The opportunity
Here is a Manhattan condo that starts earning the day you close. Studio 3B comes with a tenant already in place at $3,600 a month on a lease that runs through July 2027, at the same rent studios in the building are asking right now. There is no vacancy to carry and no listing to run.
At $588,000, it is also the most accessible way into the Lumiere. The one-bedrooms on the market here this fall are asking roughly $1,460 to $1,540 a square foot. Studio 3B comes in near $1,390, in a 2005 doorman condominium two blocks from Columbus Circle, where renters line up for good space.
The home
The studio faces south over a private balcony, looking down on the building’s Zen garden and waterfall, so the light is generous and the view is quiet for Midtown. The layout is well proportioned, with a large walk-in closet and a separate coat closet.
The separate kitchen has marble countertops, brushed stainless backsplashes, GE stainless appliances and a dishwasher. The bath is finished in glass mosaic tile with Kohler fixtures and wood cabinetry, and there is a washer and dryer in the unit, the amenity New York renters ask about first.
The building
As a designer, I love the Lumiere’s facade. The architects at Gerner Kronick + Valcarel cut its concrete with filigree incisions inspired by the Fibonacci sequence, then set the building back at its ends and center beneath a glass entrance canopy. Inside, 66 residences share a 24-hour doorman and concierge, a live-in super, a fitness room, a roof deck, cold storage for deliveries and a bike room. Cats and dogs are welcome.
The neighborhood
Hell’s Kitchen puts Central Park, Columbus Circle and the Theater District within a short walk, with MoMA a few avenues east on the same street. Eighth and Ninth Avenues are lined with restaurants for every night of the week, and the Hudson River Greenway is a few blocks west for a run or a ride along the water.
Getting around is easy: the C and E at 50th Street, the A, B, C, D and 1 at Columbus Circle, and the N, Q, R and W at 57th Street are all within about a quarter mile.
Good to know
The Lumiere is a condominium, so the sale requires a board application package, with approval typically taking about 30 days. The unit is sold subject to the existing lease, which runs through July 2027. Ask me for the lease, taxes and building financials, and I’ll walk you through the full numbers.