Coda Condominium, 385 First Avenue: Review and Ratings

Review of 385 First Avenue by Carter Horsley

Coda is an attractive, 20-story, 138-unit apartment building at 385 First Avenue on the southwest corner of 23rd Street.

It was erected as a rental building in 2002 by The Clarett Group of New York and Post Properties of Atlanta. 

It was designed by Gerner Kronick + Valcarcel and is also known as 348-354 East 23^rd Street. 

An article in the July 14, 2014 edition of The New York Post by Lois Weiss reported that Ban Shaoul, the head of the Magnum Real Estate Group, had signed a contract to buy the building along with the 199-unit Post Tuscana at 389 East 89^th Street for $270 million, or just over $800,000 a unit. The seller was Post Properties of Atlanta, which had developed both buildings with the Clarett Group in 2002 and 2003, respectively.

“Both towers were much sought after by the city’s real-estate community, as expiring tax abatements will mark the end of rent stabilization rules. Potential buyers included those that would have kept the buildings as high-end rentals, but others, including Shaoul, had an eye on a condominium conversion that penciled out to under the $2,000-a-foot range,” according to the article.

Magnum Real Estate Group changed the building name to Luminaire but then changed it to Coda after the launch of sales.

There is good cross-town bus service and this location is convenient to Waterside and not far from Hospital Alley and Peter Cooper Village and the Flatiron District.

Bottom Line

A handsome mid-rise apartment tower that is near Hospital Alley, Peter Cooper Village and not far from the Flatiron District.

Description

The boxy building has grey façades and a few setbacks and multipaned windows.

Amenities

The building has a 24-hour concierge with a lobby with sculpted art glass by Duncan Laurie, Tuscan limestone and oriental woods.  The building also has a sun deck, a fitness center, a game room, storage facilities, an event space and a garden.

Apartments

Apartments have maple kitchen cabinetry with slate tile kitchen flooring, French limestone walls in the baths, washers and dryers, oak flooring and GE kitchen appliances. 

“The plan is to ride out the abatement, and ideally, we would love to have all the renters convert to owners,” Shaoul said, the article continued, adding that he planned to combine some units, “give some a facelift with new appliances, and add amenities such as a children’s playroom to both buildings.”