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Carter's View

The handsome, 16-story building at 27 West 72nd Street, which is known as the Olcott Hotel, is being converted to residential condominiums.

A non-eviction offering plan was submitted December 28, 2004 to the New York State Attorney General's Office with a total purchase price for tenants of $93,549,245 and for non-tenants of $99,072,890.

The building has about 227 units of which 192 are residential, 31 are professional, three are commercial and one is a large "lounge unit" on the roof. Of the residential units 102 are rentals and 90 are transient. The offering plan only involves 99 of the rental units.

The building had been acquired in early 2004 for about $70 million by Moshe Dan-Azougi, executive vice president and head of the U.S. office of Brack Capital and Laurence Gluck of Stellar Management last year from the Slutsky and Borshuk families that had owned it since 1951 and also previously owned the Nevele Hotel in Ellenville, N.Y.

The offering plan notes that the sponsors approximate 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 building was erected as an apartment hotel in 1925 and is in the Upper West Side Central Park West Historic District.

The offering plan notes that the sponsor anticipates 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 mid-block building extends through the block to 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 two-bedroom, 1-bath, 1,020-square-foot apartment on the twelfth floor has a tenant's price in the plan of $1,284,400 and a non-tenant price of $1,352,000. A two-bedroom, 3-bath, 2,003-square-foot apartment on the 16th floor has a tenant's price of $2,283,420 and a non-tenant price of $2,403,600.

The 170-foot tall building has a large entrance marquee and a limestone band course above the third floor, false balconies on the sixth and ninth floors, 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. It has a garage, an exposed rooftop watertank, and protruding air-conditioners.

On November 9, 2004, Landmark West!, a civic organization, testified before the Landmarks Preservation Commission in favor of a certificate of appropriateness for some alterations to the building. In its testimony, it said that "Without question, the proposed front entrance door is an improvement over the current entrance doors installed prior to designation, which seem better suited to an airport lobby than a 1920s George Pelham apartment hotel building."

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.
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Additional Info About the Building

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.