At first glance, prices at this Upper East Side co-op are too good to be true
Located on 62nd Street between Lexington and Third avenues, this 20-story co-op just barely makes the cut-off of what some buyers (as well as residents and real estate agents) consider the “more desirable” portion of the Upper East Side, which is anything west of Third Avenue. Practically everything residents could want is located just west or south of the building, including brand-name shops, casual and upscale restaurants, Midtown offices, public transportation and perhaps most importantly, Central Park. And this postwar co-op, built in 1963, has both white-glove service and spacious units.
Considering these perks, unit prices at The Victorian are unexpectedly low. Two-bedroom apartments routinely sell for under $1 million, sometimes drastically less, which is notable considering that in Lenox Hill the median price for a two-bedroom is $1.4 million. The reason behind this price gap is a lesson in New York’s real estate quirks. The Victorian is a land-lease building, one of only about 100 in the city, meaning the co-op does not own the land on which it was built. Instead, its shareholders pay the landowner a rental fee that’s wrapped into the monthly maintenance costs, which (here’s the catch) are incredibly high. In the past year, monthlies for various apartments have ranged from $4,200 to $9,900 — a major expense that completely shifts the buyer pool. While it’s possible that the landowner may one day decide not to renew the lease, in 2010, both parties agreed to an extension through 2099. As part of that negotiation, however, fees will increase by roughly 1.5 to 2 percent per year through 2030.
One- to four-bedroom units with attractive floor plans
There are only 70 units in The Victorian and a maximum of four apartments per floor, lending residents some privacy. Due to decades of renovations, finishes vary widely from unit to unit, but select residences include bay windows and private outdoor space. Terraces and balconies are found on the top five floors, plus backyard decks on the second floor. Many residences have desirable floor plans, including classic-six and junior-four layouts, with windowed dining alcoves that are often converted to second bedrooms, offices or dens. Original units feature separate galley kitchens, though some owners have elected to remove the wall between the kitchen and living rooms, adding an island instead. In multibedroom apartments, every bedroom (not just the primary) has an en suite bathroom, plus there’s an additional powder room near the foyer.
In recent years, one-bedroom apartments have sold for between $525,000 and $695,000, while two-bedrooms are typically priced between $575,000 and $995,000. Prices for three- and four-bedroom apartments range from $1.09 million to $2.5 million. Of course, the co-op's steep maintenance fees must be taken into consideration. In some instances, monthly fees can surpass a resident’s mortgage payment.
Limited shared spaces cater to basic needs
The Victorian offers few amenities, but each unit comes with a storage bin that’s located in the basement, where a communal laundry room is also available. Not all units include a washer/dryer, but the co-op board allows shareholders to add them. In the wood-paneled lobby, residents are greeted by a full-time, uniformed door attendant, and a live-in handyperson is also available. There is no shared outdoor space, lounge, playroom or gym within the building.
Plenty of shops, cafes and eateries are available downstairs
Although residents won’t find many communal areas in the co-op, there are plenty of public amenities within the neighborhood. In fact, several retailers are located in The Victorian's ground level commercial spaces along Third Avenue, including a smoothie bar, coffee shop and hair salon. Right across 62nd Street, Upper East Café serves upscale American dishes and hosts a daily happy hour. A couple of blocks south, residents will find shopping at Bloomingdale’s, entertainment at an indie movie theater and global dining options. Central Park is just four avenues west, while Andrew Haswell Green Park and the East Midtown Greenway are slightly farther to the east. The F and Q trains are both accessible one block north of the condominium, plus an entrance to the 4, 5 and 6 trains is two blocks south. The crosstown M66 bus is also close by.
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
2/ 10
Very Bikeable
Bike Score®
80/ 100
Walker's Paradise
Walk Score®
100/ 100
Rider's Paradise
Transit Score®
100/ 100
Sources: WhatIsMyCrimeRisk.com, Walk Score
Sources: WhatIsMyCrimeRisk.com, Walk Score
WhatIsMyCrimeRisk.com, Powered by CAP Index provides objective, accurate, and consistent data to help measure, compare, and mitigate crime risks. Walk Score® measures the walkability of any address. Transit Score® measures access to public transit. Bike Score® measures the bikeability of any address.
Sound Score® measures the noise level of any address. Environmental risk data is provided by First Street Foundation® and is designed to approximate risk and not intended to include all possible scenarios.
Parks in this Area
Tramway Plaza
5 min walk
Picnic Area
Honey Locust Park
8 min walk
Picnic Area
Trails
Grand Army Plaza
9 min walk
Twenty-Four Sycamores Park
10 min walk
Basketball
Picnic Area
Playground
Andrew Haswell Green Park
10 min walk
Bike Trails
Dog Park
Picnic Area
St. Catherine's Park
10 min walk
Basketball
Picnic Area
Soccer
Greenacre Park
12 min walk
Picnic Area
Nature Center
Sutton Place Park
14 min walk
Trails
Playground
50th Street Commons
15 min walk
Picnic Area
Schools
Source:
GreatSchools:
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View GreatSchools Rating Methodology
Disclaimer: Please note that this building may not be in these schools' attendance zones.
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