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Where Are The Apartments In The East Village

Started by Bernie123
almost 17 years ago
Posts: 281
Member since: Apr 2009
Discussion about
I am looking to buy a 1BR (coop or condo) in the East Village but have been surprised by the lack of inventory. In sharp contrast there are tons of offerings in Greenwich Village and West Village. Any thoughts on why and if this will change? thanks
Response by craberry
almost 17 years ago
Posts: 104
Member since: Feb 2009

There's just less housing there. Not like there are a ton of high rises in the area, and colleges really eat up a lot of space.

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Response by 30yrs_RE_20_in_REO
almost 17 years ago
Posts: 9882
Member since: Mar 2009

Christodora House, the 2 Ageloff Towers, 170 Second Avenue, 160 East 3rd, 99 East 4th. I'm probably missing some new condos, but there just weren't "apartment buildings" built in the EV (of course, you haven't given the boundaries of what you consider the EV.

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Response by jlnyc50
almost 17 years ago
Posts: 77
Member since: Jan 2009

jbrige... email me: djm456@aol.com

in response to this post and others u just posted.

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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007

And the east village wasn't far along enough back when the coop conversion craze occurred. I considered 170 Second at one point, but just not quite compelling enough for a family.

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Response by Downtownster
almost 17 years ago
Posts: 140
Member since: Mar 2009

jbirge - what's your price range? For 1BRs under $1MM, I think the East Village probably has more than the West Village, although I agree with 30yrs that there aren't a lot of large buildings in EV, so the listings are spread out. Probably the building with the most 1BR availability is that Franken-loft co-op at 111 4th Ave:

http://www.streeteasy.com/nyc/building/111-4-avenue-manhattan

Here's a link to our review of this development - we hate those units but boy do they seem to sell:
http://downtowny.blogspot.com/search/label/111%20Fourth%20Avenue

We've also been to the two units available at 99 Avenue B - those have their pros and cons but they're solid overall:
http://downtowny.blogspot.com/search/label/99%20Avenue%20B

There is a new development at 311 East 11th St that we haven't been to yet (maybe today) but seems promising.

-DT

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Response by front_porch
almost 17 years ago
Posts: 5321
Member since: Mar 2008

We are showing at 99 East 4th, as is Elliman, as is Corbett & Dullea -- that's three one-bedrooms in a nice prewar building with an elevator and a live-in super.

ali r.
{downtown broker}

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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007

Ali, when I search I only get your listing.

btw, anyone have any idea where to buy in the east village if one is looking for a larger unit, minimum 2/2 plus dining area? Not even close to being ready yet, but haven't seen much of anything like this here. Would love the East Village, but so far I'm only finding what would work in the Flatiron, Chelsea, maybe Gramercy areas. Would appreciate any ideas, even buildings where the dreaded combo would be an easy option.

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Response by tenemental
almost 17 years ago
Posts: 1282
Member since: Sep 2007

Take a look at p3 of the downtown edition of the "if you can demonstrate market movement with comps..." thread. There are a few posts on EV new dev inventory. There are a number of new developments over a year old that still have multiple units available (2 are mostly unsold), though they don't list most of them, keeping them as shadow inventory. There are 2 new developments finishing construction, others in earlier stages and at least one more in planning that intends to follow through. There's actually a whole lot of unwanted new development over there, and I think it's only a matter of time before one of them fails.

Sorry, on an iPhone, no copy-and-paste (at least until June).

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Response by tenemental
almost 17 years ago
Posts: 1282
Member since: Sep 2007

Aboutready, check the Times for the other listings at 99 E. 4th. Hopefully they'll make it to SE at some point. Have you seen the floorplans at 525 E. 12th? They've got only one of six in contract after well over a year of sales. They're on their 2nd brokerage and may be a distressed development before long.

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Response by front_porch
almost 17 years ago
Posts: 5321
Member since: Mar 2008
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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007

tenemental, i agree that new stuff is coming on. but it's mostly smallish, hipster type units, isn't it? I'll take a look, if a building does fail and in a year or two reemerges it may be worth my while to combine. Was thinking that i'd never buy again in Manhattan, but now (at the right price) may do so and start gifting it over to our daughter.

thanks ali.

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Response by Bernie123
almost 17 years ago
Posts: 281
Member since: Apr 2009

I saw 525 East 12th 4th Floor last weekend and - the creepy emptiness of the building aside - the apartment is quite nice: elevator opens into a spacious area, nice views in back and front. But whenever I mention this building to anyone they shout "stay away!!". What are the risks in buying in these zombie condo's such as 525 East 12th and is there any way to mitigated them since it seems a deal of a lifetime could be had? Also it it true banks will not lend to buy such a place? I have excellent credit but have been told no one gets loans for condos unles they are something like 75% full. Thoughts? Thanks

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Response by lizyank
almost 17 years ago
Posts: 907
Member since: Oct 2006

AR, just curious, why the preference for EV over Gramercy? At risk of sounding like a booster (God Forbid), Gramercy is convenient to everywhere and have almost everything except excessive pretension. EV is great but I would have a problem with the lack of subway access. Interested in your rationale because I respect your opinions.

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Response by evnyc
almost 17 years ago
Posts: 1844
Member since: Aug 2008

Lizyank, I hear you. Gramercy just has a really different vibe. It's more adult, fewer fun restaurants, more families. Also if anything it seems to be more expensive than the EV, so if you're looking for the hip neighborhood or cheaper rents or both, Gramercy can seem like a compromise.

This is no slam on Gramercy. I like that area a lot, for the reasons you cited. I do dispute the lack of subway access, though: you have the L, the 6, the RW, and the F, and those lines connect up very well with other trains to get you around the boroughs. I'd say it's one of the better areas for subway access.

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Response by aboutready
almost 17 years ago
Posts: 16354
Member since: Oct 2007

lizyank, gramercy wouldn't be the horrible compromise for me. but right now, to convince me to buy over rent, I'd need something that gramercy wouldn't give me. I like the young, although not the overabundance you get in the LES. I also love the 80 year old hungarian women. and the 55 year olds who aren't quite so clear on their memories of the '70s. and the silly 22 year old who has more ink than is wise, and knows it, but can't help but be proud of the artistry of it.

the east village just seems very vital to me, and I know and like a number of people who live there.

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