Home Buying in New York>Question Details

P Lin, Home Buyer in New York, NY

Is it a good time to buy a condo in the Sheffield (at 322 W 57th near the Columbus circle)?

Asked by P Lin, New York, NY Thu Apr 7, 2011

The Sheffield definitely has many negative posts in past few years. But now the amenities are near completion. Should I buy now or wait for a few months? By the way, is the housing market really picking up in Manhattan? The Sheffield sponsor seems to start increasing their asking prices (based on the numbers from streeteasy).

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I would personally buy in this market, just due to the financial environment. As far as property is concerned, Manhattan is golden, if during these times. Yes, in the past the Sheffield had negative posts, but whats more important to look at the ameneitites which are very important. I hoped I helped, I wish you luck on your journey. I am an agent from Exit Realty Top Properties.

Ciro Traino
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http://www.exittopproperties.com/
0 votes Thank Flag Link Tue Mar 6, 2012
I am wondering if you have bought then or are still waiting...Now the swimming pull is about to open and a yoga studio...There is a sky Lounge and a Gym in the building with amazing views of Manhattan from 57th Floor. I live in the building and just the views alone were worth waiting for these facilities to open. The lobby has also been remodeled to a great design and food deliveries can wait for you to come home in a large refrigerator, which is really nice... Great building, one of the most sought for condos in Manhattan. Let me know if you are still looking to purchase - I would be happy to show what is available in the building. Elena 646 593 7297
0 votes Thank Flag Link Mon Feb 27, 2012
i am a real estate appraiser and i would do the research for you if you are interested

my name is Eric you can call me 347 666 4233
0 votes Thank Flag Link Thu Apr 21, 2011
Hi P Lin,

Can I ask how you think it would benefit you by holding off your purchase for the next few months at the Sheffield as opposed to purchasing now? Assuming you are taking out a loan it will take you an average of 3 months to close. If you wait, you are likely looking to half a year +. When financing is involved, I guess your other concern will be interest rates. Will they remain as they are or will they go up?

In some parts of Manhattan prices have gone up, but overall the market has been moving sideways. Miller is quoting median sales price fell by 9.9% from same period last year, price per sq foot slipped by 1.3%.

When it comes to inventory, New York may have a lot on the market, but when you really start narrowing down to the product you really desire, there isn’t much to see.

Location wise, The Sheffield is ideally positioned. Yes it may be a little loud and a little touristy, but you are one block away from the park, you are across the street express busses and subway and you have every restaurant and store at your finger tips. It also doesn’t hurt that Plaza just had the most expensive condo sale in New York History for $48M.

Your other concern was that prices are going up in the building. In terms of sponsor raising prices, I don't believe you are looking at sponsor units. I've clicked through a wide range of available apartments in our system and the ones which do indicate increase on price are re-sale apartments and those not represented by Rose Associates who is handling exclusive sales there.

Were there any specific units you are interested in that I can help you get more information on?

Best regards,
0 votes Thank Flag Link Tue Apr 12, 2011
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