360 Riverside Drive (The Rutherfurd)

Thirteen stories on a 50-by-100-foot lot, about 53,000 square feet of residential floor area, with the building occupying essentially the full lot depth. The lot is small and the building is tall for it — built FAR of about 10.7 against a current residential FAR of 6.02, meaning the building is substantially larger than today's zoning would permit, which is common for a 1915 Riverside Drive house and is one reason the stock is irreplaceable.

The recorded apartment designations run A through D on most floors, with second-letter suffixes (2AA, 4AA, 10AA) indicating the original smaller rear units. Combinations dominate the upper floors. Line placement determines everything: the western lines face Riverside Park and the Hudson across the Drive, the southern lines face West 108th Street, and the eastern facade — undesigned brick with a regular window arrangement — faces the interior of the block. Ceiling heights, entry galleries and separate service entrances survive in the larger apartments.

Staff are covered by the Building Service 32BJ collective bargaining agreement, with a resident superintendent and no doorman. The passenger elevator is reserved for people; deliveries, furniture and trades use the service elevator and the service entrance, and only on weekdays between 9:00 a.m. and 5:00 p.m. Central laundry, basement storage and a bicycle room are the amenity program. Home offices are permitted under the proprietary lease, but the house rules on file prohibit clients from waiting in the lobby — a small rule that tells you a good deal about how the building is run.

Recent capital work recorded in the financial statements on file includes a Local Law 11 facade cycle with chimney repair, an elevator modernization, a gas line and meter relocation, a steel platform installation, roof replacement and northeast corner repairs, and a Local Law 87 energy audit. The corporation has not commissioned a reserve study, and its governing documents do not require one; the board's stated approach is to repair and replace as need arises, funded by maintenance increases, assessments, borrowing or deferral.

Reconcile the historical J-51 components. Department of Finance records show a single J-51 benefit initiated in 1992 on a $60,800 alteration — a 14-year exemption with a 90 percent abatement worth about $5,066 a year. The historical file includes an entry through the 2002 tax year, which does not establish that both components expired then. Obtain the award certificate, separate exemption and abatement schedules, and current tax bill before stating an exhaustion date or present benefit. The only exemptions appearing in current Department of Finance records for this lot are individual shareholder benefits, which do not transfer with an apartment.

Underlying mortgage — read this closely. The most recent audited statements on file describe a mortgage refinanced in May 2017 with Valley National Bank in the amount of $3,500,000, interest only at 3.8 percent, monthly payments of approximately $11,000, maturing June 2027 with the full $3,500,000 principal still outstanding. ACRIS then records an assignment of that note to Apple Bank for Savings in January 2021 and a further mortgage and consolidation with Apple Bank in March 2021, which supersedes the stated terms. The 2017 terms do not establish the 2021 consolidation's amortization, outstanding balance or maturity; review the later loan documents and current lender statement. Obtain the current balance, rate and maturity date from the managing agent. Assess the debt terms alongside taxes, payroll, insurance, capital work and reserves before estimating any maintenance change.

Assessments. The corporation has run a recurring assessment of roughly $59,000 a year in the years covered by the statements on file, in addition to maintenance. Cash and reserves stood near $800,000 at the most recent year-end on file. Real estate taxes ran about $408,000 against maintenance revenue of about $834,000 — roughly 49 cents of every maintenance dollar going to the city — a historical expense ratio that does not by itself establish the current tax-benefit position.

The published record here is thinner than at a larger building, and honestly so: the house rules on file are detailed on conduct and silent on transactions. Pets require prior written board approval and that approval is revocable. Subletting and alterations are governed by separate board-adopted policies not reproduced in the house rules. Shareholders must carry insurance at stated minimums naming the corporation. Eighty percent floor covering is required. Construction is weekdays only.

Financing ceiling, post-closing liquidity requirement, debt-to-income threshold, flip tax rate, sublet term limits and fees, and the board's posture on pied-à-terre, trust and LLC ownership were not located in the materials reviewed. They are board policy at a thirty-four-apartment cooperative, and they change. Every one of them should come from the managing agent in writing before a contract is signed. Have counsel reconcile current written policies and management responses with the operative proprietary lease, by-laws, plan and amendments; board practice does not replace governing documents.

Recent sales

Recent transfers at this building, from The Roebling Research Library. Prices are the transfer amounts recorded with the NYC Department of Finance; apartment-level detail is checked against the building’s own file in The Roebling Research Library before publishing.

Market read. Most recent trades (2026 to date) cleared a median $897/sf (floor-adjusted) across 1 sale. Floor-adjusted means each sale is restated to a constant mix of floors, so the figure can differ from the plain median of the sales listed above. Median listing discount 2.2% from the last ask — a recurring negotiation gap worth pricing into any offer or listing strategy.

Sales sourced from NYC Department of Finance recorded transfers (BBL 1-01893-0001). Apartment-level facts (line, condition, asking-price context) curated and cross-verified in The Roebling Research Library. Not all transactions cross-verify with ACRIS records — sponsor and LLC purchases sometimes record at stipulated values rather than market price; square footage on co-ops is not officially recorded, figures shown are approximate.

Do the board-package work early. This is a co-op purchase: shares, a proprietary lease, a full financial package and an interview. The financing ceiling and post-closing liquidity expectation are not published, so establish them before you write an offer. Run the Co-op Board Qualification Calculator against those thresholds once confirmed.

Underwrite the underlying mortgage. The earlier audited terms described interest-only debt maturing in 2027, before the recorded 2021 Apple Bank consolidation. Obtain the current balance, rate, amortization and maturity, then assess the effect on the thirty-four-apartment cooperative's budget.

Expect assessments to be part of the picture. A recurring assessment has run alongside maintenance in the years on file. Ask what is currently billed, what is authorized, and what the next Local Law 11 cycle is expected to cost.

Verify the district before you plan any work. The building is in Riverside–West End Extension II, not Morningside Heights, even though the buildings immediately north of it are. Window replacements, through-wall units and anything visible from the street go through Landmarks under Extension II's guidance.

Confirm the pet and pied-à-terre policies in writing. Listing records describe the building as pet-friendly and pied-à-terre-friendly; the house rules on file condition pets on revocable written board approval and say nothing about occupancy. Both statements can be true; only one of them is documented.

Sell the scale and the corner. Combined apartments with river light are what this building has that its competition does not. Market the room count and the exposures, and be specific about which lines see the Hudson.

Assemble the diligence file before you list. Current audited financials, current tax bill, current underlying mortgage terms, assessment status, and the sublet and alteration policies. Early delivery lets counsel identify unresolved questions; building size alone does not establish the most frequent source of delay.

Be honest about no doorman. It is a real price factor and buyers work it out anyway. Pricing it in from the start is faster than defending it in negotiation.

Model your net. The flip tax rate is not published — get it from the managing agent before you set an asking price, and run the Seller Closing Cost Calculator.

If you're considering 360 Riverside Drive, also evaluate:

• 370 Riverside Drive — the immediate neighbor on the same tax block, Schwartz & Gross, 1922, in the Morningside Heights Historic District
• 390 Riverside Drive — Riverside Drive cooperative one block north
• 404 Riverside Drive — the 1909 cooperative above Cathedral Parkway
• 610 West 110th Street — same tax block, Cathedral Parkway frontage; the condominium alternative in the immediate area
• 375 Riverside Drive — Ajello on Riverside Drive at 109th Street
• 395 Riverside Drive — Ajello, Riverside Drive at 111th Street
• 325 Riverside Drive — Ajello, Riverside Drive at 105th Street; a close like-for-like in age, architect and scale
• 300 West 109th Street — the large prewar cooperative one block north
• 329 West 108th Street — the small prewar cooperative on the same street, also in Extension II
• 600 West 115th Street — Ajello in Morningside Heights proper