Buy in a co-op building that's been vetted by a real estate expert

By Lucy Cohen Blatter | November 21, 2016 - 12:30PM

We'd be inclined to assume that Barbara Corcoran, founder of the eponymous real estate firm, knows her fair share about how to pick a strong co-op, so given the fact that she bought a $10 million penthouse in this building a year ago, we're thinking this three-bedroom, three-bath on Fifth Avenue between 96th and 97th streets is likely a safety bet.

It's around 2,000 square feet and asking $2.925 million. Considering the fact that it's on the market for the first time in 40 years, we'd venture to guess that the apartment could use a little updating, since only a few rooms are pictured in the listing (plus it has those telltale words: "Bring your architect/designer").

That said, this is a true family-sized apartment, with a maid's room in addition to the three bedrooms, a large entry foyer, a living room with a woodburning fireplace, and a formal dining room.

Apparently, there's also a washer and dryer and a butler's pantry.

The building itself was built in 1924 and is the classic white-glove Fifth Avenue co-op (but it also has a fitness center and a bike room bringing it more up to date). In keeping with the exclusivity, you'll also have to put 60 percent of the purchase price down. And maintenance is $2,761 a month.

It's pet-friendly and has private storage, too. We think it goes without saying that the co-op board approval could be rigorous. Make sure your credit is stellar.

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