Sale at 124 East 10th Street

Haven't seen it, but just look at the floorplans and you can see why it's not selling anywhere near that price. It's a very shallow building, therefore, tiny (note, no dimensions on the plans) and just look at the current layouts of each of the floors. Someone will have to put in heavy money to bring that back.

Too small to be useful as the stair take up 1/5 of square footage. Who wants to walk 4 floor to go to bed.

And who wants to be on the 5th floor and go looking for a bathroom in the middle of the night?

yes, true. so what is the market clearing price on this one?

it's a fantastic location--perhaps the most beautiful block in the east village. and there is a lot of space. but the layout could hardly be worse. so this is a tough one. i could see someone buying it for $2.6.

I have been in the house, it's quite beautiful...if this is your thing. I like vintage Alpha Romeos/Porsche's (912's), not many do as they tend to be quite impractical, but it's a love affair for those that do, greasy fingers every weekend! This is a piece of art, more than a "house" on a great block and yes very impractical for most,it will require a "collector" to purchase it(collectors fall in love with impractical things.). No matter what you do, it will never be practical. I agree the price needs adjustment, but the buyer wont care about the smallish rooms or walking to the bathroom at 2am. They will come home each night, sigh and embrace the splendor of their home. Love as they say is blind.

Keith Burkhardt (broker/grease monkey)

http://www.nyc-architecture.com/LES/LES022.htm

My wife and I have seen it twice. The analysis here is basically correct -- it's six small floors which would work best as one room per floor. It needs a lot of work, a near-complete renovation, probably $400,000-$500,000. And after that you'll be left with about 2700 useable square feet, because the floorplan is so narrow that the stairs take up a significant part of the footprint.

The backyard space is essentially useless -- it's no more than 10 feet deep. Worse, all the back windows stare at a building less than 20 feet away, because the building is at the angled corner of the right triangle created by Stuyvesant St., 10th St., and 3rd Ave.

Put it all together and I think this clears somewhere in the $2.5-$2.6 range. We talked about making that kind of bid but decided that even if they'd take it we wouldn't want it -- the layout is no good for little kids, much less infants.

In general, the $3-million plus townhouse market in the East Village is not happening. Just look at how long the properties have been sitting. The sellers simply don't want to recognize the reality that the lack of a decent public school in the EV makes the properties much less desirable to the most logical buyers, families with kids.

It's basically a 6 room apartment arranged vertically, equivalent to a 2,400 sf flat.
It's located on my very favorite block in the city, but this lot is so shallow! I totally love it, because I love tree houses and weirdness. I think they would be lucky to get $2.5M.

BTW -- this went into contract a couple days ago with no further price cuts. Be interesting to see where it prints. But I'm guessing it'll be over $3MM for sure. As usual, we on SE were too pessimistic about pricing. Somebody saw a historic six-story townhouse on a nice block and ignored all the negatives, real as they are, and took the plunge.

The trolls can complain that the market "has to" go down (and believe me, I wish it would), but like Bill Parcells says, you are what your record says you are. And the market is what it is. Plenty of people are happy to buy at these prices.