gv gold coast 1st floor

so many variables, the size of the unit? co-op/condo, type of building, amenities,fees associated with buildings, no way to tell if its a good deal or not. It could be a great deal or the worst deal in NYC......

no amenities except doorman, co-op, post war 2 bedroom 2 bath, renovated.

size of the unit? maintenance fees? i personally would be more concerned about the size/ floorplan/layout, ceiling height, and monthly costs and financial condition of the co-op, but that is me...

If it's someplace like http://streeteasy.com/nyc/sale/529813-coop-55-east-9th-street-greenwich-village-new-york, the bus stop is far enough away that you wouldn't hear brake squeal.

The bars on the windows would bother me, but I guess you get used to them.

yes that is the apartment, what would be a fair price to pay given that it is a 1st floor but great location?

i think in this market its about right, for me the noise is not an issue, or the first floor, for me its the floor plan (spacious in the bedroom area, but I would need more living area. Also the higher maintenance fees,did you check the co-op financials? any assesments in the past, any large expenditure coming in the near future, other units in the building for sale or in contract have high maintenance costs i would look into this. Also 11H is in contract and that is a much bigger unit with outdoor space. if you are comfortable with monthly costs and ike the unit go for it!

The co-op borrowed about $2.5M in 2004, probably to pay for all the new building systems mentioned in the ad. That brought the total mortgage to $5.5M, at 5.25%, due in 2019.

On the one hand, major work has been done recently, so you don't have it hanging over your head. On the other hand, $5.5M might be considered a tad high for the size of building. Not enough to worry about, though.

This one seems priced OK for current market, considering level of finish and what stuff's been selling for there.

That stretch of 9th St is very noisy. I lived in a 3rd floor unit facing the st a few years ago. It's a through street so you have lots of traffic/cars honking in addition to the bus rattling your apt.

If you do not have an agent, my firm does flat-fee consulting which can get you through the worst of the co-op package.

ali r.
DG Neary Realty
ali [at] dgneary [dot] com

Its a combo so you would expect the maintenance to be higher than average.

I'd expect a much much greater ground-floor discount, especially because it doesn't have the consolation prize of a veranda.

Couple of things to consider in your bidding. 11H was asking $1.45 and is in contract. Its safe to say it didn't sell for the asking price but probably sold close to it since the unit was only listed for 2 weeks. It likely has great light on the 11th floor, the sky is visible, street noise is far away. It has a terrace.

The "first floor" unit is, I believe, actually 1/2 below ground. If front-facing, the view is through the shrubs and plants along the front of the building--that isn't a garden no matter how much those plants bloom. It's a thin strip of plants in front of windows that partially block the view of people's legs all day and night as they walk by. The layout is for all intents and purposes equal to the 11H unit for comp purposes. Usual formula is $10K/floor, so that is $110K discount right there. But this isn't a low floor--it is a sub-grade floor. Your view is shins. That is not good. Noise is not good. You will hear "Hurry up and pee-pee, Spot!" anytime a person walking her dog is outside your windows. On top of the $110K off the comparison 11H price, I'd likely lop off another $100K+. This is a seriously compromised apartment in terms of light and view and noise. Location is good--East 9th Street b/w University and Broadway is generally quite nice. And it is true the bus stops closer to University than this building. Assume 11H sold for 1.375. That leaves this unit you are considering at a final bid price of no more than $1.2 with discounts for the lower floor and bad views and compromised light and subgrade living. Frankly, even then I'm not sure I'd willing to sign on for these compromises. Keep an eye out and you can likely find comparable units for less than the ask price at 30 E 9 and 40 E 9th. You may end up so far apart from the seller and his new listing that no deal can be struck at that price. If so, keep looking. This is not a "must have" apartment at anywhere near the asking price.

kylewest, thank you for all your great descriptions of the central village buildings, locations, and all the other info you have provided. I am in contract now on an apt. and will officially thank everyone on streeteasy when I close.

Check out the sale of #1F at 40 E 9 St last Sept '09 at $1.25 ask (not sure what it closed at). This is a very good comparison. It is entirely above ground and a true 1st floor. Layout is more or less the same. Maintenance is $1500ish--$300 less than the 55 E 9 Unit. You might also look at 3G at 30 E 9th St which is about the same layout and was asking $1.39 (in contract); higher floor, lower maintenance, arguably slightly better location on the block because University end of block is nicer than Broadway side.

Bottom line: 55 E 9 is aspirationally priced and will not, I predict, sell near that ask price.

Kyle... 11F closed for $1,150,000. 1F is completely above grade and looked out into the beautiful Sheridan landscaped/planted garden.

$1000 per sq ft is too expensive for every one passing by being look into your home. Probably no more than 850-900 per sq ft. 40 East 9th apart is set back around 60 foot from the street with a garden in between. This apt has to be far lower than that.

theres a big difference between first floor at 40 east 9th (large and lovely garden set back separates you from the street) and first floor at 55 E 9th which is ON the street. Thebus stops right between 63 E 9th and 55 E 9th-it is very loud and will cover your windows with soot in no time.

http://therealdeal.com/newyork/articles/the-cost-of-a-view--2

thanks so much for all the help. i am thinking this is not the right place for me, i wasn't really crazy about it in the first place but am anxious to move and need a 2 bedroom 2 bath under 1.75. thanks again.

keep an eye out in the other East 9th St post-wars--you'll find what you are looking for. These buildings are well-run and financially sound. You give up ceiling height (its better in some than others (30 E 9 for example has 8'4" ceilings and that extra couple inches really makes a difference in overall feel) and pre-war details, but layouts are quite good and by adding some base/crown mouldings and door casings and upgrading the door quality and electrical (more outlets/bury wires in wall) you can create some quite nice homes.

Any other building/blocks I should be looking on, less traffic would be nice. Anything on the west side of 5th?

I am consistently telling buyers not to use the seller's price as an anchor, but if you have a budget of $1.75 what are you doing looking at places with a listing price of $1.4? Of course you're not going to be crazy about them.

Carefully budget what you can afford, but then realize that you'll be happiest when you spend around that budget number.

ali r.
DG Neary Realty

I would like to end up at 1.5 but from what I have seen lately things seem to be selling very close to ask.

I would watch west 12th street too, there are no 2BRs I see at Butterfield House now, but something might come up that would work nicely if you're willing to live in a post-war -- and if you have cash leftover after purchase.

ali r.
DG Neary Realty

I used to live on the Gold Coast, I always thought that was between University and 6th Avenue, 9th, 10th, 11th, 12th Street, and mainly because they had the old brownstones on those blocks as well as the tru pre-wars. Of the 4 blocks, I'd rank 9th Street in 4th on the list.

Anyway, having lived on the Gold Coast I truly think this will be noisy unless you have a back bedroom. 9th Street also does have the bus route.

thanks again to everyone who took the time to provide me with all of this helpful information.

Correction: I was wrong about 55 E 9 St's 1st floor apartments being sub-grade. I walked by this a.m. and the windows are normal height. I don't change much of my assessment though since they still look out directly onto the street through a row of shrubs. Having shrubs 6" from the windows as a screen to the street is not an attractive solution in my view.

kyle: when I was in college I had a sub grade apt with a shrub cover. Spot wasn't a particular problem because of the prickly hedge. However, one sultry day I had the kitchen window open and a homeless man who was clearly oblivious to the fact that the hedge was prickly, chose to relieve himself in my kitchen window. I will never be on the first floor again ever ever ever. No, never.

It would make a nice dentists' suite. Drill baby drill.

Oh, yeah, plus I've sat on my hands long enough during this thread, and now I can't help but point out (once again) that the Gold Coast in Africa. This landlocked part of Manhattan is neither a coast nor a shore nor a bank nor very gold ... maybe golden.

Perhaps the gold in Gold Coast refers to what it costs to live in this area. I have come to accept the more restrictive view of what constitutes the GV Gold Coast (the term is also used to describe sections of Fifth Avenue near Central Park): only Fifth Avenue addresses from Washington Square Park to 12th Street. To the east and west of Fifth Ave on the lovely prime streets, I would say the area is GV or central GV or the Washington Square area of GV. Alas, there is no definitive answer so to each his own. Some people would like to say Gold Coast covers everything from Broadway to 6th Avenue and from 8th to 13th Streets. I once leaned that way, but ultimately was convinced that saying a building at Broadway and 12th Street was as Gold Coast as 40 Fifth Ave was kind of silly. The Gold Coast seems to most fittingly describe the pre-war dowagers lining 5th Ave above the park--period.

AH, apparently according to the morning's news the Gold Coast is in Afghanistan.

KW, depends on whether you're talking about the apartments, or who lives there. I think of the Gold Coast as being Lower Fifth Avenue only, but let's take an adjacent block like Ninth Street between Fifth and Sixth -- does having a row of pretty townhouses and residents like Barbara Bush and Uma Thurman make it "Gold Coast"? Some would say yes.

ali r.
DG Neary Realty

Ali, I only skimmed that article, but I think they discovered lithium and now want to send all our manic-depressives to Afghanistan to take the cure.

I think you guys are looking for the term "Prime Village", which used to be considered what y'all are talking about.

Not only is 9th St a bus route, but no parking/standing on various portions of the North side, and less so on the South side make it a much more highly trafficked street than the others, along with much higher speed vehicles and much more truck traffic.