Sale at 100 West 15th Street

It looks cool but I bet it is really loud if any of the windows are opened (if you can open them!). Plus it doesn't even have a real bedroom, it is only on the second floor, price has come down once. I would say "no" it is not worth it.

Recent sales in this building offer little to go on. Plus side: walls of glass have real "pop" and lend a "wow factor" which you want in any property; flooded with fantastic light; in Chelsea and near Village--generally a good neighborhood. Negatives: the specific location on a very busy avenue is loud; and with that kind of unusual window-wall, you aren't going to be able to just add city-quiet window sound insulation--you can't abate the noise. The more serious negative and reason this has lingered on the market for over 100 days is evident: there is no bedroom in this supposed one-bedroom! It's a studio with a work area. The loft appears to have a support beam right in the middle making the placement of anything but a single bed very awkward if not impossible. The loft closet is more of a storage space than clothing space given it's awkward dimentions. What you are looking at here is a fabulous studio with separate work area. It is priced and marketed as a one-bedroom though and that's why it isn't selling. Assuming solid building financials, this unit is still over-priced and won't sell anywhere near $900K I suspect in this market which is unquestionably cooling for other-than-prime properties. The $50K price reduction a month ago has obviously done nothing to get the place into contract. I think at $750K it would attract offers. At $650K it would sell assuming no problems with the building. I mean, how much is someone going to pay with current market conditions for a unit they really have to put a murphy bed in? Compare this, for example to studios and 1-bedrooms for sale at 148 West 23. It gives an idea of where the value of this should be set.

Why would you have to install a murphy bed? couldn't you use the loft space as a bedroom instead of an office? 148 West 23rd has significantly higher maintenances, which is one of the main reasons why apartments there sell for below average ppsf.

I am not sure i understand - from the floor plan it does look like there is an obstruction in the loft space that breaks it up. I guess i will know more when i go to the open house this weekend

Buster: If you look at the photo of the loft, you can see the section of the loft between the support column and the edge overlooking the living room. No way is a queen bed easily fitting there. I suspect the other side of the support column or even an overall view of the loft is not shown in photo because the space is tight and a bed won't easily fit. If one can fit, you probably would have to crawl up onto it from the foot without room to get off the side. Not exactly something that is appealing for $900K.

gotcha, kylewest. Not that I've actually visited this apartment, but I've seen far worse for about the same price. I suppose it is overpriced if it's been on the market this long and didn't sell, even in a hot market. I can imagine it getting snatched up at $750k extremely quickly, though. You're looking at a totally separate set of buyers and this apt is way better than most of the crud that's on the mkt now.

hi all - just thought i would update you - yes, this apt is really like a studio. it is not as big as the pictures suggest, it is nice though

the "loft" bedroom - is really just a loft - when you walk up (i'm short about 5'4) there is about .5 foot left - so its about 6 ft high... not good if you are a tall person. plus, the place for the bed is hampered by the support wall-beam, and so you SNUG in a full at most queen sized mattress - the matress is snug against both walls.

plus the windows dont open and you still hear street traffic outside on 6th avenue....

the place is a nice studio - but not worth 898 for sure - what is the listing broker or seller thinking???

hey newbie08 -- thanks for the update. was there a lot of traffic at this open house? any hints from the agents whether there's going to be another price cut in the near future?

i went to the OH early - the agent that was there was not the listing agent and was helping out... she had very little information on the unit so i doubt she could talk about price cuts.... i dont think this place is worth more than 720 based on the sq ft and the other sales in the neighborhood - the problem is - is they consider the loft additional sq ft - but its really not.. its just a sleeping loft... the cielings are too low to do anything else... so that takes away 170 sq ft from the 650 sq ft - reducing it down to 300 for the living room/dining room and 172 for the kitchen, hallway, bathroom! at 898???

See my post above. This apt would sell if marketed as a spacious studio with bonus work area and spectacular light for between $650-750. My guess is toward the lower end of that number. This is WAY too ambitiously priced. Someone lost sight of what this really is. Market it as a one bedroom and everyone who walks in expecting a one bedroom will immediately be disappointed. Market it as a great studio and the people at OH's will be excited. Just generating traffic through misleading advertising is not effective--the traffic has to be in the market for what you are selling.