Upper East Side Condos Hit the Market

In yet another indication of the return of the NYC condo market from its zombie period (ending perhaps in 2012), 150 E. 72nd St. has launched condominium sales.

New York—In yet another indication of the return of the NYC condo market from its zombie period (ending perhaps in 2012), 150 E. 72nd St. has launched condominium sales. Developer Macklowe Properties previously acquired the Lenox Hill property, planning to renovate it and sell it as condos.

The property is a century old, originally designed in 1913 by Schwartz & Gross. With only two residences per floor off a private elevator landing, interiors have been refashioned with attention to its original design, according to Handel Architects, who undertook the renovation of the property. Interior design features include solid white oak floors, new windows, 10-foot ceilings and custom Poliform closets.

Common area amenities include a fitness center, children’s playroom and multipurpose room. Units sport kitchens with marble countertops and backsplashes, custom wood cabinetry, Miele appliances and polished chrome fixtures. Master bathrooms feature marble slab floors, custom vanities and cabinetry and a freestanding bathtub.

The building’s unit mix consists of 2,300-square-foot three-bedroom units, 3,500-square-foot four-bedroom units, and a 4,500-square-foot five-bedroom unit. The asking price for the condos begins at about $6 million for the smallest of them, and ranges up to around $13.5 million for the single five-bedroom residence.

150 E. 72nd St. comes on the market at a good time for condo sellers. Demand is up in Manhattan, but supply hasn’t kept up. According to Miller Samuel, there were 4,749 apartments on the market in Manhattan at the end of December, a drop of 34 percent from a year earlier. Sales in 2012 increased 3.4 percent to 10,508 transactions, second only to 2007 in the last 10 years in terms of sales volume.