05/22/2011 Listed by Luxe Group at $4,995,000. http://streeteasy.com/nyc/sale/610655-coop-25-east-9th-street-greenwich-village-new-york I'm very curious what folks think of this listing and its price. I find this sort of listing hard to evaluate. On the one hand, it is an utterly ideal building in a AAA location, high floor, and a unique, appealing layout (bedrooms and family room upstairs, open... [more]
05/22/2011
Listed by Luxe Group at $4,995,000.
http://streeteasy.com/nyc/sale/610655-coop-25-east-9th-street-greenwich-village-new-york
I'm very curious what folks think of this listing and its price. I find this sort of listing hard to evaluate. On the one hand, it is an utterly ideal building in a AAA location, high floor, and a unique, appealing layout (bedrooms and family room upstairs, open living/dining and kitchen downstairs. All rooms have lovely exposures and views--there's no "back" of the apartment. It has a highly coveted market segment virtually all to itself: prewar doorman family-sized coop in the village.
OTOH, it's priced at well over $2,000 a square foot and needs a fair amount of work.
I see a listing like this going one of two ways: either someone very rich falls in love with it, thinks "screw it," and just goes for it despite the high price, or, if that doesn't happen, it will require significant price cuts to sell.
What do others think?
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Response by kylewest
over 14 years ago
Posts: 4455
Member since: Aug 2007
Well, it is a lot of money and no outdoor space. Layout is serviceable. Judging by interior furnishings I am going to guess the place hasn't been updated in a while but is better than "estate" condition. Will be hard to find squarely comparable apartments. Take a look at this one: http://streeteasy.com/nyc/sale/589571-condo-28-east-10th-street-greenwich-village-new-york The Devonshire is across the street and as desirable a building as exists down here. The unit I linked to is just renovated with all high end finishes. It costs a bit less, but monthlies are higher by quite a bit. It was sold within 18 days of listing.
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Response by inonada
over 14 years ago
Posts: 7987
Member since: Oct 2008
I like KW's listing significantly more:
1) Condo rather than coop.
2) New renovation vs. the tough point of being halfway in renovation lifetime. Spend $5M and keep as-is? Spend $1M to properly renovate, accounting for lost value during the year to renovate? Do a partial job? Maybe a $500K difference in value, but a bit in no-mans-land.
3) I'm spending $5M; $1500 a month in maintenance one way or another won't make a difference.
4) $5M and all I get is a 13 foot wide living room, and not even a corner exposure at that?
I think points 1 & 3 offset. Let's value point 2 at $500K. With just that, it's aggressively priced but plausible with a potentially generous negotiation room. The real killer, however, is point 4. The total common space is certainly there, it's just that none of it is really grand. More like the living space from 3 1BRs. OK, not that bad, but you get the point. It doesn't seem to me a renovation can work around the issue either.
The problem is that it's priced to perfection, but it's got a fundamental flaw.
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Response by sun305
over 14 years ago
Posts: 3
Member since: Oct 2010
eek ... just looked at the pricing history of the Devonshire apt ...?
09/27/2010 Previously Listed by Stribling at $2,200,000.
11/03/2010 Stribling Listing is no longer available.
03/10/2011 Listed by Stribling at $4,750,000.
03/28/2011 Listing entered contract.
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Response by inonada
over 14 years ago
Posts: 7987
Member since: Oct 2008
It's some sort of data error; click through and check out the listings.
Well, it is a lot of money and no outdoor space. Layout is serviceable. Judging by interior furnishings I am going to guess the place hasn't been updated in a while but is better than "estate" condition. Will be hard to find squarely comparable apartments. Take a look at this one: http://streeteasy.com/nyc/sale/589571-condo-28-east-10th-street-greenwich-village-new-york The Devonshire is across the street and as desirable a building as exists down here. The unit I linked to is just renovated with all high end finishes. It costs a bit less, but monthlies are higher by quite a bit. It was sold within 18 days of listing.
I like KW's listing significantly more:
1) Condo rather than coop.
2) New renovation vs. the tough point of being halfway in renovation lifetime. Spend $5M and keep as-is? Spend $1M to properly renovate, accounting for lost value during the year to renovate? Do a partial job? Maybe a $500K difference in value, but a bit in no-mans-land.
3) I'm spending $5M; $1500 a month in maintenance one way or another won't make a difference.
4) $5M and all I get is a 13 foot wide living room, and not even a corner exposure at that?
I think points 1 & 3 offset. Let's value point 2 at $500K. With just that, it's aggressively priced but plausible with a potentially generous negotiation room. The real killer, however, is point 4. The total common space is certainly there, it's just that none of it is really grand. More like the living space from 3 1BRs. OK, not that bad, but you get the point. It doesn't seem to me a renovation can work around the issue either.
The problem is that it's priced to perfection, but it's got a fundamental flaw.
eek ... just looked at the pricing history of the Devonshire apt ...?
09/27/2010 Previously Listed by Stribling at $2,200,000.
11/03/2010 Stribling Listing is no longer available.
03/10/2011 Listed by Stribling at $4,750,000.
03/28/2011 Listing entered contract.
It's some sort of data error; click through and check out the listings.