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About The Olcott, 27 West 72nd Street
This handsome, 16-story, mid-block, pre-war apartment building was erected in 1925 and 99 of its 102 rental apartments were converted to condominiums in 2005 by Brack Capital, of which Mose Dan-Azougi is a principal, and Stellar Management of which Laurence Gluck is a principal.
They had purchased the building for about $70 million in 2004 from the Slutsky and Borshuck families that had owned it since 1951 and had previously owned the Nevelle Hotel in Ellenville, N.Y.
The building was designed by George Pelham and originally had about 227 units, of which 90 were transient, 31 were professional, three were commercial and one was a "lounge unit" on the roof.
The offering plan in 2005 for the 99 rental units noted that the sponsors' costs in the conversion come to about $80.8 million and that their profits if all the units on sale sold at the offered prices in the plan would be $12,750,000.
The offering plan noted that the sponsor anticipated converting some of the non-residential units to residential units but added that the "sponsor is under no obligation to do so." The professional units in the building are on the second through the ninth floors.
The building extends through the block to 24-26 West 73rd Street and it is on the same block as the famous Dakota apartment building that fronts on Central Park West.
One of the commercial units in the building is Dallas BBQ, a restaurant.
A one-bedroom apartment with about 730 square feet was priced initially at about $855,000.
A two-bedroom, two-bath apartment with 1,080 square feet was priced initially at about $1,350,000.
A three-bedroom, three-bath apartment with 1,828 square feet was priced initially at about $2,850,000.
The 170-foot tall building has a large entrance marquee and a limestone bandcourse above the third floor, false balconies on the sixth and ninth floors, a terra cotta band course above the 12th floor and a nice projecting terracotta cornice.
It has a three-story rusticated limestone base with arched windows on the 2nd and 15th floors. The building has a bicycle room, a fitness center and a children’s playroom. The lobby has marble columns and ornate elevators with brass doors on the ground floor and interiors of mahogany, marble, mother-of-pearl and brass.
Kitchens have Sub-Zero refrigerators, Dacor cooktops and wall ovens and Miele dishwashers.
It has an exposed rooftop watertank, consistent fenestration with 6-over-1 windows and discrete air-conditioners.
The Brack Capital Real Estate portfolio also includes 90 West Street, the great Cass Gilbert skyscraper that was damaged in the terrorist attacks of September 11, 2001, 150 East 85th Street, Chartwell House, and a new residential construction project known as Element at 225 East 60th Street.
This is a prime, central Upper West Side location on a pleasant street that is convenient to Central Park, many restaurants, excellent local shopping and is not too far from the Lincoln Center for the Performing Arts a few blocks to the south. There is an express subway station at 72nd Street and Broadway and a local station at 72nd Street and Central Park West.
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