Sale at 88 Bleecker Street #1PR

Rusty, no one has to tell you what the compromises are here: they are fairly obvious. Staring at brick walls can get pretty depressing. And to be right above a VERY busy section of B'Way mean noise. A lot of noise if you are only on the 2nd floor. On the plus side, you do get a lot of space and if you are set on living in this area, you aren't going to find many 3 bedrooms in GV at this price point. We'll return to that in a moment.

NYU? I don't think that's a problem for a family. I live just north of Wash. Sq. which is a bit different, but the presense of NYU students is a welcome injection of youthful energy into the cityscape from my viewpoint. I love the students. They hardly dominate since there is a city all around them that isn't NYU, but they add greatly to the area's mix.

The price... Look at the building. You are considering what appears to be the most expensive unit (with the highest maintenance fees) for sale in the building in recent years. That is never a good thing. Plus this one comes with permanent negatives. Resale is going to be tough as indicated by the number of days this is already listed. And even with price reduction 6 weeks ago the unit still hasn't sold.

If the serious comprommises and difficulty of resale are acceptable to you, I would only move ahead if the place could be had at a price that clearly reflected significant discounts for all the negatives. And with such a stale listing, the buyer just might be motivated to consider offers that would have been rejected out of hand as too low just 4 months ago.

I went to the first open house for this place and chose not to pursue it in part because of the cons mentioned above (although the back windows facing another building didn't bother me that much), but more for a few other reasons:
-the renovation is stale and imo a bit cheesy. in addition, much of the square footage is not really useable with the current layout, i.e. the massive foyer with odd storage bar in the middle.
-as a small family, you would probably be the only person in the building with kids. might be ok for you but spend a little time in and around the building and it didn't feel family to me.

on the other hand, if you like the neighborhhood and for the right price, it could be a good find. by the way, ask about the waiting list for the parking in the building. I think it is quite long.

At what price point would you think this would be a reasonable sale?

Even at the top of the market, this floor never got above $800/sf, this unit is what, 1,400sf?
Add in the high maintenance because it's a combo, the weaker market, I don't think the seller can get above $1M. Maybe $950-980K if they're lucky.