Sale at 99 Reade Street #5W

I've seen it, but since I'm not the listing broker I don't know how helpful I can be. (Brokers' don't comment on each other's listings). Do you have any really specific questions?

ali r.
DG Neary Realty

I'm wondering if it feels like a dark tunnel. The price is good if the bedrooms really work as 3 beds, but it looks like light could be limited.

I think 3F is kinda pretty - but it's a one bedroom... and not cheap...

It's interesting that 3W sold for $80k over ask. The renovation looks very lovely in the pictures, is it worth 2 floors lower and a higher price? 5W looks fine, a bit more utilitarian maybe.

The ceilings of 5W in the picturs look lower than 3rd floor. Is that correct Ali?

300, yep. I haven't seen 3F in person, but I can see the ceiling height in the photos. If you do look at the 5W LR picture you can see the lower ceiling line.

ali r.
DG Neary Realty

I have seen 3F and 5F and the difference in ceiling heights is significant (~4 feet). The lower floors seem part of the original structure and the upper floors are add-ons. I like the building although it is a little South and East of 'prime' Tribeca. But with the low inventory levels, I guess anything goes. The 1BR in 53 North Moore sold above ask. And 34 Laight saw a price increase.

One of the best features of #5W is that there is great light in the living area facing North over Reade Street, and the bedrooms in the back are very bright with Southern light. Usually, you just have light in the front, and the back faces a wall or a dark courtyard. In fact, 2 of the 3 bedrooms clear the building behind it, and the 3rd bedroom faces the top of an attractive building and still gets very good light. It is truly a 3 bedroom apartment.

3W just closed for $2,075,000. It does have higher ceilings than 5W. The developer put an extension on the building in the 1980's, and the 5th floor lost some of it's ceiling height. That being said, the ceilings in 5W are standard height, and the property has been priced to reflect that.

Please feel free to reply to this post, or email or call me with questions.

Genifer Lancaster (Listing Broker)
Prudential Douglas Elliman (212)965-6046 (917)576-5379 glancaster@elliman.com

The broker is correct about the light, which is pretty good. I saw it and in general thought it not bad but definitely priced too high. Location is good for schools, amenities and subway access.

However, it simply does not feel like 1600 square feet and the lower ceilings don't help. Also the common area downstairs is lacking.

The low ceiling properties do not get priced at more than 1000-1100 per sq ft unless they have a spectacular view. That said, I would not have expected 3F to sell at 1300 per sq ft.