Sale at 21 East 10th Street #12D

Central Village is at least $1200 per sq ft for a 2 bedroom pre-war apartment.

Very, very high? Seems in the right ballpark to me compared to the rest of the area & Manhattan. Clearly it was close enough to go into contract back in July. Now busted, wonder if that is a trend.

No reason to speculate so wildly. There's a perfect comp--four years ago the same apartment sold one floor down, and a low-floor unit in the same line also sold:

21 East 10th Street 11D
06/08/2007
Sale recorded for $1,850,250.

21 East 10th Street 3D
Sale recorded for $1,600,000.

These apartments were in better condition, and the market was stronger, but given that the 3rd floor unit sold for 1.6 this hardly suggests the current one is outrageously overpriced.

The apartment is somewhat difficult to compare to other units currently on the market. It is in a beautiful prewar coop (not sure why you would say it isn't beautiful) in a wonderful location on a high floor with nice views. But unlike virtually all comparable buildings in the area, there is no doorman. Hard to say how much of a haircut they will take on price for that. The apartment itself is very nice though it needs to be renovated.

The similarly sized two bedroom units for sale in the neighborhood hardly seem out of line with this asking price. Perhaps all are out of line, but have a look:

http://streeteasy.com/nyc/sale/640870-coop-33-fifth-avenue-greenwich-village-new-york
http://streeteasy.com/nyc/sale/633897-coop-33-fifth-avenue-greenwich-village-new-york

Or these
http://streeteasy.com/nyc/sale/632352-coop-61-west-9th-street-greenwich-village-new-york
http://streeteasy.com/nyc/sale/628363-coop-61-west-9th-street-greenwich-village-new-york
http://streeteasy.com/nyc/sale/627039-coop-15-west-11th-street-greenwich-village-new-york

Not to mention this is the 12th floor of the building, corner unit. Really great light and view although the apartment needs reno. I am guessing there was a board turn down here since this is back on the market after a signed contract. Currently the 4th floor (D line) is in contract (asking $200k less) which is renovated but the view and light does not compare, hence the pricier ask for the 12th floor.

Haven't seen #12D. Saw #4D with clients and given that it went into contract nearly instantly (even though the north exposure faces walls) I can see how a higher-floor unit with a north view would command a $200K premium to that.

The kitchens are smaller than I like (a remnant of the building's history...in the good ol' days, you were basically supposed to eat downstairs in the private club-like dining room). Everything else, however, is the epitome of "gracious layout" -- the bedrooms are separate, the closets are in the right place, every room has at least one window, and there's a WBFP and a foyer. (With 33 Fifth, where do you put your dining table?)

If you're having an "is that all there is" style-reaction, I'd say you're too used to being downtown. I bet there's a relo who will grab this one.

ali r.
DG Neary Realty