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1148 Fifth Avenue 1a
New York City, NY 10128
$4,890,000
Conventional
Property
Bedroom
4
Bathroom
4
Property Type
Conventional
Square ft
166158
Property Description
From the moment you open the front door of this home, you know you have arrived somewhere quite special. An award-winning architect thoughtfully redesigned the space for himself and his family to embrace a modern aesthetic providing spaces to cook, dine, relax or entertain. With no expense spared and renovated to perfection, you can now be the lucky new owner of this impeccably designed crown jewel. Located in Carnegie Hill in a full-service prewar J.E.R. Carpenter Fifth Avenue cooperative building, this is a high first floor four bedroom/ three and a half-bathroom home with the living room and three of the bedrooms DIRECTLY FACING CENTRAL PARK offering excellent light. For the days you want to work from home, there is a windowed home office with a built-in desk and shelves. The home is pin-drop quiet as all the windows facing Fifth are new insulated glass windows with special dual density sound retardant. While many updates are behind walls, you will be impressed by several of these features including new electrical wiring, new plumbing and new telephone and data wiring. There are built-in speakers in five of the eight rooms, custom millwork throughout and six zone CENTRAL AIR CONDITIONING and heating with Mitsubishi City-Multi system. Interior light is provided by integrated recessed and cove lighting throughout with high end fixtures. Enter the home through an entry foyer with custom stone flooring and a huge coat closet leading to a long hallway turned into a media area/library with custom bookshelves where one can unwind with a favorite book or watch TV after the end of a long day. Talk about optimal use of space! Across from the library, one finds a large powder room with wall to wall storage. Adjacent to the library is the stunning dining room with its own built-in bar ready to welcome family and friends for a delectable meal. Beyond the dining room is the grand living room entered through French doors with a handsome wood burning marble fireplace surrounded with a blackened steel mantle, two oversized windows facing Central Park, wide plank bleached white oak floors from Austria( similar floors in library and dining room) and almost 10-foot ceilings. Next to the living room is the heavenly kitchen , the heart of the home. Who would not want to linger in this kitchen with two side by side integrated Subzero refrigerators with freezer drawers, a Wolf Duel fuel range and steam oven, a Miele dishwasher, a Marvel wine refrigerator and a Vent-a-hood exhaust to the outside. A huge kitchen island composed of natural marble, quart countertops, hand selected Larch cabinets and a built-in coffee station complete this fabulous kitchen. Three spacious bedrooms face Central Park. The first bedroom, now the den, can also serve as the primary bedroom and has large closets and a beautiful ensuite windowed bathroom with stone floors, a spa shower with a rain shower head and a Toto Carlyle toilet. The other two bedrooms share a Jack and Jill windowed bathroom with dual sinks, a tub/shower that has a rain shower head and stone floors. All the closets in the apartment have built-in closet systems, door activated lights and solid core paneled doors with solid Brass Baldwin estate hardware. Now to the primary suite. Tucked away from the other bedrooms for complete privacy, a door off the kitchen leads to a separate corridor lined with closets and a FULL-SIZED LG WASHER AND VENTED DRYER before arriving at the bedroom. Large enough for a king-sized bed, there are two hidden wall safes, custom shelves and built-in speakers. Open to the bedroom is the sophisticated primary bathroom with a spa shower, double sinks and a linen closet. 1148 Fifth has a full-time door staff, porters and a live-in super. Building amenities include a fitness center, laundry room, bike room and private storage for each apartment. Pets allowed. There is a 2 % flip tax paid by buyer and 50% financing allowed. Showings Mon.-Fri 9AM-4:30PM.
Property Information
Lot Size
-- square ft
Property Type
Other
Year Built
1922
MLS Number
PRCH-7958935
Location
Address
1148 Fifth Avenue 1A
City
New York City
State
NY
Zip Code
10128
County
NEW YORK (UPPER MANHATTAN)
Listing
Provider
Engel & Völkers New York City, original listing
Name
Engel & Völkers New York City
Phone
(212) 616-7600
Office Name
Engel & Völkers New York City
Office Phone
(212) 616-7600
Agent Name
Jennifer Roberts

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HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest. The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered. VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

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Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale. This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments. Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.