Established as a co-op in 1985, the building was built in 1907 and opened in 1908 as the Pinehurst. At the time, apartments with western exposures had Hudson River views. But as in the rest of the growing city, new residents needed homes, so new streets were laid and more buildings erected. Today, some of our apartments have views of the George Washington Bridge, a feature that didn't exist in 1907.

    The co-operative corporation serves the interest of apartment owners to ensure the long-term stability of the the building and the business that operates it.  The corporation is run by an elected board of directors, which oversees a property manager and a superintendent who lives in the building.

    We nurture a sense of community with parties in the lobby--including one this spring for Earth Hour--and trick-or-treating for the children at Halloween. With more than three dozen apartments, storage space and a fitness center, we're a popular destination for apartment buyers in Hudson Heights. We take part in our neighborhood, too, as active members of the Hudson Heights Owners' Coalition.

  

Halloween tricksters in The Pinehurst.

     Last autumn the Pinehurst concluded a major renovation to its façade, repairing bricks, stones and terra cotta that lasted a century. Part of the renovation included replacing every window in each apart- ment with energy-efficient windows that tilt in for easy cleaning. They came with screens, too.

     Green improvements resulted in an energy tax credit for share- holders equal to about five percent of their maintenance fees in 2009. That's in addition to the 34 percent deduction permitted for the co-op's mortgage and property tax payments.

On the Market

     Currently three apartments are for sale in The Pinehurst, two on the first floor, one here and the other here; and one on the fourth floor. The New York Times mentioned Hudson Heights last month as a place to find a great apartment for less than $500,000, and wrote up the neighborhood last fall.

     President Obama signed the bill that extends the first-time home buyers' tax credit on November 6, and at the same time expanded it to current home owners too. If you sign a contract by the end of April and close by the end of June, you may be able to claim the credit.

     In Hudson Heights and Washington Heights, prices have dropped only about 7% from 2008, reflecting both the strong value and relatively moderate prices here.

     Why buy here? The Furman Center for Real Estate and Urban Policy at New York University reports that real estate value in Washington Heights surpassed the city average after  both of the last two recessions (1980-89 and 1996-2006). Only seven other neighborhoods in the five boroughs can make that claim, and not all increased as much as WaHi: up 241 percent in the eighties and up 333 percent from 1996 to 2006.

     So if you're looking for a property that will return value, skip the Village, the Upper West Side and Murray Hill. Visit an open house at The Pinehurst and make your investment now.

     For information, please e-mail us or send a letter to:

The Board of Directors
447 Fort Washington Avenue, Box 68
New York, NY 10033