Need Help Price Flatiron/Gramercy PH

Ooh, that's a Maserati in a world where there aren't a lot of Maserati customers. This buyer is hiding in the trees, so give yourself nine months to flush 'em out.

Closest comps are Holtz Building, a 3 exposure live/work loft with lower monthlies that sold for $2.6M, and Folio House, a 3 exp. duplex of similar size and monthlies, which went for $3.3M. Folio House a co-op, but also offers a fourth bedroom, so let's let those balance each other out.

So realistically, you're going to end up somewhere around $3M, depending on how good your layout is and how nice your kitchen is.

I'm sorry it's not more, but the $3.5M buyers are going to pull to the starchitect buildings in West Chelsea, like 100 Eleventh Ave and Metal Shutter Houses.

Happy to take a look in person -- you can email me at ali [at] dgneary [dot] com

ali r.
DG Neary Realty

Thanks Ali! I'm afraid you're probably right. Let's just say I might have gone overboard with the renovation and spent way more than your estimate. I've had this feeling all along that I was over-investing in the apartment/bldg, but got everything I wanted just in case we ended up living in the apartment for a long time. Looks like that has to be the plan.

Btw, the kitchen is a brand new Henry Built kitchen that's a U-shape with big island under the atrium with views of the Flatiron Dist. And I'd say the layout is pretty good. The elevator opens to a windowed foyer with a public hallway that leads upstairs to the kitchen, dining, living, powder and roof deck is upstairs. Then there's a private hallway where all the BRs and both full baths are. The library/den is off the foyer. There's also a small windowed laundry room off of the private hallway with cabs, sink and mini-fridge. Every room has a window, except for the shared hall bath. The master bath has 2 windows. I think the apt is overall great but you're right about the small pool of buyers. Oye.

oh, it sounds absolutely yummy -- but frankly I only have two buyers in this price category, and the Hollywood people are going to want a townhouse off Central Park for the dog, and the tech-y guy is going to want to be at the top of a high-rise with people bowing and scraping.

And frankly, psychology is so bad that even though those clients *think* they're buyers, neither of them are buying for a year.

It sounds like a great CEO/ad exec/designer apartment, though. I'll let my boss Gil know that it exists, because his head is a sort of clearinghouse for downtown. And if you want me to see it, just email me -- and pls. put "streeteasy" in the subject line so I can find it.

ali r.
DG Neary Realty

This is an interesting proposition. In late08 early 09 I saw a similar place in the 20th off park that went for 2mil. the place was extremely interesting although somewhat on the narrow side. I was very tempted and estimated the reno work at 500K, it becam clear that the commercial use of the lower floors will not be attractive to exc. buyers. The problem with renovation of such a penthouse is the limited pool of buyers in today's market. especially if this building has only one elevator that you shared with commercial tenants, it becomes a problem. In my case the lower floors were heavily used. I let go and chose a fully residential building. I do believe that such a penthouse will have better potential to be sold in few years. Wall street type in the 30th is your target. Hold on!

Funny you mention the Holtz building, I loved two listings there.
I thought the 2nd floor sale was a bargain for a beautiful space.

Also love 10R but was still a little rich for my blood and no outdoor space. One of the few units for the right price that may disuade my mandatory outdoor space requirement.

A fourth bedroom would change the equation, but at 3-BRs it doesn't feel like a Wall Street buyer to me -- can't walk to work, no doorman, no river or ESB view, not an exclusive neighborhood, down-at-heel lobby, and not a terribly easy commute to top-tier schools.

The "trophiness" of this apartment, if I can coin a word, is in the bones and the quality of the reno, and I think you need a "spare no expense for quality" buyer who will push the board to redo the lobby -- that's why I called it a Maserati.

ali r.
DG Neary Realty

Reno09, any interest in renting out the place?

007 - I think you're talking about my apt!! I think you'd be shocked to see how the apt looks now. We ripped every wall, ceiling, floor, stairs, kitchen, bathrooms, windows, electric, plumbing, HVAC, etc. out and started from scratch. So needless to say, we spent way more than your $500k (let's just say it's more than 2x) estimate. Oye! Doh! Crappers! You're right that the building is not so great, but the light and openness having no building directly N/S/E/W of you is really refreshing and amazing. Luckily, the building is looking to renovate the lobby and elevator at some point (I plan on leading the charge) so hopefully, curb appeal will improve in the coming years.

Ali - Thanks for your insight!

Inonada - We will live there, but probably rent it out if/when we move out of NYC (vs. selling) if I can't break even on the apt.

nada, James Franco is vacating his rental and the broker is eager is to move it if you're looking for something sweet downtown.

ali r.
DG Neary Realty

Thanks, FP. I'm still a few months away from moving. I assume they're looking for Sept?

Reno- Excellent buy and extremely good price. The top floor and the kitchen were amazing (not sure if you kept the hot-tub under the water tower). I was extremely tempted. I loved the street and the restaurants around. It is a great apartment and I do believe that it is perfect for a starting investor banker or older couples/ ceo. It will sell but if you put over 1mill into it than it will take some time. enjoy it and enjoy the neighborhood. It is at least $1100-$1300 psf penthouse. (we ended up few blocks north with the same concept, paid more than the 2 but no renovation work...)

Reno, I forgot to say, I hope you enjoy living there.

yep Sep. 1 for Franco's place --

reno, many happy meals in that kitchen.

ali

Thanks so much everyone for your well wishes!

007 - We didn't keep the hot tub. Not sure if you know the full story behind the previous owner though I'm sure you noticed the "interesting" decor and electrical work in the apt. We had the condo remove it to make sure there was no water/roof issues below. The hot tub won't be coming back (though it woulve been awesome) but we will have a small doggy pool next summer!

007 - We also redid the whole top floor, moving the kitchen to under the atrium and opening up the rest of the floor to be one large room. It all is turning out nicely... Though if there is a next time, I'd go your route and pay a little more for an apt with no/little reno. We were first time buyers and just had no idea how reno costs could add up! Let me know if you want to see pics.

Reno, I would love to see pictures. My wife was very clear about the movies shot in the apartment by the previous owner who disappeared to Costa? I even met the engineer who is the president of the condo...jb2811@gmail.com

Reno09 I am looking to renovate in a place similar to what you have though much smaller in sqft. Curious if you also put in central air and curious to see pics if you don't mind sending. Also suggestions on contractors? thanks.

Skyler - I did put in central air. Depending on the size of your apt which determines the size of your A/C unit, it can take up a bit of space - i.e., in ceilings for the air handler exchange and in maybe a closet type space for some mechanical component that I don't know the name of. You also need some outdoor space for the condensing unit. As for contractors, I have an excellent one who does really quality work, but not cheap.