3 Bed 4 Bath Apartment For Sale $1,500,000 1,862 sqft ($806 per sqft)
Broker: Josh Doyle Compass
This architecturally significant and recently renovated 3 bedroom, 3.5 bathroom 1862 SF duplex penthouse is now on the market for under $806 per squar
...read moreThis architecturally significant and recently renovated 3 bedroom, 3.5 bathroom 1862 SF duplex penthouse is now on the market for under $806 per square foot. On the corner of the building with open city views to the South and West, the apartment is very bright throughout the day. Additional apartment features include high ceilings, top end appliances, a wood burning fireplace, stunning large windows throughout and generous storage space.
The lower entry level features an eat in kitchen open on two sides to a large living room. A powder room is conveniently located nearby and on the opposite end is one of three bedrooms with en suite bathroom. This room is currently being used as a home office and playroom. The kitchen has been completely rebuilt and is outfitted with custom cabinets, a Wolf 5 burner range, Miele refrigerator and oven and mosaic custom tilework. An incredible feature of the dining area is a double height slanted window which stretches to the upper level of the home.
A custom staircase leads upstairs to an oversized corner primary bedroom with large walk-in closet. A five fixture en suite bathroom has deep soaking tub double vanity. A third bedrooms with its own en suite bathroom is located on the opposite end. A new owner has the option of entering the home on this level as well. Modern conveniences include low voltage automated shades and an in unit washer and dryer.
This penthouse three bedroom opportunity, even with its higher than average monthly costs, represents an excellent value driven purchase opportunity versus the rental alternative.
THE BUILDING AND NEIGHBORHOOD
The Forum building amenities include a 24-hour doorman, live-in superintendent, parking garage, common roof deck and fitness center with steam and sauna. Neighborhood highlights include John Jay Park, great restaurants and shops and close proximity to the Q train and easy access to the FDR Drive. There is no board approval required and all purchase scenarios as well as unlimited subletting are welcome at The Forum.
LANDLEASE DETAIL
The Forum was granted a 149 year land lease with the Greek Orthodox church as landlord. There are 116 years remaining on the lease and its payments represent only 12% of the building's operating budget. The building ground rent increases are very predictable with an average 2% increase per year annualized. The next increase will not occur until September 2027.
MAINTENANCE BUYDOWN
At our current ask price, we are offering a credit of $36,000 at closing as a 1 year $3,000/month credit against the maintenance. Actual maintenance is $8,438 per month.
