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Real Estate Showcase - West Side

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LIVING IN FASHION
A handful of loft dwellers are colonizing the top eight floors of a Garment District manufacturing building—and watching the values of their new apartments soar.

A senior executive at a major New York-based fashion company paid about $1.2 million for his unfinished 2,072-SF apartment, and spent another $300,000 finishing it. “It’s already worth about $2 million,” estimates Charles Hawkins, vice president of Halstead Property, the exclusive agent at the condominium development.

Only two of the 20 apartments at 315 W. 36th St. are unsold. The residential floors have their own bank of elevators, ground-floor lobby and basement storage. The majority of the building is still full of “everything from sweatshops to brilliant young designers,” Hawkins says.

“When I started, I was selling 1,450-SF lofts for $750,000,” Hawkins said. Prices have risen so fast that, one year later, his last apartment of that size is listed at just over $1 million.

 
   
     

ARTFUL SAN REMO
Apartment hunters who can finagle a viewing of No. 10-E at The San Remo on Central Park West will be in for an exclusive art show that may rival the newly refurbished Museum of Modern Art.

Nadia Jaglom, the 104-year-old owner of the more than 4,000-SF dwelling, has passed away after living there for 64 years. Her large collection of Impressionist masterpieces from Renoir, Degas, Pissarro, Sisley and others will remain while the home is sold, says grandson Paul Wachter.

Jaglom and husband Abraham moved into the Emory Roth-designed building in 1940. The Nazis had chased them across Europe, and finally the Atlantic.

“They kept it in very good condition,” says Wachter, in town from California to meet with listing broker Kirk Henckels, director of Stribling Private Brokerage.

With 11 windows overlooking Central Park, 10-E is listed at $11.9 million. This is its first time on the market. The Jagloms have lived there since before the tony building

 
BROKER: Vitaly Donovsky
212-259-0523
mlbkayerealty.com
 
   
 

COLUMBUS CIRCLE AREA REPORT
Apartment prices around Columbus Circle have rocketed by as much as almost $1 million in the last year, as new stores and buildings—bolstered by the new Time Warner Center, which opened in February—have transformed the neighborhood. Whole Foods, for example, is so successful that it will soon expand to nearly 40 cash registers to cope with the crowds.

Apartment hunters are clamoring to find homes in the area. At 171 W. 57th St., an apartment that sold for $1.55 million in 2003 recently sold again for $2.4 million.

“All of the fabulous new construction is part of a neighborhood renaissance that has boosted demand,” says Iva Spitzer, executive vice president of Douglas Elliman.

Spitzer says buyers snapped up most of the apartments at WEST 58, a condominium conversion she represents. “Sales had been scheduled to start before the Center opened, but then we got set back on our construction start date, which turned out to be a total boon to us.” The only apartments left are the penthouse and a few 2- and 3BRs starting at $1.65 million.

 
  Broker: Sharon Barros
212-371-2525 ext. 380
www.ghkrealty.com
   
 
 
    "Despite all the new construction, West Chelsea still possesses the old New York feel,” says Ross Morgan, a developer at the former West 23rd Street YMCA. “With the art galleries and the unprecedented amenities lining the West Side Highway, both the new arrivals and long-term residents are inexorably drawn West.”
     
 


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