Reade57

Bump.

Anyone have any insight here?

The location is not desirable

Looks like the majority of apartments are right on Broadway right by Chambers Street. Noisy.

I went there and looks like the windows are pretty good so not that noisy. Although it is east of Church the price is also lower than west of Church. What do you think the price should be? Do you think this might be a good investment?

Re: Do you think this might be a good investment?

Does anyone else wince at that question as much as I do?

Hey All - Broker here and first time chirping in on one of these forums.....not sure what info to offer...but I thought I'd dip my feet in...The investment question is a little gerneral....need specifics?? There may be better places to invest your money, depends on what your needs are. Building looks to have some appeal being that the new development product in the area for under $1.5mil is pretty dry...50 Franklin is just about sold out. However, location is not what the TriBeca buyer/renter would call ideal ...

Hope it goes rental...

1BR are 900k+ - you can probably get them for $875k+ (maybe less as I don't see it selling very well) which implies a price per sq ft of slightly less than $1,200. Is that too expensive for the area? Should this location really be more discounted vs. the nice west tribeca? thanks for the help.

I don't think it will go rental....the apartments in that building priced under $1.2mil will go fairly quick...investors will probably jump on them. They did a decent job with pricing by staying away from the $2mil and up product with their first release - that buyer prefers to be further west and probably wont jump on the property right away. After they get some investory into contract they'll start releasing more of the $2mil and up inventory - that's my guess.

Contradictory to say that investors will jump on <$1.2mil whereas you're saying it's not a ggreat investment for reasons above

Saying investors will probably scoop up the invesntory for under $1.2mil is an educated guess based upon current supply/demand for that price point downtown. Not saying its best option for you, really depends on your needs and what you're looking for. I'm sure you understand it's diffuclt to give a "good investment" stamp on a property without knowing what the investor is looking for/ what needs are. Just took a look at their updates and not surprised to see that 5 out of the 10 apartments they relased for under $1.1 are "in contract" - for whatever that's worth. As the saying goes......"an apartment is worth what someone is willing to pay for it"....in this market today investors will pay $1,200sf for a new development downtown.

sorry - learning that spell check does not exist in these chats - please excuse;-)

also, important to note that it's not always about ppsf - pricing benchmarks need to be considered as well. Which is why I point out the $1.2mil benchmark. The $800k-$1.2mil range is the sweet spot for one bedroom condo investors downtown right now.

Your view is very helpful - thanks a lot. How low do you think that kind of building in this precise area could go in case of deep recession based on your experience?

Really hard to say. I undertsnad the need to establish some sort of bottom - I guess $1,000sf ?? Too many factors to determine -

Building is a very solid construction with high end finishes. Had a walk through the units and they are very well priced for the area, and in the right school zone. Once the WTC is completed, east of Church st should continue to be developed. Due to lack of inventory in tribeca I think this is a great investment

Any updates on this building?

Yes, it is still located at Broadway at the light before Chambers.

Terrible oil smell on all back apartments coming from Chipotle vent. Open your windows and have your apartment smell like Chipotle. No thanks.

Wow, 6 apartments available to rent between $7500 and $8500.

Building has great finishes and construction is very solid. Chipotle vent has been fixed. Great light in all the units I saw and very quite. Awesome location as well. Too bad its all sold except for a 3 bedroom and a studio. Mostly owner occupied out of the 78 units (there were some units combined)

>Building has great finishes and construction is very solid.

Reading up on this building, it seems to have a history making the building next door unsafe. What's with that?

My understanding is the building is very old and as they were putting in the foundation of 57 Reade, the neighboring building's foundation started to sink and cause it to tilt. The 57 Reade developers had to reinforce the other buildings foundation and then could proceed with 57 Reade. The building next door is now safe and the owner of the building is supposed to renovate it and preserve the historical nature of it.

Hunter01 sounds like you are a broker for this place???? How did they fix the Chipotle vent? Burnt oil smell has to go somewhere, anyone who walks in front of a Chipotle understands that. Buyer beware do your due diligence and open the windows.

Chipotle smells are absolutely the worst.

Nope not a broker just looking for a condo in Tribeca. They redirected the vents so it is not going into the back but now to the south side and also had an additional filter installed. I looked at the two units that are left and both are now staged and are not sponsor units, they are resales. All sponsor units are sold or in contract now.