Sale at 83 Murray Street #5FL

It is sad to see that the "nyc10022 is a douche" thread gets more action than actual RE postings. To catch up with your other broker buddies, and classmates, go on myspace or get skype.
A few facts about this post if anyone would like to give some inputs:
over 1,800 sqft, 3 exposures, full floor, elevator (old), loft needs lots of renovation including electrical, some plumbing. Both bathrooms, and kitchen need to be totally redone, some windows need to be changed. There is $300 assessment to redo the entrance way of the 5 unit condo... but the CC seem low. The last sale in the building was #2FL for 1,500,000 back in 2005.

8X8 bedroom? that closet can't be the second bedroom, could it be???
It's like replacing the zipper on my pants with a window and calling my underwear a second bedroom.

Hey, that's a great idea!
Say sweetheart, want to see the secon d bedroom? Could get a little crowded in my pants.
OH, sunday May 31,................My Pants (12-1:00)

r u serving warm cookies at your open house, falcogold? If so, I'm there!

If I was looking in that area, I would jump on it. Considering that the common charge and the NON-ABATED tax are under $1000, this is a sweet deal.

The best way to look at this place is by not looking at the walls, I would just gut. Open up the kitchen into the Living room and remove the joke of a bedroom. Then add a wall where the bathroom is on top of the floorplan and create a master suite.

If you are willing to put $100 - $150K into it and factor that into the price, I think you will end up with a pretty good deal. I agree with ab_11218 - need to get rid of some of the interior walls (the 2nd bedroom is a silly size) to make the space more workable. Its a big space at the price and the maintenance is very attractive feature. It presents like it has good light. Cons: hassle of renovation, not everyone wants to be so far down in that part of Tribeca and top floor with an old elevator means a potential hassle (and assessment) down the line which will be worse / higher for you than for your neighbours.

I don't think it's a good deal. It's a 1.2m 1-bedroom apt.

I agree with spqsydney about putting in a few hundred K but would say it is closer to 250K that is needed.

Assuming that those are not lot line windows on the west side then that 2nd bedroom is a legal bedroom. Even better, the bathroom (is that a shower next to the half bath?) could be made to open from the 2nd bedroom which would make it about 13 or 14 feet long and 8'6" wide which is a good size.

The biggest problem with this apt though is that it is backwards. The LR faces the gap between the back of the buildings on Murray and Warren. This is where the bedrooms should be. You could get a classic 2BR loft layout with huge LR out of this if the bedrooms were at the north end. The current "master" bedroom faces Murray which, in this part, is not particularly noisy but the bedroom ideally should not be facing the street and should be at the back of the building. Reconfig of the floorplan will cost you big.

This is the kind of floorplan I'm saying it should have been
http://www.prudentialelliman.com/Listings.aspx?ListingID=1051772&rentalperiod=&SearchType=apartments&Region=NYC
http://www.prudentialelliman.com/Listings.aspx?ListingID=1051772&rentalperiod=&SearchType=apartments&Region=NYC

Have you seen it? I'm not sure exactly which this is, but across the street may be a BMCC building so you could be looking on a bad view, and nearby, within a few, is a MTA substation. Also, that is just north of WTC and was historically was less redidential so it could be noisy (not people noisy but trucks backing up noisy, etc.)

Have not seen it. Am going by the floorplan and my knowledge of tribeca having lived here for many years. I have previously posited on southern tribeca pros and cons, lack of views in general in tribeca, noise issues etc. and this location is not as bad as I thought it was going to be when I first saw Murray st in the title.

Your point about noise however reinforces my biggest point in that the apt is backwards.

addendum:
location not as bad vis a vis proliferation of bars, etc on Murray when you go further East.

I have seen this place at an open house a few years ago. The best part of the entire deal is the elevator, which is one of the big old manual kinds with a metal grate you open and close yourself. A very atmospheric ride up the apartment. After that, it's all downhill. It was hard to look too closely at the rest of it because it was a total chaotic mess. There were bowls of catfood spilled on the kitchen counters, dirty dishes left on multiple surfaces, clothes and art supplies strewn all over the place, etc.. Now, I know that doesn't mean the apartment is in bad shape, or that it's not a good buy, but it makes you wonder how well-maintained things have been.

The bathrooms and kitchens would need total gut renovation -- every faucet and showerhead was leaking and there are cracked tiles and dicoloration everywhere. If I remember correctly, there is electric baseboard heat and no A/C in the apartment. There are no views; you look out at buildings through both ends.

Don't get me wrong -- the real estate romantic in me loved the idea of taking on this project in order to have a huge Tribeca space in an old industrial-style building. But I quickly realized that the money it would take to get the apartment in good shape would render the project way outside my budget.

OH, in my pants report.

Traffic 'very light as usual', most likely due to heavy maintence.

CLBbkny, I agree with you, I think the place could be an amazing loft...but there is so much work to be done. The 2nd bedroom can be expanded.
The total reno is probably around 250K as divvie stated. I see it from here: big, expensive, never ending renovations. And still I wish I had the money. Any chance they might drop it another 40%?