A 300 sq ft studio for $2 million?

Maybe it's a typo for $995,000.

The plans on ACRIS show 410 ft² interior and 534 ft² exterior.

The building has several of those one-room penthouses, several larger ones duplexed into the floor below, and one duplexed into the floor above.

I know there's a premium on nyc real estate but only a total retard would pay that....

Alec Baldwin.

@NWT - $995,000 would make a lot more sense... It sounds like there was a high-end renovation done, which I could see adding $500,000 in value vs. last year's sale... But $1.5 million above last year's sale seems completely crazy. The listing has been up for a couple days now, though, so I don't think it is a mistake.

On the floor plan, the living room is 236 sf and the kitchen is 31 sf. The bathroom is about the same size as the kitchen so add another 31 sf for that, which brings you to 298 sf. I guess you could add another 30-ish for the entrance foyer and closet... So call it 330 sf. I don't see how there could be an extra 80 sf somewhere to get up to the quoted 410 sf... Maybe they are including a pro-rated amount of the building's common space... I know co-ops do that sometimes. There is no way the actual interior space is over 350 sf.

@Isle - From what I remember, Alec Baldwin's place was a bit over 350 sf... :)

Their method is to measure from the exterior side of exterior walls to the midpoint of the walls dividing the unit from other units or from hallways, etc. That must be the ~80.

NWT - floorplans on acris??

Yes, block 561, lot 1207 (e.g.) then Maps from 4/2010.

u mean the digital tax maps? sorry, confused here.

Noah,
No on this occasion, under document types "maps" it looks like they put floor dimensions as well.
But you do realize on most condos, you can go to the condo decleration on acris and dig out the unit(s) floorplans.

In this instance,page 48 of the condo declaration of 4/26.

It's also on the broker's website:
http://www.corcoran.com/images/media/ListingFloorplans/2244161.1.gif

And I disagree on a typo. Having looked at many properties with outdoor space, some sellers particularly in high end buildings treat their outdoor space as indoor space in their pricing. So seller's approach is likely "asking 2000 per sq ft" so to speak.
And as far as purchase price, likely an insider price for the architect? A broker who sold most of the buiding? etc.

thx truth/nwt, found it...we have been so focused on fixing integrity issues related to individual listing status, and making sure that is counted right, that we really didnt have use for floorplans..we have no interest in being a listing site. But it is interesting to see digital formats of sft. Ill look into further given the direction we are going with UD over the next 4-6 mths. thx

Page 48 of the Condo Declaration is just a table of the units, lot numbers, approximate ft², etc. The floor plans may be in there also, somewhere in the 155 pages, but they're generally not.

Since early 2009, the floor plans filed along with the Declaration have been on ACRIS too, as a separate document of type:Maps. They're usually more interesting than the marketing floorplans since they show all floors, how the apartments fit together, building sections so you can see floor-to-floor height, etc.

Yes sorry, meant square footage NOT floorplans!!!

ANd yes, you'll find floorplans towards the "end" of condo decs, usually more often in the smaller condo buildings, and especially full floor units. That's where Ive found them the most.

Since it sold for $439K a year ago (6/10); I would doubt any renovation could get you to a million.. on a studio!!

Maybe they figure if this small one-bedroom penthouse could get nearly $5,000,000, then may as well try for two.

http://streeteasy.com/nyc/sale/535392-condo-299-west-12th-street-west-village-new-york

Did anyone see the relative real estate pricing psf in US dollars of major cities across the globe (I think it was picked up by Curbed National yesterday). The pricing of US cities was amazingly low compared to cities outside North America. Houston was like $54 psf, while Athens was close to $1,000 (also NYC's price). Frankly I see a prime condo with superb features (major outdoor space) in a prime NYC location should be able to seek aspirational pricing no matter how small it is. On the other hand, how could Houston's fully improved urban real estate cost 1/6th of the dirt value of NYC?

"Since it sold for $439K a year ago (6/10); I would doubt any renovation could get you to a million.. on a studio!!"

A studio is a studio.

But 300 square feet of space -- literally -- is a nice-sized eat-in kitchen.

I was right on the insider price angle, but way off on the method

" A tipster writes in with some additional intel about that $2 million listing. Apparently the studio at #PHD was occupied by a rent-stabilized tenant who had been living in the unit before the Devonshire's big makeover. These tenants were given the first shot at purchasing these units, which the owner did: for $438,750. Now he's attempting a major flip (on an unrenovated unit, no less) at a 456% markup. "

http://ny.curbed.com/tags/devonshire-house

A lot of single people would rather live in 300 sf in the Prime Greenwich Village, compared to 1500 sf in Inwood. If their lifestyle changes, they can always move for more space. The rental value of that penthouse studio must be very high.

"A lot of single people would rather live in 300 sf in the Prime Greenwich Village, compared to 1500 sf in Inwood. If their lifestyle changes, they can always move for more space. The rental value of that penthouse studio must be very high."

I honestly don't know how ANY single person could possibly use a 300 square foot apartment as anything other than a pied-a-terre or a crash pad.

PMG, Houston is weird. My brother-in-law used to have a 1900 ft² 1-line on the 30-something floor at http://www.thespires.org/default.aspx/MenuItemID/104/MenuSubID/18/MenuGroup/Home.htm

Good neighborhood (for Houston) and building, but you'd want to jump out the window. It's 30 years old now, so they'll probably tear it down for something glitzier.

"I honestly don't know how ANY single person could possibly use a 300 square foot apartment as anything other than a pied-a-terre or a crash pad."

You're in Washington Heights, right?

I know a ton of single/coupled even people (past the whole 3 roomies in a 1bedroom in your mid 20's stage), who forwent a 1 BR in Yorkville/UUWS/BK/Astoria for a 400 sq foot studio in Midtown and below for convenience to work/play and less time commuting.

Yeah, I agree with hol4. I personally live in Harlem, and have lived in Fidi and HK, but know lots of people who say they would rather pay $2000 a month to share a 1 bd with two other people near FiddleStix or Automatic Slims than pay hundreds less per month to share a two bed/2bath doorman unit in Harlem or Fidi.

diablo, he lives next door.

"I know a ton of single/coupled even people (past the whole 3 roomies in a 1bedroom in your mid 20's stage), who forwent a 1 BR in Yorkville/UUWS/BK/Astoria for a 400 sq foot studio in Midtown and below for convenience to work/play and less time commuting."

We're not talking about 20-somethings still living out of a gym bag trying to shave $500 off the monthly rent.

We're talking about established people spending $2 million.

Apples and oranges.

..hence why I mentioned "past the whole 3 roomies in 1BR stage"

"established" is relative..

just as the single living in a 1 BR in Harlem may deem the studio living single who prefers to walk to work and nearby f*ckbuds as 'unestablished,' so then must someone in NJ with a car, driveway, and front lawn deem the Harlemite 'unestablished'?

your attempt to coerce everyone to move uptown into your utopia of 181st street is getting more obvious with every post.

NWT, interesting Houston condo data. Those condos are priced at $220 psf, which is a lot more than some single family homes in Houston priced around $60 psf. However, your data shows one floor plan available for sale and for lease on different floors. The offer price is less than ten times the asking annual rent.

The refugees from here must be running around saying "Everything's so cheap!"

Your Houston comment brought that old place to mind, so went to see out of curiousity. Don't know what they went for in the 1990s, but it had a fancy-for-here feel to it.

Get out of my way - I'm offering $1,700,000 - all cash.

all kidding aside - Park and 84th (not a bad area) - same basic (more or less) size penthouse, also with terrace....

$240,000

http://streeteasy.com/nyc/sale/635883-coop-103-east-84th-street-upper-east-side-new-york

And NYMagazine has an article this is the perfect time to buy a studio and/or one bedroom because prices have dropped. I don't understand it..park west village their studios are $550k.

julia
17 minutes ago
stop ignoring this person
report abuse And NYMagazine has an article this is the perfect time to buy a studio and/or one bedroom because prices have dropped. I don't understand it..park west village their studios are $550k.

"park west village"

when walmart has sales, gucci doesnt get discounted at saks right?

you want a west village apartment at a discount. but so do many many others. which makes a discount very unlikely.

oh....i'm reporting the facts don't go with the articles i keep reading.

@truth: it makes sense that the sale a year ago was not at market price... Historical average price for the building is $1700/sf, so using the generous measure of 410 sf that would be $697,000 for the indoor space. Studios usually trade at a discount on $/sf basis, but it is the top floor, so maybe those two things balance out. Value the outdoor space at $850/sf and you get a total of $1.2 mil. It's hard to see this thing as not being close to 100% overpriced...

@matson: That is an interesting comp. Monthlies for that unit are $1600 vs. $1200 for Devonshire... Overall quality of Devonshire place seems higher... Village is probably a more attractive location for many studio buyers than UES... But with all that said, is it conceivable that the Devonshire place is priced 8X higher than the place you found? For $2 mil you could buy the UES place and still have plenty of money left over for a very nice 2 (possibly even 3) bedroom...

>Isle_of_Lucy
about 15 hours ago
ignore this person
report abuse Alec Baldwin.

Isle of Lucy has it pegged right. If the new neighbor is Baldwin, that's the seller's target.

jim_hones10: you want a west village apartment at a discount. but so do many many others. which makes a discount very unlikely."

Hint: Park West Village isn't in the West Village.

inonada
about 7 hours ago jim_hones10: you want a west village apartment at a discount. but so do many many others. which makes a discount very unlikely."

Hint: Park West Village isn't in the West Village.

i don't give a shit inonada. the article started out talking about the village. and this proves my point even better, there aren't any real discounts uptown either.

Makes sense. A random civilian who has never lived in or anywhere remotely near the place know where it is, but a supposed seasoned broker has no clue. When he is educated, he doesn't give a shit.

No wonder you make the big bucks.

I was in PHD. The bathroom is not renovated and the kitchen is tacky and finished poorly. It needs a lot of work. PHD s a lovely small studio with beautiful terrace and views, however it is NOT worth over $900K I believe in slightly over paying for something good. It's absolutely absurd pricing this unit at what the list price is.

Remember this?

http://streeteasy.com/nyc/sale/492110-condo-3-east-75th-street-upper-east-side-new-york

The listing agent should be ashamed of this not renovated tiny (maid sized) quarter for 2 Mill. It's worth $900K at best. Maybe $750K...