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A New Condo for the Upper West Side

JUST when it seemed the Upper West Side couldn’t wedge another luxury condominium into its confines, word has arrived that a new one will go up, starting in a few weeks, at 120 West 72nd Street, between Amsterdam and Columbus Avenues.

The building will have 24 apartments on 16 stories, but Anbau Enterprises, the developer, whose previous luxury condo at 110 Central Park South was its third in New York, hasn’t yet decided on a name.

What has been decided is that a majority of the units will have two bedrooms, two and a half baths and 1,700 square feet of space. The remainder will be floor-through units with four bedrooms, three and a half baths and 3,500 square feet of space.

All will have finishes like granite countertops, Sub-Zero and Miehle appliances, and tile-and-marble bathroom floors. Tenants will have access to a second-floor common area that can be customized as a fitness center, as well as individual storage areas in the basement. On the ground floor, there will be a 5,000-square-foot retail space tucked behind a modernistic facade.

The building is expected to cost $50 million to develop. Apartment prices will range from $2.5 million to $4.5 million, though the sales office won’t open until the fall, probably October, according to Stephen L. Glascock, one of Anbau’s managing partners.

The single-story building currently occupying the site will be demolished in about two weeks, he said.

“We’re proximate to Central Park, half a block from the Broadway and 72nd Street subway, and close to Lincoln Center,” Mr. Glascock said. “It just doesn’t get any better.”

Whether buyers agree remains to be seen, according to brokers, who acknowledge that competition can be fierce on the Upper West Side.

Mr. Glascock, however, sees the timing as favorable. He cited the example of 15 Central Park West, which he said had units similar in size and price. He predicted that it would probably sell out before his sales office opened.

The luxury condos cropping up near the West Side Highway like the Avery and 10 West End Avenue, he said, appeal to a different kind of buyer, one who doesn’t care so much about walking long distances.

Brokers say Upper West Side buyers also have become less fixated on old-style co-ops in recent years. Such buildings have their inconveniences — for instance, they cannot be easily sublet, and they don’t have certain amenities.

“West Siders have gotten over the idea of living in a condo and now think, Wow, cool, this is so much easier,” said Ann Cutbill Lenane, executive vice president for Prudential Douglas Elliman. “You don’t have to get in a cab in the dark to go to a health club.”

Still, from a stylistic perspective Ms. Lenane isn’t giving up on co-ops just yet.

“If all these condos all end up looking the same,” she said, “people may want old-fashioned fireplaces again. It remains to be seen if it’s a fad or not.”

 

 

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ANN CUTBILL LENANE

ANN CUTBILL LENANE

Licensed Associate Real Estate Broker


1995 Broadway

New York, NY 10023

Office: 212.769.9862

 

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