Tortoise Strolls

Archive for June 2011

737 Park Avenue

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Recently in the news and with a prominent article in “The Real Deal”, we learned that developer Harry Macklowe purchased 737 Park Avenue. In the world of real estate, location is paramount and 737 Park Avenue, on the corner of 71 Street, ┬áis second to none. The building sits directly across from 740 Park, one of the most difficult to get into co-ops in Manhattan, with many of its tales spun by Michael Gross in his 2005 book titled “740 Park”.

737 Park Avenue is not a co-op, it is in fact a rental building where 40% of the tenants live in rent-stabilize or rent-controlled apartments. I sure would like to know how to get my paws on one of those. Park Avenue, 70’s, rent-stabilized, corner unit with south/west exposures = My dream home. Of course there’s no pool nor health club and the building has many unappealing through-the-window air conditioners. This shouldn’t matter one bit when Macklowe proposes 6 or 7 figure buy outs to those fortunate enough to have rent-stabilized/controlled apartments. Macklowe will have to turn 737 Park into a condo and sell for more that $2,000 a square foot to make this project of his profitable.

737 Park was originally designed in 1940 by Sylvan Bien. America did not enter the WWII until 1941, therefore 737 Park is one of the last pre-wars to have been built, virtually on the cusp of being called a Post-War. At 19 stories it’s got a little extra height then its other neighbors, and is capped by a circular rooftop water-tank enclosure. There are about 103 individual apartments.

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Written by agnesbstanton

June 22, 2011 at 9:29 pm