In Search of the Perfect Apartment in Riverdale

By Mike Akerly of Village Confidential

Inspired by a buyer that our team was working with, we headed to Riverdale last night to attend a special event at The Solaria (640 West 237^th Street). I was already aware that the building is the premier condominium development in the neighborhood, so I was excited to see the property and finishes for myself. We took the 1 train from Downtown and excited 231^st St., about three quarters of a mile from the building. It would have been quicker (about 25 minutes) to drive up the West Side Highway, but we did not want to go to our garage to retrieve our car

The greater Riverdale area has recently rebranded itself as NoMa (North of Manhattan), as a way to attract Manhattanites that would appreciate the lower real estate costs and elegant living available in the area. The Solaria seems to be the embodiment of that trend, an alternative to Manhattan living. Unlike the older co-op buildings in the neighborhood, this development includes all of the amenities city-dwellers have come to expect from their $1mil+ condos – top of the line finishes and appliances, a 24 hour concierge, a rooftop deck, fitness center, and – wait for it – a rooftop observatory with a computer assisted telescope. We have not seen that last one in Manhattan before, but that’s probably only because the light pollution would render it a bit useless in the city. Apartments boast floor-to-ceiling windows and the higher floors offer stunning views. Kitchens are outfitted with SubZero refrigerators, Fisher & Paykel dishwashers, Bosch vented washer-dryers, and radiant heat flooring in the bathrooms.

The Solaria has a 421-a tax abatement with approximately 12 years left on the abatement. Common charges average about $0.75 per square foot – 25 – 50% less than I would expect in Manhattan. According to the developer’s reps, the sponsor controlled board even rebated 20% of the common charges to owners last year due to unexpected efficiencies found in building operations. Two bedrooms start just north of a $1mil, which will get you almost 1,500sf and a balcony. Three bedrooms start around $1.2mil and you can spend upwards of $3.8mil on a four bedroom penthouse with about 1,200sf of terrace space overlooking the city. According to the sponsor’s reps, the building is over 50% sold and financing is readily available.

Please feel free to e-mail us if you would like to receive a list of currently available apartments in this building. Alternatively, if you would like to speak to a member of our team about any prospective purchase or sale of real estate, feel free to give us a call at (212) 400-4838 or e-mail us at kakerly@rutenbergnyc.com.