Real estate in West Village?

It really isn't out of whack. First, it is a supposedly 400 sq ft tiny, ground floor apartment being offered for about $825/sqft. Frankly, it may be less space since square footage is almost always exaggerated; thus the price per sq ft is likely higher. Now, look at apt 4B which sold in the building a year ago for $350,000. A very general rule of thumb is that each floor you go up adds $10K to the value of an apartment in the same line. Here, 4B is 3 floors higher which using this formula place the value of 1B at about $320,000. However, ground floor units typically get discounted even further because of lack of light/privacy/proximity to alleys and sidewalk and garbage storage and noise from lobby and street, etc. Using 4B as the comp and without knowing exactly how the ground floor concerns play out for 1B, I'd guess that it sells for around $300K +/-.

Here's how the sponsor divvied up the line's shares back in 1986:

1B 480
2B 493 +2.7%
3B 500 +1.4%
4B 508 +1.6%
5B 515 +1.4%

That allocation really mattered back then, but not so much now except as it impacts maintenance. If the sponsor was pricing them today, and 350 for 4B was market, then 331 for 1B.

agreed with KW. Dont discount the affect a ground floor has on a units resale price. There is not a lot of buy side depth out there that will pay up for these types of units..most common concerns are: security, noise, dust, lack of privacy, etc..

KW is also right that you should look in the building for a comps analysis to see where 1B may trade in todays market! Brokers often make this mistake when you have great in bldg comps to look at and analyze. This is a great example.

4B, is the same line, same size/layout, same exposures, etc..just adjust for 3 floors higher. Id up the general rule of 10k per floor a tad, since its a first floor unit as KW points out. 15k per floor or so sounds right - Id say 300k-310k or so it gets. Curious to see.

Also, market seems to be right at where we were in late 2010 when 4B was likely signed to contract. Market peaked in mid 2011 and we have slowed since..

If you want to see how WVill, <$1M, 1BTH, Co-op market is doing right now, here is an example of what urbandigs.com has for this area's pending sales (green line) vs active supply (red line) trends over the last 2 years:

http://urbandigs.com/chart.php?k=ab69d92cc33772bc988f956a64524de7