Co-op seeks name change of East 52nd Street to boost property values
Shareholders in the Southgate co-op on East 52nd Street, envious of the high valuations addresses on Beekman and Sutton places bring their neighbors, are pushing to change the name of their block, the New York Times reported.
“Somebody stood up at a shareholders’ meeting and said, ‘I know a way to raise the value of all our apartments that won’t cost us any money,’” said Steven Wagner, a real estate lawyer and a member of the Southgate co-op board. “And everybody goes, ‘We’re in!’”
The residents of the five-building complex, located east of First Avenue, have yet to settle on a name (some like River Place) but they’ve already begun lobbying to local politicians, including Council member Jessica Lappin who represents the neighborhood, and Manhattan Borough President Scott Stringer. And they want more than just an honorary street name that largely goes ignored. They’re seeking a complete name change, the likes of which have onl happened on 10 streets in the last five years, the Times said.
Sales data shows that sales prices are generally higher on Beeckman and Sutton places than they are on East 52nd Street, even though it’s sandwiched between the two ritzy street names.
Brokers interviewed by the Times were conflicted as to whether the name change would make any difference in real estate values, but the report noted that it can’t be worse than the strip clubs that an address crosstown on 52nd Street brings to mind. [NYT]