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price per square foot

Started by Dahlia26
over 16 years ago
Posts: 145
Member since: Jun 2008
Discussion about
so, what do you think realistically is a fair price per square foot these days - upper east side - white glove bldg (although not 5th & park snooty) 3 bed,3 bath that needs work (new floors,bathrooms,kitchen) thanks so much
Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Depends on view, light, location (UES is very broad), whether condo or co-op, its share of underlying mortgage if a co-op, and too many other factors to list. Just looking at asking prices, there's a wide range of $psf.

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Response by YJBO
over 16 years ago
Posts: 88
Member since: Dec 2008

prime space has been selling for $2k/sq ft (see recent Beresford sale), so the type of apt. you describe is probably in the $1,200-$1,500 range.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

$2,500.

Anything below that is probably crappy.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

leelaura, your best bet is to do a SE advanced search and dump to a spreadsheet where you can delete the non-qualifiers and get a sense of what's out there. Keep in mind, though, that in many listings the square-feet figure is (wisely) omitted.

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Response by UESBandit
over 16 years ago
Posts: 328
Member since: Jan 2009

Wonderboy are you nuts?? Nobody is paying $2500 psf these days. The "current" pricing for what the OP is looking for is probably hovering somewhere between $1000 psf and $1300 psf. That means a 1500 sf apartment would go for between $1.5 and $1.95.

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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008

wonderbra.. I got gold at $2000/ounce I want to sell you...

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Probably depends on how everybody defines "white-glove".

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Response by West34
over 16 years ago
Posts: 1040
Member since: Mar 2009

Wonderboy is the genius who voted the West Village and Tribeca as NYC's most underrated neighborhoods (his other choices presumably being Gramercy Park, CPW, and 5th Ave along Central Park).

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Response by bjw2103
over 16 years ago
Posts: 6236
Member since: Jul 2007

leelaura, NWT has the best advice here - take a look at similar buildings in the immediate area. Is there outdoor space as well? That'll skew things considerably sometimes. Off the top of my head, if you can get down to $1000-1100 psf, that's not crazy, but things can change considerably from building to building, even on the same block.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

All the good buildings are approx $2,500+ psf.

I have high standards, but I'm sure one of you could find a dinky dump for $1,400 psf. Not me.

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Response by lo888
over 16 years ago
Posts: 566
Member since: Jul 2008

I think we're looking at below $1K per SF these days.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

Where? In the ghetto?

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Why guess? There're fewer than 200 listings matching leelaura's criteria. Just take those numbers and discount by whatever the last-asking-to-close percentage is now.

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Response by wishhouse
over 16 years ago
Posts: 417
Member since: Jan 2008

NWT - how do I dump results to excel?

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

From the search-results page, click the orange XLS button. It's limited to 200 listings, though, so your search criteria need to be pretty tight.

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Response by Dahlia26
over 16 years ago
Posts: 145
Member since: Jun 2008

thanks - coop
building has no underlying mortgage
nice views
no outdoor terrace

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Response by WeepingTissues
over 16 years ago
Posts: 28
Member since: Jul 2009

Imagine spending $2MM at $2500psf and merely having an 800st 1 bedroom.

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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9877
Member since: Mar 2009

It should be somewhere between $400 and $2,000 per square foot. Now wasn't that useful?

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Response by 300_mercer
over 16 years ago
Posts: 10570
Member since: Feb 2007

defintely under a $1000 per REAL sq ft if the apartment has not been renovated. Good floor. Good light. Ok Views. Maintenance no more than $1.50 a sq ft. Probably as low as $800 per sq feet. If it is white brick 70's building, even cheaper. Poeple who think that a good building is $2000 per sq ft are out of touch. That is 5th ave/park ave top end price.

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Response by lr10021
over 16 years ago
Posts: 175
Member since: May 2007

I am with you 30yrs.

sometimes I think that these questions are specifically posted without any detail to start a long chain of responses. Folks, if you have a question, put it forth with detail.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

"Imagine spending $2MM at $2500psf and merely having an 800st 1 bedroom."

Imagine spending $2,500psf and living in a good building like One Madison Park as opposed to spending $900psf and living in a dump.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

"Poeple who think that a good building is $2000 per sq ft are out of touch. That is 5th ave/park ave top end price."

No, I think you are out of touch. The good new buildings are >$2,300 per sq ft downtown.

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Response by 300_mercer
over 16 years ago
Posts: 10570
Member since: Feb 2007

wonderboy, leelaura is asking about an apartment which needs renovation - not a new building.

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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008

Wonderbread,
You have failed to grow in any of the 12 ways.
2500sq/ft??? you read the post...right?
Why not add useful information instead of worthless pontification?
OK, we get it...your a BS artist.

Well, at least your an artist.

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Response by wonderboy
over 16 years ago
Posts: 398
Member since: Jun 2009

Well exfuckingscusseee me.

Jeez.

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Response by Eurocash
over 16 years ago
Posts: 124
Member since: Aug 2008

somee of you are on something, just search.. these days, if maintenance is over 1$/sqf and the apt needs renovation, 2500 is delusional, confabulation material

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

I think leelaura will have gotten the point that $psf is a useless metric for her purpose.

Ran the search I talked about above, but had to limit it to >$1M and <$5M to keep the count below 200. Discarding the apartments where square-feet wasn't specified, ended up with n=47. Median was exactly $1K psf. Range wasn't quite as broad as 30yrs threw out, but would've been if all prices had been included.

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Response by nico11
over 16 years ago
Posts: 4
Member since: May 2009

I know where you can buy a 3bd/3ba in gramercy for $770 per sq foot interior and $300 per sq foot private garden exterior. The apartment would be 1700 sq ft and the private yard would be 1300 sq ft. 600 of this would be a next door combination unit that needs renovation. The original 2bd/2ba apartment is in immaculate condition. Private garden is in perfect condition. Planted and beautiful, with a southern exposure. Total maintenance for both combined is $2374. Feel free to contact me! I own the apartment. tracycalvanico@verizon.net Hey, Gramercy Rocks! Also, white glove building.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008
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Response by nico11
over 16 years ago
Posts: 4
Member since: May 2009

Thanks NWT..can you tell I haven't been on here before? And yes..I am going to post better pics!

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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9877
Member since: Mar 2009

"I know where you can buy a 3bd/3ba in gramercy for $770 per sq foot interior and $300 per sq foot private garden exterior. The apartment would be 1700 sq ft and the private yard would be 1300 sq ft."

Are you sure it's not $850 per square foot interior and $200 per square foot exterior? Or maybe it's $600 per square foot interior and $525 per square foot exterior?

How much more would you want for an extra 200sf interior and 125 sf exterior?

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Depends on the weather? Lately I'd call it $1000 and $1.

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Response by nico11
over 16 years ago
Posts: 4
Member since: May 2009

Wow, rough crowd! Take care and stay dry..

Ha!

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