Auction in Nolita

If you're going to have an auction, why use Citi-habitat? They're never going to get the exposure to compensate for the time limit of an auction.

Gee I thought NYC coops didn't sell via auction? I know, I know, this market is untouchable. LMAO

even if you won on the minimum its not a very good deal. Places like this traded around 1 million around 2004

Samadam, this kind of place traded for about a million 10 years ago. Look at the 2005 sale of this very apartment for the perfect comp.

I think they should include a Razor so you can skate to the bathroom from the master bedroom at night. I think the opening price is high. 7/2005 prices were the early stages of bubble. No telling where bubble prices will settle on way down. I think they should have lowered the starting price to attract more buyers. Auctions work when there is the possibility of getting a good deal. But this is not a good deal.

ap23 is right, the location of the master bath is a deal killer. who wants to walk half a mile back and forth to the bathroom at night? I wouldn't buy it at any price.

To each his own. The long walk wouldn't kill the deal for me, but it should affect the price. I'd be more concerned about being on top of the 6.

The current owner seriously overpaid in 2005 relative to the market prices of $600-$700 per sq foot for loft space needing renovation. The prices are back to that level, which makes this place worth no more than $1.4mm even if you agree to the stated inflated square footage.

"ap23 is right, the location of the master bath is a deal killer. who wants to walk half a mile back and forth to the bathroom at night? I wouldn't buy it at any price."

I don't think that the apartment or the neighborhood would be appropriate for the over-60 crowd anyway.

nycmatt: not in the over 60 crowd and love the neighborhood. but the under 30 crowd may not understand that when you are paying around 2 million for an apt, you don't have to live in the college dorm manner. A bathroom in the bedroom of a 2 million dollar apt. is a requirement and a deal breaker.

I dont know what the putz paid in 2005 but I do know place like this in that area were going for 600 psf in 2004.

samadams, I agree for a place needing renovation and with undesirable bathrooms, 2004 price was in $600 per sq ft range. This type of place trade upto $1000 sq ft in 2007. The buyer definitely overpaid.

take a look at the listing history in this building. something seems quite off. maybe 30yrs has some historical knowledge here.

"nycmatt: not in the over 60 crowd and love the neighborhood. but the under 30 crowd may not understand that when you are paying around 2 million for an apt, you don't have to live in the college dorm manner. A bathroom in the bedroom of a 2 million dollar apt. is a requirement and a deal breaker."

It's a loft. There are always compromises when you live in a loft, since lofts weren't originally designed for LIVING.

If you want a proper apartment, look in an apartment building where you're more likely to find that en suite master bath.

If you want the aesthetics of a loft, however, get used to unusual and often impractical layouts in exchange for dramatic space, light, and location.

It's a RENOVATED loft, I've looked at plenty of those, none with a 50 FOOT walk from the master bedroom to a bathroon, though. For almost $2 million, try to find another loft without a master bath.

nycmatt"It's a loft. There are always compromises when you live in a loft, since lofts weren't originally designed for LIVING.

Yes but it is PRICED for LIVING at $850 plus psf. If you want to charge $450 psf, i'll take a cab to the bathroom

Seriously? Are you all so lazy that you can't walk 50 feet to use the toilet?

I don't think that's the point Matt. Dropping close to 2M on a place where the design is nuts? Two bathrooms side by side is a telltale sign that the design was done on the cheap. They couldn't afford to bring the pipes across to make the space more livable so there should be a discount.

shades of agent rachel...place will have been on the market for two weeks before bids? or, are they not accepting any offers in the meantime? photos certainly re-inforce thoughts of poster above.

problem with the auction is that if it doesn't close, they have to lower price or sit forever as agent rachel's place is.

"I don't think that's the point Matt. Dropping close to 2M on a place where the design is nuts? Two bathrooms side by side is a telltale sign that the design was done on the cheap."

You don't understand New York City lofts. I get it.

there's an awful lot of recent rental activity in this building. they may not have been ABLE to sell, buyers may not qualify for a mortgage. impossible to tell (could be same few apartments listed over and over), clearly they need to sell, but this may not be a healthy building.

can you libel a building?

The way I see it, the layout is not an issue. This is a real loft; if you like bourgeois comfort, maid's rooms, en-suite bathrooms, granite islands and all that, a loft will not work for you. You need a faux-loft, the kind that was built new in the last 5 years.
The real problem is that the seller has a desperate trifecta: urgency to sell, low exposure broker and now a gimmicky auction. This place might have gotten $1.6M to $1.8M with the right marketing (current comps.) This listing now screams "make me an offer! I am desperate!"
In other words, the seller will be lucky to get $1.5M.

Matt, what I do understand is that when you have a blank shell of an apartment to work with and exposed pipes on the ceilings that it doesn't take a genius to figure out putting one bathroom near each bedroom. What it does take is (not even very much) money to reroute the pipes. Hence, this one was done cheap. I have an awesome plumber out at my weekend place that could've done that in a couple of days. If you're going to put in two bathrooms, at least put them where it makes sense.

Lases, your ignorance about plumbing and how it works is amazing.

Stick with Classic Sixes.

What's your interest in this apartment Matt? You're pretty defensive. Look at EVERY one of your posts... you're defending this apartment to the death. You insult everyone who has a negative word to say about it. You the broker or the seller?

Looks like they found a buyer. Any guesses on price?

Ask Matt, he bought it, he loves the layout and has a strong bladder.

they've already added him to the coop board.