7 E 14th 1BR Coop - need advice

chick,
there's like 7 1 bds for sale (& lots for rent) in that blg. IMO, think it's worthwhile to join streeteasy for $10 per mo & study all the info.
IMO, I get a whiff of desperation from the place & in general, I think prices will go lower.
Thus, IMO, don't pull trigger yet.

I looked at several apartments there last year. I liked the building but felt the $1000+ sq ft asking prices were too high. Apartment #1111 1BR 1Bath recently sold at $873 per sq ft. Make a lowball offer, or wait for prices to come down.

I like the Victoria, and have placed happy rental clients there -- since there are so many 1-BRs there, price I would pay would depend on views.

ali r.
DG Neary Realty

Priced at $1,000/ft does seem on the high side, but the sponsor apartments coming on line for sale have the advantage of "no board approval" and that seems to add something of a premium to a "normal" price.

Hi, I've been in several of these 1 br's and from my perspective, the sf's are grossly overrated.

what is a good price per sq ft in this area? also what do you think about the resale value on 14th street?

ph41, we don't know OP's situation, but probably paying to skip the board process is a waste in the case of a 1-BR --- we are most likely looking at a first-time buyer whose finances are not that complicated, and who would rather take longer to get a lower price on a non-sponsor unit. The exception would be if the sponsor units come with long-term special subletting rights, which I'm not sure is the case in this building.

flikchik -- 14th street will probably always sell at a discount to neighboring streets because it's so big and busy -- you will pay less when you buy, and recoup less when you sell.

ali r.
DG Neary Realty

ali,

you are correct - we are first time buyers with clean financials. I have been looking through some listings for conds in nearby areas and find them cheaper per sq ft than listings in this coop. what is the discount of a coop vs. condo in nyc?

While determining what you believe to be a fair price, be careful in selection of comparable sales. Prices "in this area" may be very deceiving. Within blocks in any direction are various coveted enclaves and some of the move desirous properties in NYC. More accurate for your purposes are the buildings along 14th Street--which is decidedly less desirous than virtually any surrounding blocks. Prices should be significantlly lower along 14th Street given its absense of any charm, high traffic levels and noise. I would say that of critical importance for any purchase here would be protected views and light--that is what would distinguish any given 1-bdrm in the building from another. A third floor unit would be very much less appealing than a unit near the top. You want to be away from the traffic and noise to the extent possible and have some type of views with excellent light. Even so, I do not see why the price should be over $1000/sq.ft. in this building. I don't see that as a good buy in this market when there are other post-war buildings on nicer side streets that certainly cost no more than the price you site.

Also, as another poster suggests, DO YOUR OWN MEASUREMENTS. That actual square footage may be even less than you think and the price per sq/ft may be higher than you think.

awesome info kylewest! will do the measurements - have some floorplans handy. the apt does look very small compared to size...they say 625 sq ft.

also how do i know that the views will stay protected? what is to prevent some guy to build something higher to obstruct views?

you need to look at who owns the air rights for the surrounding buildings around you.

flikchik -- co-op to condo discount should be on the order of 15 to 20%. It's a little tough to be exact, partly because a 650 sq. foot co-op is going to feel a lot bigger than a 650 sq. ft. condo.

There are a couple of reasons for that -- the largest being that condo measurements often include the unit's percentage of common space, so a 650 sq. foot condo might include 75 feet of lobby.

As far as making sure the views will stay protected, part of your attorney's job is to check the zoning of nearby buildings to let you know that.

ali r.
DG Neary Realty

You can get a very general guage of the price differencial between coops and condos from the Miller/Sam Quarterly reports.
Ali is dead on as last quarter, there was a spread of 17%. Condos ($1134 per sq ft) Coops ($943 per sq ft)
http://www.millersamuel.com/reports/pdf-reports/MMO2Q10.pdf

You can get previous quartely figures as well by changing the "MM02Q10" section of the web address.
For example 4th quarter 2009 would be "MM04Q09"

Hi Flikchik,

I lived in the Victoria for almost 9 years. Pricing for apartments in the Victoria varies greatly, as there are many different layouts, views, levels of sun for 1 BRs. Kylewest and ChrisT have some good points, but I would definitely try to take a look at everything that is currently listed for comparison's sake.

For the sake of disclosure, I will be working with a broker in that area in September, but would be happy to give you some free advice until then.

Feel to give me a call if you have any questions - 917.861.6208.

thanks crg - will call tomorrow...
appreciate your help

Great - leave a message and a good time to call back if you don't catch me...