Why have apartments in the grandest uptown co-ops been sitting on the market for years? kvelsey reports
into accepting them by hobnobbing with socialites and hiring society decorators. The grand uptown apartments and their over-the-top aestheticsfell out of fashion, at least among the fashionable. Jackie O. lived out the last years of her life at 1040 Fifth, but JFK Jr. and Carolyn Bessette had a loft in Tribeca.As the desirable neighborhoods shifted and expanded, so too did the housing options.
that are attracting buyers, though. Co-ops have a reputation for being a bit, well, geriatric. Which may be a little unfair , but a lot of co-op sales are estates and the buildings are controlled by the old guard. When Jeff Blau, the president of real-estate developer Related,by the board of 820 Fifth in 2009, it was allegedly at the behest of 89-year-old arts patron Jayne Wrightsman, the co-op’s ultrapicky gatekeeper who wasn’t even technically on the board.
The apartments themselves, all the architects emphasized, are incomparable, and almost any modernization achievable. But “you’re essentially rebuilding the building apartment by apartment,” says architect Peter Pennoyer, the principal at his eponymous firm. “If a renovation costs $1,000 per square foot, you have to feel that it’s worth it.” Many buildings also have summer work rules, meaning that work can only be done during the months when residents are presumably in Southampton or St.-Tropez.
The idea that you’ll buy an apartment and live there for the next 15 to 50 years is outdated, adds Jacky Teplitzky, an associate broker at Douglas Elliman. “The younger generation, people in their 40s, they want an asset. Even their primary home, they see as an investment.” And they want to be able to sublet the place if they need to leave the city for their career or, say, a global pandemic. “If anything in your life changes, you can do something with it,” Teplitzky continued.
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