Sale at 100 West 93rd Street #15F

Insider price?

Must be. Buyer was living there in 1993.

Is West 93rd a desirable neighborhood in Manhattan?

This is a former Mitchell Lama building (affordable rental building) that opted out of the program when it was able. The area is not particularly charming because of the many similar buildings and a few projects. However, many if not all of the Mitchell Lama buildings have gone private, a process which is gradually drawing higher income people to the area. It is only one block from Central Park, and the new Columbus Square development is bringing new retail and a Whole Foods to 97th Street.

Thanks for the info PMG, it sounds like the neighborhood will only get better with time. I do like that it's so close to Central Park.

I agree, and the monthlies are among the lowest you will find anywhere in Manhattan.

Comp in building. 11 F

02/12/2007
Previous Sale recorded for $643,370.
03/11/2008
Listed in StreetEasy by Citi-Habitats at $1,550,000.
03/28/2008
Price decreased by 3% to $1,499,000.
04/04/2008
Price decreased by 3% to $1,449,000.
06/06/2008
Price decreased by 3% to $1,399,000.
07/21/2008
Price decreased by 4% to $1,350,000.
10/21/2008
Price decreased by 1% to $1,330,000.
01/16/2009
Price decreased by 10% to $1,199,000.
02/10/2009
Price decreased by 4% to $1,150,000.
04/29/2009
Price decreased by 4% to $1,099,000.
06/08/2009
Listing sold.
06/08/2009
Sale recorded for $994,000

Yeah anyone who was lucky enough to have the opportunity to buy in this building in 2007 made a nice profit, in spite of the current downturn in the market.

Yes, nice profit. But consider that if you buy now and there is a big downturn, you might have problems with resale precisely because you will be competing with inside buyers who can well afford to undercut your price. In the case of 11 F, they would need to put it on the market for over a million to cover transaction costs. What chance would that seller have against another apt in the line that could sale for 800,000 and still make a killing.

Good point apt23 Thanks.

check propertyshark out for tenants that bought at insider prices. two points about insiders: 1) the insiders bought original condition units; 2) not that many bought at insider prices. The problem I see with this building is that the sponsor owns such a high % on rental units.

i sold 6A there. Yes, former renters got an inside chance to buy upon the conversion

PMG do you have any idea what percentage of a building should be owner occupied for it to be considered a good investment?

LD, IMO, you want financing to be readily available and you want the sponsor to be financially viable. I would think you would look for a minimum of 50% owner occupancy, but maybe as much as 70% since that is Fannie Mae's limit. Anything short of that, and i think buyers should demand a discount for the risk. I am surprised that I see buyers of conversion condos that don't meet these ownership standards today paying 100% cash or 75% cash, without demanding serious cash discounts.

Hi, I live in the street, and love it. Great little shops on Columbus. Nice people. Some people might be scared by the projects but everyone has always been nice to me. Equinox, starbuck, pain quotidien on Broadway, and the Symphonie place. The 96 subway is actually on 93rd and it is an express. I could keep going. Great neighborhood, and on top of all the nice little food shop an whole food is opening in Sept on 97th.

Thanks for your feedback on the neighborhood Viran. How many projects are there on West 93rd?

I am not sure what defines a project, but the neighborhood is a mix of beautiful buildings (esp. between Columbus and CPW), and low cost buildings. From memory, the whole Columbus road is only projects, and 93rd and Broadway on the north side. Just have a quick walk in the area, you will see what I mean. However I want to stress again that it is a very nice quiet mix neighborhood. The park entrance is on 93rd, you are straight on the reservoir, and the tennis courts, really great.