The Greystone (127 West 82nd Street)

Pelham built extensively on the Upper West Side in these years, and 125–129 West 82nd Street follows the pattern: a nine-story brick mid-block on a lot of about 5,800 square feet, with a two-story stone base and a neo-Renaissance frame. Architectural records note that the canopied entrance replaced the original marquee. The building faces its own architect's later work across the street at 150 West 82nd Street.

The plan is compact. Four lines on each floor produce a building of mostly one-bedroom-scale residences, with a median near 715 square feet on the assessment roll and a top of about 1,340 square feet in the 2E/3B duplex formed under the 2020 amended declaration. The ground-floor unit 1A is classified by the Department of Finance as office space. A basement space has been leased since 2008 to a unit owner under a 99-year lease running to 2107, at a rent equal to the common charges on a 2.708 percent interest, per the audited statements.

Because the apartments came out of rental occupancy at different times, and sixteen are still held by the investor, interior condition varies from renovated to original.

The audited statements for 2024 show a building in the middle of a capital program, and the numbers are large for its size.

Capital assessment. Since January 2023 the board has billed a standing capital assessment of $325,144 a year. Operating common charges were about $359,000 in 2024, so the assessment nearly doubles what owners pay. The board also raised common charges 10 percent effective January 2025.

Work in progress. A boiler replacement contracted in October 2023 at $300,000, raised to about $325,000 by change order, was substantially paid by year-end 2024. A Local Law 11 façade contract of about $528,000, signed in February 2024, had stalled during 2024 with only about $45,000 paid; roof replacement and water-tank work also appear in the 2023–2024 spending. The 2025 budget projected about $674,000 of capital projects against the same $325,000 assessment.

Reserves. Restricted capital cash stood at about $518,000 at December 31, 2024, down from about $581,000 a year earlier. There is no reserve study. The association also recorded a full allowance against one owner's delinquent balance in 2024.

Staffing. Payroll is modest — about $93,000 in 2024 including benefits — consistent with a superintendent-level staff and no door staff.

Taxes. The Department of Finance's historical J-51 file shows benefits initiated in 1984 and 1988, while the building was still a rental, with the last abatement used in 1999. No J-51, 421-a or other building-level benefit appears on the current roll. Taxes are at full assessment.

Ownership form. Condominium. Transfers run through the declaration and by-laws rather than a cooperative board. Confirm with the managing agent whether the board holds a right of first refusal and how it is exercised.

Investor block. The sixteen-residence holding is described in the audited statements as the holder of unsold units. Confirm whether it retains any rights under the offering plan, and whether it is current on common charges and the capital assessment.

Alterations. Exterior work — windows, the entrance and the façade — is subject to LPC review in addition to board approval.

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

Recent sales

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01213-7503) 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.

Check financing before you fall for the apartment. A single entity holding about 45 percent of units is well above the concentration limits agency lenders commonly apply to condominium projects. Many buyers will need a portfolio lender. Have your lender review the condominium questionnaire before you sign a contract.

Carry the assessment in your numbers. The capital assessment is running at nearly the level of the operating common charges. Ask when it is scheduled to end, what it still has to fund, and whether the stalled façade contract has restarted.

Ask about the investor's position. Is the holder current? How does it vote? Are its sixteen apartments leased, and on what terms? Whether they are regulated or market-rate tenancies is not in the public record.

Budget for LPC. Anything touching the exterior needs a landmarks permit. Plan for the time as well as the cost.

Disclose the structure up front. A buyer's counsel will find the 2008 bulk purchase in ACRIS and the dependency note in the financials. Bring both forward with current answers on arrears and the assessment schedule.

Line up financing options. Point buyers to lenders who already know the building. A deal that dies at the lender questionnaire costs more time than any price negotiation.

Sell the architecture and the block. A Pelham front in the historic district, a block from the park and the museum, with condominium mechanics. That is the case to make.

If you're considering The Greystone, also evaluate:

• 150 West 82nd Street — The Marlow, George F. Pelham's 1926 building across the street, converted to condominium under a non-eviction plan with first closings in 2021–2022
• 139 West 82nd Street — the 1929 cooperative on the same blockfront; the co-op alternative with a board and a financing cap
• 182 West 82nd Street — an eleven-residence condominium at the Amsterdam end of the same block
• 219 West 81st Street — The Avonova, a 1912 prewar condominium conversion a block south; same vintage
• 203 West 81st Street — The Barrington, a 55-residence prewar condominium conversion nearby
• 780 West End Avenue — The Terra Cotta, a 1912 building converted to condominium in 1988; the same vintage and conversion year
• 817 West End Avenue — a condominium conversion whose sponsor block moved intact to a single investor; the closest structural comparison
• 124 West 93rd Street — The Westerly, another 1988 non-eviction condominium conversion of a prewar rental, with a much smaller residual investor holding