively by famed Rosario Candela and Arthur Loomis Harmon. Today, its address is synonymous with power and connections – with its pedigree of residents as impressive as its limestone facade that stuns with its columned, polished granite entryway. Close behind include 730 Park, or over on fifth 834 Fifth Avenue, another Candela masterpiece.
- 740 Park Avenue
- 730 Park Ave
- 834 Fifth
- 2 East 67th Street
A Private Club with All the Hotel Services
Beyond its private club-like status, its the concierge and hotel services catering to the jetset lifestyle that continue to make certain elite buildings of yesteryear some of today’s most sought after coops. Originally built as a world-class hotel, “The Sherry” – as its residents lovingly refer to their home – was converted into a coop in 1954, maintaining all its glorious luxury. Similarly, The Pierre, nearby and directly fronting Central Park, also offers all the hotel services, from in-room dining to guest suites for family and friends to stay in while in town.
Community & Lifestyle
The River Club cemented Sutton Place as a location of power, pedigree and success. Original owners purchased for private river shuttle down to Wall Street, while owners today join for some of the best waterfront views afforded in this asset class. Of course, the famed River Club, a members-only society offering a pool, tennis, restaurant and rooms for private functions remains a draw. For those drawn to the privacy of the area, nearby 1 Sutton Place and 1 Beekman Place see similar $4-5M median sale prices although have seen fewer transactions over the years.
And if far-flung Sutton Place with its East River privacy isn’t quite the right fit, Central Park facing Fifth Avenue and Central Park West are dotted with top buildings and all the benefits that living on and looking out over Manhattan’s largest park afford. Downtown, lower Fifth Avenue along Washington Square Park continues to command a premium.
- 960 Fifith Avenue
- 944 Fifth Avenue
- The Majestic / 115 Central Park West
- 1 Fifth Avenue
Though new developments are increasingly incorporating “prewar style” into their layouts, no starchitect can truly recreate the inimitable designs of some of the Gilded Age masterpieces. Today, names like Rosario Candela to JER Carpenter continue to drive interest, and even those estate requiring complete renovations are prized for their perfect flow and proportions.
- 1040 Fifth Avenue
- The Beresford Listing
- 115 Central Park West
- 920 Fifth Avenue
Some cooperatives over time have become as iconic as New York’s most recognizable landmarks, from the Empire State Building to the Statute of Liberty. They offer that perfect combination of prewar flow, master architect craftsmanship, perfect location and first-rate white-glove service so many of our clients gravitate towards.
- The San Remo
- The Dakota Listing
- El Dorado
Perhaps no reason is more persuasive in a buyer’s decision to own in a cooperative than the ability to join a small, private club of like-minded neighbors. However, beyond the protection from neighbors selling to those the community might deem “unfit” through the notoriously opaque board review process, its the low unit count that makes certain cooperatives the best in class. With so few apartments, buyers here are drawn to large full-floor sprawling residences with massive room counts – and as a consequence, a more quiet and private community.
12 Residences at 810 Fifth Avenue
13 Residences at 820 Fifth Avenue
17 Units at 998 Fifth Avenue