Estate Sales and Other Value Wrecks

http://www.streeteasy.com/nyc/sale/342058-coop-362-west-broadway-soho-new-york

Tada! An original artist loft in SoHo. I'd actually call this borderline Tribeca, although maybe it's actually SHNOT (South of Houston North of Tribeca, for the uninitiated). Anyway, out of the worst of NYU's student zone and close to two coveted neighborhoods, with a ton of space. Not sure it's exactly a value at $2.3 million, but I have a big soft spot for vintage artist lofts. I have no idea how much it would cost turn it into a living space, though. Bring offers!

Lizyank,
I love this thread. I am looking for a large 2-3 bedroom and would love to fix up a place to the way I like it. Here is a total wreck I found (no appliances in the kitchen!) http://www.streeteasy.com/nyc/building/277-west-end-avenue-manhattan
1500 sft, 2bd, LR, maid's room, no kitchen. Asking 1.395 has been on the market a while. Last time I asked, the seller wasn't budging, but that was a while ago.

http://www.streeteasy.com/nyc/sale/45021-condo-137-duane-street-tribeca-new-york

Again, not sure this is a value, but for a large loft in a very desirable area not far from Whole Foods, the location is great. $879/SF still seems too high for me, but it seems to be getting down into striking distance.

This one has been posted elsewhere, but it's worth revisiting because it has gone into contract after a number of price cuts:
http://www.streeteasy.com/nyc/sale/73543-coop-33-west-67th-street-lincoln-square-new-york

This seems to me like a truly "special" place, what with the original details and the roof deck. I'd bet this could become a truly showstopper apartment, although that kitchen is just dreadful. This looks like a huge project.

Price history:
03/19/2007
Listed in StreetEasy by Bellmarc at $2,000,000.
04/30/2007
Price decreased by 3% to $1,950,000.
06/01/2007
Listing entered contract.
10/22/2007
Price increased by 8% to $2,100,000.
02/29/2008
Re-listed by Bellmarc.
04/10/2008
Price decreased by 8% to $1,925,000.
05/19/2008
Price decreased by 4% to $1,850,000.
11/12/2008
Price decreased by 11% to $1,650,000.
02/17/2009
Listing entered contract.
04/02/2009
Re-listed by Bellmarc.
05/23/2009
Price decreased by 12% to $1,450,000.
06/15/2009
Listing entered contract.

Liz, I really like this thread ... but evnyc, I really love SHNOT!!!

When I lived in Wmsbgh a long time ago, I wanted to name it NoToDoHo (Nothing To Do With Houston Street). My friend trumped me by proposing lollypop buildings all along the median on Houston Street -- a new neighborhood called, of course MOHo (Middle Of Houston).

Given that TriBeCa's boundaries are fuzzy, what borders would you use for SHNOT?

MoHo, I love it! Borders for SHNOT...I think it's Canal to the south, Houston to the north, and anything west of West Broadway. But that seems to be Streeteasy's definition of SoHo, so I defer to expertise greater than my own.
Wish I could claim to have made it up, but I didn't:
http://nymag.com/daily/intel/2008/06/new_yorks_hottest_new_neighbor.html

I can't believe I'm posting this, because having found it I'm now considering dragging my S.O. and the in-laws up to see it, but I also found this actual value wreck in Hell's Kitchen:
http://www.streeteasy.com/nyc/sale/377151-coop-413-west-48th-street-clinton-new-york

Not such a fan of the area, and I think it is probably a walkup, but the price is looking pretty good and I would bet it's ripe for lowballing, having sat on the market since January. Makes me wish I had renovation skills. And money.

Evnyc...That's a great Hell's Kitchen wreck but I think its pretty clear you are dealing with a five story walk up. Which would have to mean that for the duration of your occupancy you and your SO would have to remain in top shape, injury free, forsakeing any visits from elderly, disabled or somewhat less fit friends/relatives and either being very generous tippers or learning to live with VERY nasty looks from restaurant delivery people not to mention Fresh Direct. Not to mention never coming home somewhat worse the wear for alcohol consumption. Its an okay lifestyle for a 20 something renter but I would caution very strongly against investing in this type of property (I believe the renovation is likely to cost more as well since everything has to be carried up..but I'm not certain.) We New Yorkers tend to get comfortable in our apartments and what you can do at 35 can be a challenge at 50 or immediately if a ski slope or wet marble floor gets the better of you.

Yep, you are spot on, Liz. Did that for six years, just got out, and it would be a very hard sell to get the S.O. to consider going back to it.

But if you could buy it low enough and do a good renovation and sell it in five or ten years, might be worth it. Might not, too!

a modest sized candela wreck 2/2 in beekman for under $800k. no pictures, probably gruesome.

http://www.streeteasy.com/nyc/sale/430351-coop-2-beekman-place-beekman-new-york

315 west 70th 18B well priced 2bd estate sale good location

why is the second bedroom at the Beekman larger than the master bedroom?

because the layout is less than ideal? doesn't mean you have to use it as such, unless you feel you can't walk three feet to your bathroom.

i think alpo has already demonstrated his problems with getting to the bathroom.

how silly of me to have forgotten.

Good catch, Oldbroker - that's a nice layout and good location indeed. Do you think it needs a gut reno, or could you refinish the floors, redo the bathrooms and kitchen and call it a day?
It's been listed on and off for a while, employed the time-honored hyphen method of obfuscation:

http://www.streeteasy.com/nyc/sale/417706-coop-315-west-70th-street-lincoln-square-new-york
http://www.streeteasy.com/nyc/sale/385036-coop-315-west-70th-street-lincoln-square-new-york

Started off at $950 and is chasing the market merrily down.

Out of curiosity, why do both of these buildings have such high maintenance? Or is that the going rate for 2-bedrooms these days?

It's on the highish side. I look for 1.5x these days, but it's not unusual to see 2x.

EV: 315W70 is the Presidential Tower and out-uglies even the much-maligned Lincoln Towers complex of bldgs. OTOH, they redid their truly horrid balconies a few years ago and it is much improved. The local Congressional Rep., Nadler lives there (yes, I like to gossip). The location is okay, not great.

I don't know why mtce is high, unless they're still paying for the balcony & facade work.

I liked this - thought it was a value buy http://www.streeteasy.com/nyc/sale/358023-coop-255-west-end-avenue-lincoln-square-new-york. Mind you, very dark and close to the bus stop. But a true 2br, nonetheless in a good school zone.

It's possible that the facade work triggered a tax increase.

EV: if you're interested in the LT/PT neck of the woods, then I would think a Lincoln Tower 2br with dining alcove (available in all LT buildings) is interchangeable and maybe even more desirable than 315W70. Mtce is a touch lower and sometimes (always?) includes electric. Price points are getting close to the ask at 315 as well.

Check out the listings at 180 WEA, 2brs. Mtce is lower as well.

Thanks for the tips. These places are still out of reach for the moment, but not outside the realm of possibility if the market keeps sliding. Time will tell!

Lots of original prewar charm here and in good, although dated, condition. It was pulled off the market after an unsuccessful campaign. I think the owner needed to hit a specific number. If this is your thing, you could be rewarded by a knock on the door.

http://www.streeteasy.com/nyc/sale/391100-condo-243-west-98th-street-upper-west-side-new-york