mystified

Really, you can sue even though you can walk in there with a ruler and figure out the size for yourself?

Wow. I wasn't aware the sun had begun to rise in the south and set in the north. But that's what the listing says, so it must be true...

On a more serious note, I've heard several similar stories in the past few months. Low-ballers getting scooped by full-ask offers. Personally, I don't think the $2.6 ask is out of all reason for this property, given the terraces and the high floor. People pay a premium for views (hello, Empire State) and decent outdoor space. From the photos the place doesn't look like it needs $200K of work, but I haven't seen it in person as you have.

Keep looking. Something better will come along.

Two years ago, when I was on the boards yelling and screaming that it was a great time to buy because there had been a 20% correction, I got pilloried. And now you're seeing the flip side of that -- New York real estate has proven itself to be still a highly desirable commodity, especially in the two- and three-bedroom segments, and especially in popular neighborhoods like the Village and the UWS.

The demand is not "inexhaustible" but it is deep.

That said, I think you've learned two things from this experience. One is to consider coming in higher if you see something you want; the second is that you really didn't want to pay $1500/sf to live on 14th Street.

I don't think that last was a bad call. Bram is right: something better WILL come along, and now you'll be primed to jump when it does.

ali r.
DG Neary Realty

Bramstar -- I would agree the listing wasn't ridiculously priced -- which is why it went as fast as it did. The broker did a good job, and the sad fact is that three-bedrooms in the village are incredibly hard to find under $3 million. But anybody who thinks the market has gone down in the last year is seriously wrong. Sideways at best (if you're a buyer). Not down.

Agreed. Some niches have even ticked up a bit.

God, that apartment still has the crappy 1960's parquet floors!

butter.

My apt has the other kind of floors that are referred to as parquet.
Nicer. Variations on the honey-colored wood slats or whatever.
I like them

The purchaser likes them a lot.

Bramstar: "north" in Manhattan is actually north-northeast. So if you are high up, you will see the rising sun coming in your north facing windows very briefly during the morning for part of the year. And you will have sunset light for moments coming into your south facing windows (which really are facing south-southwest).

Location, location, location. And GV = location. Even 14th Street.

I would also say that if the Victoria was on your list of possible purchases, then certainly it makes sense to keep an eye on 70 East 10th Street and the other white brick buildings down here. They trade at fairly comparable prices, don't they? Good luck with the search.

Kyle: 70 east 10th street trades at much higher prices and is certainly not like the Victoria . For one thing it was BUILT as a coop, not a rental, and even the 1 BR apartments are over 1,000 sf, the 2 BR's are about 1,500 sf

But there too no 3BR line of apartments, unless combos

Truth- this thread was about a 2.6m penthouse in GV (flatiron?), not about your apartment. But if the floors are the same, color not withstanding, my comment stands.

A true penthouse should command some premium, no?

Also, I suspect that the buyer of the space may be happy with it as is or with only minor modifications. Not sure I see the need for an architect, based on the floorplan, or for $200k in renovations based on the pictures.

ph: I was responding to the fact that the OP was talking about a post-war unit that traded at what appears to be about $1700+/sqft. If they are looking in that range, then 70 E 10 is an option. Personally, I think that price for a unit--any unit--at the Victoria is insanity, but the market has spoken and what I think or like matters little. It is what it is.

lad: can't base anything on photos, really. If seeing it the OP felt it needed floors, baths and kitchen, you are pretty much at $200K for a high-ish end job. You know there will be some electrical (wires to be hidden in walls for CAT V, etc), mouldings replaced/added, closets tweaked, light fixtures added/moved, etc. I wouldn't take that on without an architect if you can afford it--not worth the aggravation.

>Location, location, location. And GV = location. Even 14th Street.

NFW.

This is the wrong side of the tracks. This is a lousy location. Just because it is near a good location doesn't make it's location good.

hunter: I agree that the location, to me, is awful. But that is relative to GV as a whole and SoFi/Chelsea to the north. The location, compared to many on the east side, for example, is apparently more desirable. So while not a good location in GV, many evidently feel it is a good location for Manhattan--the proximity to great stuff and perhaps ability to say one lives in GV (bit of a lie) makes the units worth more to people than they would be were this building to be found on a non-descript block of 1st or second ave in the 50's.

>block of 1st or second ave in the 50's

If that's your basis of comparison.

>>Bramstar: "north" in Manhattan is actually north-northeast. So if you are high up, you will see the rising sun coming in your north facing windows very briefly during the morning for part of the year. And you will have sunset light for moments coming into your south facing windows (which really are facing south-southwest). <<

Yeah, but last time I looked the sun didn't rise 'over the Freedom Tower' or set over the Empire State Building...

This is a broker who had been for many years (and might still be) part of the Darren Sukenik team.

hfs...how great do you feel at this point?

nothing surprise.

those (drug) dealers or ex-CEOs can throw off millions in the toilet without blinking an eye.

that's why most people don't agree with the richest 1%

I can only assume you are talking to me, since you seem to like to talk to me (and don't you worry, I feel the same about talking to you). I feel good. Is the hfs some sort of slang you learned from your great grand kids? Fill me in ... I'm not as hip.

Hmm, I just googled 'caonima'. Now I understand your points of view.

hfs....you are the king of SE. good job, asshole.

Hey, you never told us, what was your proctologist's prognosis for you?

doesn't work.

Sorry to hear. So it will have to remain sewed shut?

Hope your urologist had better news.

And your dentis.

t

70 East 10th certainly is a wonderful building, although be warned that the board requirements are much much tougher than those at the Victoria.

ali

>70 East 10th certainly is a wonderful building

plus apartment 8N is "Loft Life"

... http://streeteasy.com/nyc/sale/603973-coop-70-east-10th-street-greenwich-village-new-york

One only need to look at the photos of the furniture fitting into a room to see that this apartment is not loft like.

But if you have Beth Chase representing you ... "Beth Chase Real Estate is one of the most client-oriented brokerages in the business" vs. the other shitty brokerage firms who apparently aren't client oriented, and if "She and her team are in constant communication" which should help get Apt 8N sold ... on the market for 208 days and priced $16K less than Apt 6N on the market for 384 days.

Interestingly, Beth Chase has her office (??) at 28 East 10th Street. Is this her residence? ACRIS shows no record of a purchase since the conversion. Maybe she's rent stabilized.

But steve said we were going to $500/psf across the board.....

hey, west67, any thoughts on this thread? or are you not posting because you have been priced off the island? flmaoz!

matsonjones, so did west67. so smart, yet so wrong. but bears will say, "just wait"

assuming your 1st offer was not your best offer and you would have paid 2.5, the difference between 2.5 and 2.6 is about $200-$300 per month on a mortgage. not that it doesn't matter, but with rates this low (in the low to mid 4s) it may make sense to buy..
PH with terraces, all going to trade at a premium, alternatively if you need to "buy it right" then keep on looking..

op wanted to "buy it cheap". a ph 3bed in gv. flmaoz

>Kyle -did you ever actually see any apartments at 70 east 10th? Or were the board requirements too onerous?

And no, I don't live,own, at 70 east 10th Street

Stock market in the toilet? Are you an idiot? The stock market is up 50%-100% since 2009. People are sitting on shittons of profits. They are also rolling in massive capital gains from selling their NYC real estate, also which is sitting on shittons of profits.

ph: why so hostile? My point is that if the OP were looking to spend the amount per square foot that they clearly considered for the above unit, and the building aesthetics were acceptable to them, then a place like Stewart House would, imo, be a step up for a lower price per sq/ft than the penthouse unit. They wouldn't get a penthouse, but they could get a pretty nice unit in a better building in a better location. Once you talk about $1500/sqft, there are a lot of possibilities down here that seem far prefereable to me (and many buyers) than the building the OP is talking about.

This place is 1700 sq ft, with 600 sq ft of outdoor space. So $1300 a sq ft if you count outdoor at half.

" and the building aesthetics were acceptable to them" . Always curious how you swallowed the "building aesthetics" of YOUR postwar coop . As the "taste arbiter" of SE whatever non- pre war building you chose to live in
must be THE acceptable one , right? LOL!
Sorry, but sometimes your "pronouncements" and judgments are just a little too much to suffer in silence.

Oh, and you didn't answer my question.

Downtownrenter: I continue to be mystified by the market as well. Not just by the depth of the buyer pool, but what they go crazy for. PH on 14th at the Victoria, who knew?

>This place is 1700 sq ft, with 600 sq ft of outdoor space. So $1300 a sq ft if you count outdoor at half.

And why would you do that?

The rule of thumb is short-sighted when considering terraces. There is no structural benefit to creating setbacks for terraces and I doubt that the consideration is FAR based for this type building and neighborhood. The builder could have saved money by building this building straight up cube-like, and, based on the short-sighted formula, would have had more valuable space to sell. Fact of the matter is, private outdoor space, well-proportioned to the inside space, is more valuable than equivalent inside space.

A thought: the incredible prices in the village, and even along the (sometimes hideous) 14th street area, help explain why Williamsburg on the L line has held up so well in terms of sales (all the predicted-to-fail buildings now selling very fast, with new projects selling incredibly quickly as well) and rentals not far below Manh. levels, helped of course by the views and attractive new waterfront. Even if one is personally not a Williamsburg fan, it would seem that the high prices in not so far away Manh. bode well for Williamsburg.

Hunter, you may be wrong re: FAR. Many 1960's buildingsor were built this way - 21 floors (they usually don't have a 13th floor) with large setback terraces on the 19th floor and setback terraces on the PH level, they also often have weird narrpe setbacks on a few other floors as well. It is such a pattern that I doubt it was due to builders' preference. Must have been some NYC code involved.

Check out Sandy Weil's penthouse.

Heck, check out any European building in the movies, that terrace or balcony, outdoor space, is always a highpoint.

Also, what about the pre-wars?

I'm the first one to point out absurdly inflated pricing, but after looking at the pictures and the floorplan, I'm afraid I'm going to have to agree with the seller here ... it really IS a $2.5 million apartment.

OP did get it right -- i can tell from the photos, despite the agent's best efforts, that the apartment is pretty ratty around the edges. Oh it's been well-kept and clean, but it's just *worn*. The '80s-era baseboard and most of the other wood trim needs to be ripped out and replaced -- done PROPERLY, this time. The bathrooms are clean and functional, but YUCK. The floors just make me want to cry. And yes, the windows are filthy and dreadful. $200K to renovate is a STARTING figure.

Still -- it's three FULL-SIZED bedrooms with two full baths and 1/2 bath. And none of the baths are in awkward locations (the powder room is located where it's SUPPOSED to be located, for guests, in the living area). There are TWO terraces ... and yes they're a tad narrow, but they're as wide as minimally necessary to be usable. There's even an eat-in kitchen (I don't know who the agent is trying to fool with calling the kitchen eating area a "den"). If you restrict your dining area to this very generous eating area, you won't necessarily have to carve out a dining "area" in the living room.

It's a great space. No architect necessary. Just a good contractor to rip EVERYTHING out and start over.

"70 East 10th certainly is a wonderful building, although be warned that the board requirements are much much tougher than those at the Victoria."

Wait.

Is this the building whose board that will quietly veto you if you're a single female??

>The floors just make me want to cry.

Go have a donut.

ph41: No. My floors are not the same as those.

This thread is also about the frustration of downtownrenter to buy while being priced-out by the pool of rich people who want to own property in Manhattan.

Those people don't care about the floors. If they like parquet floors they will be happy.
If they don't they will replace the floors.
My purchaser likes my parquet floors. They also like the other kind of parquet floors.
They also like the location, space, light, lots of closets and windows. Nothing else special about my apt. or my building.

That's good. I sold it. Only 2 people looked at it within the first week it was listed.
The first rich person went out of town and was going to return to see it again.
They never got the chance because the second person (much less rich)was there and made an offer the same day after seeing it.
The purchaser has money, is one of that pool of rich people. Will spend lots of money to reno.
Mazel, say I.

Keep looking, downtownrenter.
Don't get frustrated. Eventually you will find something you like.
When those rich people go away to play, you will be there to see it.
Rich is relative.
You are richer than some other rich people.

How tall will the New School building be across 14th street? How will that impact PHN southern View?

LOL New York's rich are not buying in the Victoria. What an absurd idea. I moved out of a large one bedroom, high floor, north facing in 1978 to move abroad, 360/month. Not relevant. The Wedgewood House is a whole lot nicer. 14th street despite it's proximity to the center of the universe, a pigsty, IMHO.

Truth- good for you - obviously priced your apartment right (though it's sort of surprising that only two people came to see a newly listed property).
When are you closing?

Nice move,gaongaon:

The rich are richer than you or I.
Or, at least willing to spend more for not great apts.

They don't care about the floor quality.
They will just rip it up and replace what they don't want/like.

There is so much more better inventory out there. That's the point.

If downtownrenter can afford 2mil+, he/she is doing O.K.; and would be considered to be "rich".

Keep looking, downtownrenter.
The "rich people" take their eye off of the ball.
Because they think they are richer than others.
They go away to play, on vacation; and expect to find the same unit still waiting for them.

ph41: Closing soon.
All good.
The richer guy lost out to the less richer guy.

Only 2 people came because it was listed on a holiday weekend (Columbus Day).

Rich= how soon can one make a decision.
That makes them richer than a richer-on-paper potential purchaser.

"Mystify, mystify me..."