The El Dorado

The El Dorado Apartment Building:

The building: I love the El Dorado -- its art deco towers are like exclamation points over Central Park West -- and you can see them from almost every flight that takes off from La Guardia.

Pros and Cons:
>Noise: The El Dorado is situated on a relatively quiet stretch of Central Park West, several blocks away from both subway entrances and cross-town bus stops. And apartments are quiet as well -- those 1930s walls are effective!
>Transportation: Right near CPW bus stops and equi-distant between two subway stops. >Parks: Across the street from a winding entrance to Central Park, with the Reservoir and its jogging track esssentially outside your door.
>Ammenities: fireplaces; a gym with half-court basketball, a children's playroom and community room.
>Views: Terrific -- apartments overlooking the park offer views of the glistening reservoir, stretching south to Midtown. The El Dorado's highest apartments, in the two 30-story towers, offer views of the George Washington Bridge and Hudson River, the Upper East Side and New Jersey (nothing's perfect).

El Dorado - Famous Residents
>Entertainment: Moby (at least for now -- his apartment is again on the market after the board rejected the prior buyer)
>Business: John Rowe (Aetna CEO)
>Publishing: Sally Richardson (Publisher, St. Martin's Press)
>Finance: Peter Lamm (Fenway Partners)

El Dorado - Other Useful Information:
> Building has landmark status and certain large renovations may require approval by NY's Landmarks Preservation Commission.
>50% down required.

El Dorado - Co-Ops Currently for Sale:
>Despite its many apartments, the El Dorado has relatively low turnover, lending further support to apartment values. Only one apartment is now for sale -- a rambling two bedroom.

El Dorado - Experienced Brokers:
>When selling or buying at the El Dorado, try John Edwards or Lee Zimmerman of Corcoran (who currently have a $7.5 mm listing)
>Donna Olshan of Olshan Realty, recently sold a 3 BR apartment.
>Deanna Kory, Jennifer Taylor and Karen Kelley of Corcoran currently have a 2 BR listed at $3 mm in contract.
>Basil Ashmore recently sold a 2 BR with terrace listed at $4.1 mm.

El Dorado -- In Books and Culture:
>Want some historical insight? Interested in tracking down something out of print? Check out this book.

The Beresford

Central Park West

When surveying co-ops, where else to begin than Central Park West? This is the gold coast, from the Trump International Hotel & Tower on Columbus Circle to 96th street. And despite marquis new developments like 15 CPW most every building on CPW is a co-op. And they are quite exclusive.

The Towers of Central Park West

CPW is unlike any other avenue -- with five monumental pairs of towers - the Beresford, El Dorado, Majestic, San Remo and Century , it has an energy and beauty found nowhere else.

The Beresford co-op (81st and CPW):

The building:
The Beresford is essentially like living in a castle. It looms like a chateau over Central Park - here's some background.

Beresford residents:
Needless to say, you'll be in good company:
>Finance: Vikram Pandit (Citigroup CEO); Paul Singer (Hedge fund Elliot Associates);
>Hollywood: Jerry Seinfeld; Carol Levy
>Sports: John MacEnroe
>Business: Lew Frankfort (Coach)
>Helen Brown (Hearst)

Pros and Cons:
>Transportation: Right near the cross-town and CPW bus stops and basically on top of a subway stop.
>Parks: Across the street from one of the prettier entrances to Central Park, with a playground, the Museum of Natural History and the Great Lawn a few feet away.
>Ammenities: Gym.
>Other conveniences: Like Zabars? Only 3 blocks away.
>Views: The Beresford's perch provides unique unobstructed views not only over the Park, but also down Central Park West to midtown.
>Noise Level: With thick pre-war walls and high ceilings, the Beresford is whisper-quiet. But if you're on a low floor on the CPW or 81st street side, be aware of the bus noises -- the corner is a busy commuting nexus in the morning.
>Well, this may be a bit obvious, but I'm quite the fan of this building.

Beresford Transaction Details and Financials:
>50% maximum financing
>2% transfer fee
>Healthy building financials, especially with proceeds from the renovation regulations.

Beresford -- Sample Floor Plans and Interiors:
>We've got some good stuff for you. Click here.

Beresford -- Experienced Brokers:
>Carol E. Levy Real Estate -- the principal of this firm actually lives in this building, so she'll bring great process knowledge.
>Joanna Pashby of Corcoran -- sold one of the four penthouses for $19 mm. A good price. Solid. But reduced from the $28 mm asking price.
>Jean Meisel at Brown Harris Stevens -- currently selling a 2 BR.

Beresford -- Renovations:
>Note in regard to any renovation plans, that this is a landmarked building
>Time limits: 10 days for demolition and 90 days for heavier work with daily fines thereafter

Beresford -- Recent Sales:
>$17.9 mm: 10 rooms on single floor, bought by Vikram Pandit (Citigroup) in late 2007 from Tony Randall; via Corcoran.
>$19 mm: Duplex penthouse with two terraces, bought by Ronald Beck (Oaktree Capital) in January 2008 from Nari Hira (Bollywood producer)

Beresford -- Co-ops currently for Sale:
>Here's a nice 2 BR...and only $4.8 mm! But that comes with a 37% tax deductibility. That's all on the market now - as we said, it's quite exclusive.

And finally...a bonus category: Beresford -- In Books and Culture:
>For all of you inclined to really deep due diligence before buying...feel free to skim Luxury Apartment Houses of Manhattan: An Illustrated History

The Central Source for Hard-to-Find NY Co-Op Apartment Information

Welcome to the NY Co-Op Reporter! I began this site to combine my love of real estate and to fill an information gap. Buyers, sellers, and anyone interested now have a site to find out the real story behind NY's co-ops. And of course, we welcome anonymous tips.

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