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In less than 3 years, asking is 10X the Nov '08 selling price of 75k
Is there something we're missing? No photos so doubtful any meaningful
Renovation. Explanation???? Thoughts????
The 1A unit was bought as storage/extra space and bundled with another standard upstairs residential unit in the building, and then when the upstairs unit was sold 1A was broken off because the new buyers of the upstairs unit didn't want it, so that price you're seeing is not actually accurate. It's just a 'placeholder' price.
Plus, they already have offers.
Plus the buyer of it for $75k was Ivan Boesky's daughter... maybe there was some inside info? Or at least a little arbitrage opportunity...
How much do you think this should sell for now?
Ivanhpa- Just did the run down on this space that is magnetic for anyone who's not afraid of a project and I have some experience. As billed it's gut reno (broker’s estimate 300/350K) and requires a new C of O to change uses. Ok, so add professional fees- Architect (the plans have to be re-filed), Mechanical Engineer (there's no heat), Expeditors to the 750K ask and you may be into this to place 1.1- 1.2mm and 6-9months of construction/ approvals/ headaches. But at the 1,300 sf listed it's still under $ 1K/sf for prime Tribeca- not bad right? Hang on.. the Architect's plans (provided by seller) list the square footage of the habitable space at only 461 sf and accessory "rec room" aka windowless basement room as 278 sf?? The additional square footage the broker lists must be the storage loft, powder room and entry vestibule on the lower level?? Usable, yes, but are they legal, and even if so can it be as valuable. Based on my crude math this actually ends up being well over $1,500/ sf for a ground floor/ subterranean space that is entered through a basement storage room and overlooks the on-ramp to the Holland Tunnel. I hate to be a kill-joy but it's way over priced. Shame as it’s a very cool address and unique space/ renovation. My 0.02? $550K but what do I know?
matsonjones- in the interest of an open discussion I'm curious if you are the broker?
matsonjones is definitely the broker. What a tool.
In contract!- I hope the prospective buyer does their due diligence regarding the rec room and storage loft. Not legal SF and the architectural plans are worthless because the approval expired. Without these spaces it's a very expensive for a 461 sf studio that needs a gut reno.