The Westerly (124 West 93rd Street)

The building fills a mid-block lot of about 8,860 square feet with a nine-story brick front over a cellar. The offering plan's engineer's report describes concrete-slab construction behind masonry walls and fireproof construction under the 1938 code classification, with two elevators — one passenger, one service — running from the basement.

Six apartments per floor across nine floors, less the ground-floor space given to the lobby, produce 53 residences. Five of the six lines are one-bedrooms; the B line is the building's two-bedroom, two-bath stack. With a median residence near 750 square feet on the assessment roll, this is a building for one-bedroom buyers, with a limited supply of two-bedrooms.

Because the building was fully regulated at conversion and apartments came to market one tenancy at a time over decades, interior condition varies widely. Some residences have been renovated; others were held under regulated tenancies until recently.

Staffing. The offering plan budgeted a full-time superintendent and a full-time porter under the Local 32BJ agreement, with the superintendent living in the basement apartment. Payroll remains the largest line in the 2021 audited statements, and the forecast assumptions reference a security-services agreement alongside the union contract.

Capital posture. The condominium carries no underlying debt in the statements on file. It spent about $321,000 on major repairs in 2020 and $179,000 in 2021 — Local Law 11 façade inspection and repair work, hallway and stairwell upgrades, boiler tubes and elevator work — and levied a $50,000 special assessment over the first half of 2021 to rebuild reserves. The reserve fund stood at about $206,000 at December 31, 2021, down from about $567,000 two years earlier, and the board raised common charges 2 percent for 2022. The auditors note that no reserve study has been commissioned. Ask for the current reserve balance, the status of the current Local Law 11 cycle, and any assessment in force.

Taxes. The building received J-51 benefits for work begun in 1993, 1995 and 2001. The last abatement window ran from July 2001 through June 30, 2021, and no J-51 appears on the current roll. Taxes are at full assessment. The condominium retains counsel to protest the assessed value each year; tax-year protests were open from 2015/16 onward at the last statement date.

Ownership form. Condominium. Transfers run through the declaration and by-laws rather than a cooperative board approval; confirm whether the board holds a right of first refusal and how it is administered.

Sponsor. The original sponsor no longer holds units. The five-residence investor holding dates from 2011; whether it carries any holder-of-unsold-units rights under the plan should be confirmed with the managing agent.

Everything else. Pets, leasing terms, alteration rules and any transfer fee are not documented in the records located for this page. They should come from the managing agent and the current house rules.

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01223-7502) and verified listing data. Apartment-level facts (line, condition, asking-price context) curated and cross-verified by The Roebling Team research desk. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price.

Price the condominium form. No co-op board interview, lender-set financing, entity ownership permitted. For a buyer who would otherwise face a co-op board on a one-bedroom, that is worth a premium. Know how much of one you are paying.

Underwrite unabated taxes. The J-51 is gone. The current bill is the full bill, subject only to assessment changes and any protest refunds.

Read the capital history. Façade cycles, hallway upgrades and a reserve that fell by more than half in two years are all in the 2020–2021 statements. Get the current figures before you sign.

Look behind the door. Decades of regulated tenancy mean a same-line apartment can be renovated or original. Price the renovation into the offer.

Lead with tenure. Prewar construction with condominium mechanics is the argument the surrounding co-ops cannot make. Put it at the top of the listing.

Answer the capital questions in advance. Reserve balance, Local Law 11 status and any assessment are the first things a buyer's attorney will ask for.

Position against the right competition. A renovated one-bedroom here competes with prewar condominium conversions and the lower end of Upper West Side new construction, not with co-op one-bedrooms that carry a board and a financing cap.

If you're considering The Westerly, also evaluate:

• 100 West 93rd Street — 100 West, the full-service condominium at the Columbus Avenue end of the same block; the amenity step-up
• 220 West 93rd Street — Jacob M. Felson's 1926 prewar condominium at Broadway; the same street and vintage
• 165 West 91st Street — The Mirabeau, a 1926 building converted to condominium in 2013; a later conversion of the same vintage
• 215 West 90th Street — Haroldon Court, a 1922 Rouse & Goldstone building converted to condominium in 2000
• 215 West 88th Street — The Merrion, a 1915 building converted to condominium in 2008
• 203 West 81st Street — The Barrington, a 55-residence prewar condominium conversion; the closest match on scale
• 150 West 82nd Street — The Marlow, George F. Pelham's 1926 building, converted under a non-eviction condominium plan with first closings in 2021–2022
• 127 West 82nd Street — The Greystone, another 1988 non-eviction condominium conversion of a regulated prewar building