Is 136 Waverly 5C overpriced?

Their calling it a junior 4 is a real stretch. That 8x7 space is just about enough room for a crib, for a baby with not much in the way of accoutrements.

So, you've got a middling one-bedroom on top of 6th Avenue. Pretty sure you can do better than that in the Village for less money.

The seller's wife is pregnant with their second child (you are right, the jr 4 space is for a crib) so it would seem like they are somewhat motivated ... Their broker is from a no-name firm who is a friend... apparently because other brokerage houses laughed at his original ask of 1.1M.

I really like this apartment but I am not willing to pay anywhere near that price right now. I've heard the seller is a "wall street" type who thinks 925 is a bargain for a buyer. Is a lowball bid appropriate now? And if so, what would you bid?

I understand the seller's thinking re: price--particularly in view of 2C being offered for $880,000. But set aside the building comps for a second. This is not really a jr-four. It has a dining "nook" that is not reasonable to call a bedroom or store a baby in IMHO. This layout and proportion is typical for pre-war one-bedrooms in this area.

When they bought it must have been an absolute wreck if they did significant renovation because that kitchen is no more than middle of the road. Bathroom is too--nothing indulgent or special at all.

Compare this to 30 Fifth essentailly same apartment: http://www.streeteasy.com/nyc/sale/404939-coop-30-fifth-avenue-greenwich-village-new-york @ $995K. Location is a billion times better than ugly 6th Ave. 15th floor is awesome preserved views that "wow". Building is top-drawer although without bells and whistles. I think I'd pass on 136 Waverly at this price point.

So far as "low-ball", I have the same response as always: it is a silly question since your offer should reflect your view of the value and be consistent with any negotiating strategy you settle on. Coming in $75K below asking is not going to get the ball rolling here. It is a waste of time given what you've just said--you know that, I suspect. I wouldn't knock myself out on this apartment without further price reductions.

"ugly 6th Ave."

136 Waverly Pl has historically sold at lower numbers than other seemingly similar buildings in the neighborhood and i had always assumed this is the reason, but not "just 6th Ave, but the basketball courts right across the street which bring in {insert epithet here}.

For $30K less you can get a bigger apartment -- a PROPER two-bedroom with an extra half bath -- at 69 FIFTH Avenue.

Matt very different area, very different type of building.

NYCMatt, are you kidding? A white-brick building on 14th Street?! UGH. And look at the difference in maintenance. You actually come out behind pretty quick paying the higher fees and for what? Bad as 6th Ave is, it's still central village and the building is pre-war and nice despite the Avenue corner. 5th Ave and 14th St is not much of any neighborhood though, lacks charm, is gritty and traffic clogged. Your post was a joke, right?

yes, it is overpriced. the owner bought at peak and is trying to unload at 20% before. THAT is cheeky. he will be lucky to get what he paid for it.

Kyle, it's Lower Fifth in the Flatiron District. "Village" or not, you can get a bigger, better apartment in THIS building with a FIFTH AVENUE address.

Based on the floorplan, this apartment looks to be about 800 sq. ft. That works out to $1,150/sq. ft. Not much value there.

nycmatt, 14th and 5th is miserable in a postwar ugly building. Not apples to apples at all, I don't care if it is on Fifth Avenue.

bball court are 2 blocks further down 6th. That area of 6th is not so bad and the subway is right across the street. It will be loud on the 6th side but if you are facing waverly it is a fairly quiet street. But still overpriced and the renovations were probably out of necessity to build that extra "bedroom."

Malthus is correct re: 6th. My criticism is just that it isn't a pretty corner and is well-trafficked. Once you are on Waverly (where entrance to the building is), it's already nicer. Buy views of 6th are ugly. Leaving your building is kind of ugly if you turn right. Subway outside your door is kind of unclassy as it spews people into the street all day and night. It's not great. It's okay. Again, I'd spend a little more money if it got me equally good space in a building like 30 Fifth with an A-1 location.

everything is overpriced...but if you love the apartment and can afford it than why not!!

What about this one; a REAL Jr. 4 at 5th and WSP for the same price.

http://www.streeteasy.com/nyc/sale/396257-coop-2-fifth-avenue-greenwich-village-new-york

5thGenNYer: what you ignore is that maintenance at your suggested "comp" at 2 Fifth is 50% higher--the equivalent currently of about $80,000-100,000 more in mortgage. A building like 30 Fifth that I recommended has comparable maintenance to 136 Waverly (that is, low for the area) and even if the apartment there costs $50K more, the buyer would still be paying less per month total carrying costs than owning at 2 Fifth.

The only really nice thing about 2 Fifth is the view from some apartments (and some decent floor plans). The building is ultra dated, the hallways are depressing, many of the "amenities" you pay for a useless to many people (eg, kids' playroom, library, gym, and the lobby is atrocious unless you like the Old Bitty style of interior design. Elevators are worn, some with button panels falling off or loose. The exterior is hideous. Prices are through the roof and need to come down a ton for all but those apartments with the best park and city views. Those just need to come down moderately . The idea that a 1 bedroom at 2 Fifth on the 2nd or 3rd floor facing 5th ave sold for $1.25MM 1.5 yrs ago is INSANE.

All in all, the location is better than 136 Waverly, but not better enough to justify the 35% higher prices and 50% higher maintenance and woefully dated/worn public spaces and dated ugly exterior.

hi kyle...glad you're back posting. always great info even when we don't agree!!

julia..did you see alcove studio listing at 49 west 12th street? Thought of you. Might need some work but the price seemed reasonable and the location is great if you like the Village (and very convienent to most subways...)

i love that area..i'll look it up right now...thanks.