The sponsor of the planned residential condominium conversion of the Apthorp apartment building on Broadway between 78th and 79th Streets has lowered the prices on 32 units and launched a $30 million capital improvement program that will create a gatehouse at its large arched entrance on West End Avenue.
The price reductions were announced today by Broadway Management of Apthorp LLC, an affiliate of The Feil Organization.
Howard Lorber, the chairman of Prudential Douglas Elliman, which is marketing the apartments, said in the press release that "This is a once-in-a-lifetime opportunity to own a part of New York's history at below market prices that will never be seen again - once we reach our conversion goal in September, prices will most certainly go up." The building, which occupies a full block and has a large and impressive center courtyard has 163 apartments and at least 15 percent of them must be sold for the plan to be declared "effective" and the deadline is in September.
Buyers may choose among different high-end kitchen and bathroom finishes. Kitchens have Sub Zero, Miele, and Wolf appliances and bathrooms have various natural stones such as Calacatta Gold, Nero Marquina and White Carrara marble. For a limited time, buyers also have the option to purchase a home 'as is' or partly renovated.
Building amenities will comprise a fully renovated garage with valet service, storage space, a children's play room, a central laundry room, gym, sauna and massage rooms, and a conference meeting room. Staff will include the valet, a gatekeeper, and 24-hour doorman.
Improvements to the common areas of The Apthorp include restoration work being done on the public foyers, lobbies and elevators. All original stone and marble floors, plaster ceilings and wall decor will be restored as well as the courtyard's cobblestones, fountains and benches.
Architects Ingrid Birkhofer and Fernando Papale of BP Architects are in charge of the restorations. The Apthorp, which is a city landmark, was the world's largest residential building when it was built in 1908 by William Waldorf Astor. His architects Clinton & Russell modeled The Apthorp after the Pitti Palace in Florence in the Italian Renaissance style.
A 1,031-square-foot apartment on the seventh-floor, one of the least expensive units, has had its price reduced about $420,000 to $1,575,000.
The price reductions were announced today by Broadway Management of Apthorp LLC, an affiliate of The Feil Organization.
Howard Lorber, the chairman of Prudential Douglas Elliman, which is marketing the apartments, said in the press release that "This is a once-in-a-lifetime opportunity to own a part of New York's history at below market prices that will never be seen again - once we reach our conversion goal in September, prices will most certainly go up." The building, which occupies a full block and has a large and impressive center courtyard has 163 apartments and at least 15 percent of them must be sold for the plan to be declared "effective" and the deadline is in September.
Buyers may choose among different high-end kitchen and bathroom finishes. Kitchens have Sub Zero, Miele, and Wolf appliances and bathrooms have various natural stones such as Calacatta Gold, Nero Marquina and White Carrara marble. For a limited time, buyers also have the option to purchase a home 'as is' or partly renovated.
Building amenities will comprise a fully renovated garage with valet service, storage space, a children's play room, a central laundry room, gym, sauna and massage rooms, and a conference meeting room. Staff will include the valet, a gatekeeper, and 24-hour doorman.
Improvements to the common areas of The Apthorp include restoration work being done on the public foyers, lobbies and elevators. All original stone and marble floors, plaster ceilings and wall decor will be restored as well as the courtyard's cobblestones, fountains and benches.
Architects Ingrid Birkhofer and Fernando Papale of BP Architects are in charge of the restorations. The Apthorp, which is a city landmark, was the world's largest residential building when it was built in 1908 by William Waldorf Astor. His architects Clinton & Russell modeled The Apthorp after the Pitti Palace in Florence in the Italian Renaissance style.
A 1,031-square-foot apartment on the seventh-floor, one of the least expensive units, has had its price reduced about $420,000 to $1,575,000.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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