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Vice President, Associate Broker
Really hard to say. I undertsnad the need to establish some sort of bottom - I guess $1,000sf ?? Too many factors to determine -
also, important to note that it's not always about ppsf - pricing benchmarks need to be considered as well. Which is why I point out the $1.2mil benchmark. The $800k-$1.2mil range is the sweet spot for one bedroom condo investors downtown right now.
sorry - learning that spell check does not exist in these chats - please excuse;-)
Saying investors will probably scoop up the invesntory for under $1.2mil is an educated guess based upon current supply/demand for that price point downtown. Not saying its best option for you, really depends on your needs and what you're looking for. I'm sure you understand it's diffuclt to give a "good investment" stamp on a property without knowing what the investor is looking for/ what needs are. Just took a look at their updates and not surprised to see that 5 out of the 10 apartments they relased for under $1.1 are "in contract" - for whatever that's worth. As the saying goes......"an apartment is worth what someone is willing to pay for it"....in this market today investors will pay $1,200sf for a new development downtown.
I don't think it will go rental....the apartments in that building priced under $1.2mil will go fairly quick...investors will probably jump on them. They did a decent job with pricing by staying away from the $2mil and up product with their first release - that buyer prefers to be further west and probably wont jump on the property right away. After they get some investory into contract they'll start releasing more of the $2mil and up inventory - that's my guess.
Hey All - Broker here and first time chirping in on one of these forums.....not sure what info to offer...but I thought I'd dip my feet in...The investment question is a little gerneral....need specifics?? There may be better places to invest your money, depends on what your needs are. Building looks to have some appeal being that the new development product in the area for under $1.5mil is pretty dry...50 Franklin is just about sold out. However, location is not what the TriBeca buyer/renter would call ideal ...
I've been leasing apartments on the UES for the past 10 years. Feel free to reach out with any questions. Good Luck!
This is not true...I'm a broker who has sold apartments in this building - none of the buyer's in the transactions I handled needed to provide extra money in escrow. However, if there is a scenario where the prospective buyer was leveraged too high the board may feel more comfortable with added money in escrow as a precaution against potential default of maintenance payments.
My office is located at 239 East 79th Street. My team and I are seasoned agents, specializing on the UES, and are positioned to market this sort of property. I welcome the opportunity to help assess the value of your home and would be happy to tell you more about our services. You can find my contact info on streeteasy. Feel free to send me a private message. All the best!
My records show 263 buildings in Manhattan with a pool....if you'd like to provide a more focused criteria, I'd be happy to pass along a trimmed-down list.
I'd be happy to send you a list....is this for buildings to purchase in or rental buildings...or both?