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A handful of Upper East Side co-ops are quietly relaxing their long-held rules in an effort to stay competitive in a cooling high-end real estate market, according to a report by Crain’s New York Business.
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At 927 Fifth Avenue, known for its celebrity shareholders and strict standards, the board recently approved the sale of a ninth-floor apartment to an anonymous buyer through a limited liability company—something historically frowned upon in co-op circles. The decision came after the unit sat on the market for six years, dropping from $40 million to about $25 million before finally closing, according to Streeteasy records. In a building with just 12 homes, residents may still know who the buyer is, but the precedent marks a significant shift in privacy expectations.Meanwhile, 930 Fifth Avenue has started allowing financing for up to 50% of the purchase price, moving away from the cash-only approach traditionally favored by co-ops. Though it’s unclear whether the change has accelerated activity—StreetEasy data shows 12 units have sold since the shift, compared to 16 the prior year—it signals a willingness to accommodate buyers who prefer to leverage their capital elsewhere.
Other UES buildings are making similar moves. 980 Fifth Avenue has also become more flexible on financing, and 25 East End Avenue recently increased its financing limit from 50% to 65%, brokers told Crain’s. That extra flexibility can be appealing to well-heeled buyers who want to keep funds free for other investments.
1120 Fifth Avenue, a stately co-op at East 93rd Street overlooking Central Park, has reportedly become more flexible with renovation timelines, extending the season to hire contractors by two months.
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These changes come at a time when luxury co-op sales are being outpaced dramatically by their condo counterparts. In 2024, just 265 contracts were signed for co-ops priced $4 million and up, compared to 879 for similarly priced condos, according to data shared by Olshan Realty.Whether these tweaks mark the beginning of a full co-op comeback—or simply a survival strategy—is still playing out. But for now, even the Upper East Side’s most iconic buildings are realizing they may need to bend in order to stay relevant.
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