A white-glove co-op with a million-dollar reserve fund and no flip tax
Plaza Tower, a 34-story postwar co-op in Lenox Hill, was one of the area’s first high-rise towers when it was built in 1964, which then set into motion other new builds in the neighborhood. Located at 118 East 60th Street between Lexington and Park Avenues, one of the unique features of Plaza Tower is its setback, circular driveway with a central fountain and small green space: “The drive-up entrance is highly unusual. It’s a covered canopy, so if it’s raining or snowing when you’re coming up in a taxi or loading your car for the weekend, the doorman comes out to help you. It’s just an effortless place to live,” says Fern Hammond, a licensed real estate salesperson with Brown Harris Stevens with nearly 40 years of experience. “It’s a very attractive building. The highest floors have amazing views,” she adds. It’s also unusual, Hammond points out, that they offer year-round central AC, whereas many buildings don’t turn it back on until around May 15th. Those who live in Manhattan know this is no small thing.
Steven Hoffman, a broker with Coldwell Banker Warburg who has sold several units in the building, notes that residents tend to forge close ties to the staff: “The resident manager is lovely, and the staff overall is very attentive,” he says. “The financials are terrific, too. There’s a million dollars in the reserve fund. They’ve never had an assessment for shareholders, and there’s no flip tax, which is very unusual for co-ops,” Hoffman adds.
Spacious co-op units starting at just under $500,000, with many combined residences
Plaza Tower contains 234 units, but many have been combined over the years resulting in several three- and four-bedroom units. “They’re probably down to about 190 shareholders,” says Hoffman. “The junior one-bedrooms are over 600 square feet, the one-bedrooms are nearly 800 square feet.” Hoffman’s current listing on the 19th floor offers wide open views for more than one mile facing north, with ample light. And Hammond agrees that units are oversized: “All the apartments are super spacious. They have rooms that are wider and longer than the norm. The windows are larger than really any other building in that era. The square footage is apt to be larger than you would find in other buildings from the late ‘50s or ‘60s.” And nearly 90 percent of all residences have balconies, save the studios, which can go for as low as $420,000. One-bedrooms generally start at $599,000 for about 850 square feet, and two-bedrooms typically start at $1.2 million. While most are currently off-market, four- and five-bedrooms are also available, with the latter listing for upwards of $5.75 million.
Benefits of living at Plaza Tower
Residents enter a beige marble-clad lobby with 15-foot ceilings and are greeted by the full-time door attendant. There’s also a concierge service between the hours of 7 a.m. and 11 p.m. and a live-in super. “Your maintenance includes gas and the central air conditioning,” says Hammond. “There’s also an adjacent garage.” Steven Hoffman also adds that the maintenance fees are “well within the realm of what other high-end, white-glove buildings charge.” In terms of the units’ interiors, many have been upgraded over the years, including the addition of stainless steel, high-end appliances and bathroom renovations. Hoffman also highlights that the building, which was renovated roughly eight years ago, has no history of assessments.
A furnished roof deck with expansive views
The building does not have a gym, but both Hammond and Hoffman note the large roof deck is a big perk of the experience here. “The roof deck is fabulous. There are 35 chaise lounges, plus tables and chairs. You see for ten miles, [including] the George Washington Bridge,” says Hoffman. There are also views of Central Park and the high-rise office buildings farther south in the Midtown area.
Close to Central Park and major transportation hubs
In Lenox Hill, residents can find a slew of restaurants and things to do, but the real bonus is the proximity to Central Park, which is only two avenues away. “It’s fantastically located. You have every transportation line within a minute,” says Hammond. “You’ve got the F train, 4, 5, 6 lines on Lexington, the N and R lines are right there, so you’re totally central. And so many offices are in the 40s, 50s, and 60s, which are all within walking distance.”
Fine print
Currently, prospective buyers cannot finance more than 75% of the appraised value of the property, and interest-only loans are only considered when less than 50 percent of the appraised value of the unit is financed. Co-purchasing, gifting and guarantors are allowed, on a case-by-case basis, as well as pieds-a-terre. According to Hoffman who has been selling there for almost 40 years, board approval typically takes about two and a half months: “One of the things I usually say to buyers is that there are no surprises, and the board is not looking to turn anyone down. In all my years selling there, I’ve only had three board turndowns.”
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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®
97/ 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
Grand Army Plaza
5 min walk
Honey Locust Park
7 min walk
Picnic Area
Trails
50th Street Commons
10 min walk
Picnic Area
Greenacre Park
11 min walk
Picnic Area
Nature Center
Twenty-Four Sycamores Park
12 min walk
Basketball
Picnic Area
Playground
Channel Gardens
13 min walk
Picnic Area
Nature Center
Sutton Place Park
13 min walk
Trails
Playground
Andrew Haswell Green Park
14 min walk
Bike Trails
Dog Park
Picnic Area
Schools
Source:
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