In the Market for Family Apartments?

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.

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NEW YORK SUN CONTRIBUTOR

Lisa Lippman, a senior vice president at the Corcoran Group, and one of the top 25 agents at the firm, specializes in family-sized apartments in Manhattan. She lives on the Upper West Side with her husband and two school-aged boys. Ms. Lippman spoke recently to The New York Sun’s real estate reporter, Julie Satow, about her area of expertise.


Q: What constitutes a family apartment?


Family apartments are usually for families with at least one child that have opted not to move to the suburbs and instead remain in Manhattan. They have at least two and sometimes up to six bedrooms, and two to seven bathrooms. In general, the layout of a family apartment would be in the classic format, such as a classic six, which includes two bedrooms, a kitchen, a maid’s room, a living room, and a formal dining room, or a classic seven, which has an additional bedroom. In terms of amenities, the most popular ones for family buildings include a doorman, storage areas, a playroom, and a bike room.


Are brownstones a good fit for families?


Apartments with four or more bedrooms on the Upper East or Upper West Side in a doorman building will cost well over $3 million, and there is very little inventory out there, so often I will suggest the client begin looking at brownstones. Brownstones are usually at least 4,000 square feet, and sometimes as much as 10,000 square feet, have at least four bedrooms and a yard, and start at $4 million. It is very difficult to find a vacant brownstone that doesn’t have a rent-stabilized tenant, and if there is a listing for a brownstone that is in the low $3 million range that is vacant, I tell my clients it must be either very narrow, which is much less desirable, is on an undesirable block, or is in terrible structural shape. Otherwise, if it has a tenant, it can be very complicated.


Where are family apartments found?


The pre-war co-ops on the Upper East Side and the Upper West Side are where you can find the majority of the family apartments, and there are also some on lower Fifth Avenue. Family apartments are also found on East End Avenue and along the side streets between Park Avenue and Fifth Avenue on the East Side. On the West Side, there are a number of family apartments on Central Park West, Riverside Drive, and West End Avenue. Some families also opt for loft-living downtown, mostly in TriBeCa, although I find the majority of my clients want to be near either Central Park or Riverside Park. Uptown is also popular because it is where the majority of private schools are located. Sometimes clients will start downtown and relocate uptown as their kids become school-age. I would say about 70% of my clients live on the Upper East and Upper West Sides.


What are some of your favorite family apartments in the city?


There are so many great family buildings, you have 1165 Park Ave., 1175 Park Ave., 1172 Park Ave., and 1088 Park Ave., and on the side streets there are 45 East 88th St., 21 East 87th St., and 21 East 90th St. On the West Side, I like 21 East 90th St., 145 Central Park West, 115 Central Park West, 262 Central Park West, 271 Central Park West, 300 Central Park West, 290 West End Ave., 300 West End Ave., 325 West End Ave., 400 West End Ave., 470 West End Ave., 490 West End Ave., and 610 West End Ave., just to name a few.


I assume these are all pre-war cooperative buildings. Are there any condominium buildings that are good for families you can suggest?


Sure, there are some pre-war condos, like the Ansonia at 2109 Broadway, where I have a listing for a family apartment right now. It is a 3,000-square-foot condo, and the building is perfect for a family. 251 West 89th St. is also a condominium, and I’ve sold several units in the Trump buildings to families because they have wonderful amenities, like pools, gyms, garages, and play rooms.


If you were advising a young couple looking to buy an apartment that would have a good resale value, what would you suggest?


This is a tough question because, in this market, people make arguments for nearly every neighborhood. I would suggest Far West Chelsea, where there are a number of new condo conversions, north of 96th Street on the West Side, the East Village, and where there is still a lot of value for young couples that don’t have too much to spend is in the 70s, 80s, and 90s east of Third Avenue.

NY Sun
NEW YORK SUN CONTRIBUTOR

This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.


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