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The Ian Katz Team

Case study

Positioning an estate condition propertyfor success on the Upper West Side

A long living room with herringbone floors, a carved fireplace and windows onto Riverside Park
Address5 Riverside Drive, 3B
NeighborhoodUpper West Side
BuildingCo-op
Property1 bed, 1 bath
A raised dining landing behind an iron railing
A carved wood fireplace with a stone surround

The challenge

Having inherited an estate condition unit in an Upper West Side co-op, our out-of-town clients needed a trusted advisor to help them prepare and position this property in an iconic Upper West Side address for sale.

Our contribution

Initially our clients considered updating the apartment to achieve a premium sale price. While they had renovation experience, their experience doing so in NYC was limited. In consultation, we provided guidance on not just the hard costs but also the soft costs of time and effort of renovating in a NYC co-op — which ultimately was not something they wanted to undertake.

The market for properties needing work was diluted, and it was incredibly important that we were smart about pricing and how we marketed the property. We leaned into the potential of the unit: great bones, tree-top views of Riverside Park, and an address at an iconic Upper West Side building. Getting the building's Super involved, we were able to get help buyers not only visualize the possibilities of this property but also get comfortable with the work needed to be done to realize that potential.

An empty bedroom with windows onto the trees of Riverside Park
A pre-war bathroom with a tiled tub and pedestal sink
A galley kitchen with a window at the end
The living room fireplace wall and beamed ceiling

The results

With smart pricing, we achieved over 70 showings in two weeks and generating multiple offers. Ultimately, we identified a buyer who not only was willing to complete the necessary renovation but also embraced the history of this pre-war beauty.

Sale price$896,117
Offers4
Showings70+ (in 14 days)

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