This postwar building has flexible policies and a land lease
From the outside, The Forum looks like your standard residential tower. The 25-story postwar is nestled between two well-appointed churches on a quiet block between Second and First avenues, and its limestone and brick facade suits the area. Its aesthetics may seem familiar, but as a condop, the Forum operates quite differently from the area’s many co-ops. As Susan Holman, an associate broker at Corcoran, puts it, “The Forum is essentially a co-op with condominium-like rules. There are more liberal policies, which is also typical in buildings that fall into the investment property category as this one does.” Each condop is unique, but in The Forum’s case, the perks are plentiful: Interested buyers don’t need board approval and they can finance up to 90 percent of their purchase; subletting is generally allowed immediately and indefinitely; and co-purchasing, gifting and pied-a-terres are all permitted.
However, buyers and investors must consider another major factor. The Forum is a land lease building, meaning a third party (in this instance, the Greek Orthodox church next door) owns the ground on which the property was built. As with most land lease buildings, monthly fees are higher than average. The Forum’s long-term lease is set to expire in 2085, at which point these fees may increase.
A furnished roof deck, health club and parking garage
Even though The Forum was built in 1987, its common areas have held up well. “The lobby was designed to be pretty evergreen,” Holman says. “It’s got that pleasant, Upper East Side feel when you walk in. There’s a front concierge desk and a small sitting area that gets really nicely decorated for the holidays. Beyond that, there’s a mail room and two huge steel elevators.” Unlike many co-ops in the area, The Forum offers several amenities that enhance residents’ lifestyles, including a two-story health club set on the third and fourth floors. Although the gym is on the smaller side, Holman says that “it’s very quality-oriented, has great equipment and tree views from the windows.” The health club also includes a sauna and a steam room. The furnished rooftop is another respite for shareholders, and in the basement, there’s a parking garage with leased spaces.
Varied finishes, floor plans and prices attract wide interest
Of The Forum’s 149 units, many of them are studios, one- and two-bedrooms. However, there are several penthouses and some lower-level units that owners have combined to make three- to four-bedroom residences. With the wide range of apartments comes a diverse buyer pool and community, including those looking for starter apartments, as well as families who require more space. What people choose to do with their apartments varies, too. “Even though The Forum was built in the late ’80s, a lot of the unit features stand the test of time,” Holman says. “All the apartments originally came with Italian brown marble baths and herringbone floors. But you also have people who come in and beautifully renovate their places. There's a lot of pride in the ownership there.” One nice perk is that each unit includes a washer/dryer, and some have the added bonus of having small private balconies.
Studios range from $440,000 to $600,000, while one-bedroom units typically cost between $500,000 and $850,000. Two-bedroom residences are priced from $888,000 to $1.6 million, and larger units have sold just north of $2 million.
Residents have both peaceful streets and bustling commerce at their fingertips
“Living at The Forum, you’re in a classic, quiet Upper East Side location,” Holman says. “It’s a tree-lined block with lots of green-awning, red-brick, postmodern co-ops.” In addition to the residential buildings, there are the two churches flanking The Forum, one of which includes a private school serving preschoolers through middle schoolers. Generally, Holman finds the whole area to be very well-kept. “People notice and look for certain things in an area like this,” she says. “‘Are there lots of trees? Do they seem well-manicured? Do the buildings have curb appeal? Is there trash out, or is the sidewalk totally clean?’ I find that the blocks around The Forum are very well-kept and well-maintained because of the great teams and management companies that run these Upper East Side buildings.”
At either end of the block, residents will find ample businesses along First and Second avenues. On First, there are authentic Mexican treats at Morelia Gourmet Paletas, coffee and baked goods at The Fancy Kook and a great wine selection at In Vino Veritas. On Second, locals frequent Bigoi Venezia for well-priced Italian dishes, buy groceries at Gristedes and have a nightcap at Lucille’s. Both avenues are packed with highly rated global eateries with cuisines from India, Japan, Thailand, Turkey, Peru, Mexico and more. To access the East River waterfront, residents can head to John Jay Park, which has athletic courts and a public swimming pool, plus a pedestrian bridge to a paved riverfront path. For more green space, the nearest entrance to Central Park is roughly 0.7 miles from the condop.
Multiple bus routes and subway lines serve the Lenox Hill area
Those with cars can merge onto FDR Drive a few blocks north or south. Mass transit is convenient, as well. “You could take the bus downtown on Second Avenue or uptown on Third Avenue,” Holman says. “It’s also easy to reach the Upper West Side with the crosstown buses on 72nd and 79th streets. Then you have two subway lines, the 6 and the Q, nearby. Public transportation is a breeze here.”
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Quantarium
Current List Price
Sold Price
Area Factors
Low Crime
Crime Score®
2/ 10
Very Bikeable
Bike Score®
84/ 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
John Jay Park
7 min walk
Basketball
Picnic Area
Pool
St. Catherine's Park
8 min walk
Basketball
Picnic Area
Soccer
Andrew Haswell Green Park
3 min drive
Bike Trails
Dog Park
Picnic Area
Twenty-Four Sycamores Park
3 min drive
Basketball
Picnic Area
Playground
Capobianco Field
11 min drive
Baseball/Softball
Basketball
Tennis
Jack McManus Field
12 min drive
Soccer
Trails
Multi-Purpose Field
Manhattan Park
12 min drive
Trails
Blackwell Park
13 min drive
Basketball
Picnic Area
Playground
Pony Field
14 min drive
Baseball/Softball
Schools
Source:
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