544 E 11th St

i saw this place - it seemed okay, but then i got deterred by the coop restrictions. to me such restrictions could impact my ability to resell, plus the place did not feel like 700 sq ft.

I live at 525 E. 11th Street and have seen the prices go up significantly in my building. I'm a fan of the location - it is near the Park, close to the amenities of Avenues A and B yet away from the noise of the bar crowds. I encourage you to visit Tompkins Square Park on the weekend. You will see many families who live in and love the area - a sign that others believe in its potential. There are also new high end developments on East 13th (A Building) and on East 12th (525 East 12th). So there is no question that this part is growing. By the way, this is the street that the musical Rent is based upon.

About the building, I remember looking at this very unit a couple of years ago and didn't think the quality was up to par. If it is the building I visited, I don't recall it having much character and it didn't feel solid. I think that is reflected in the price. However, it is spacious and the price gives you some room for renovations. Big fan of the location, not so sure about the unit. You should check it out to validate - you may fall in love with the property.

What are the coop restrictions you are talking about? The fact that you can live there for 2 years and rent for 3?

BillyRes, thanks for the note. I did like the location a lot, i used to live in east village.

I saw the one upstairs last year (same floorplan) and it was cute but not really 700 sq ft. The biggest issue for me is that they did not take dogs. Kitchen needed work, same with the bath. It lacked charm but location was great.

alya121, 544 East 11th St. is a homesteaded building (formerly organized squatters). I’m not saying that to put it down; they took an unwanted eyesore and made a livable home – good for them, good for the neighborhood. I mention it because if you proceed you will want your lawyer to look closely at the specific issues this may cause (if any).

Forgive me for repeating myself, as I’ve said this on a few other threads, but as a long time East Villager looking at properties in this price range, I’ve been seeing softening for average units like this (as opposed to luxury) since late ’07. This unit is essentially asking for less than the recent comp: the price is the same but it’s one floor lower in a walkup, which should be worth at the very least $20k. The comp’s finishes were terrible, so they did not factor positively into the price. There’s a smaller 1br at 507 E. 12th, also a homesteaded walkup building, that is asking a similar ppsf w/ similar maintenance. It’s been on the market for almost 7 mos.

BillyRes lives in the Fillmore, the luxury condo in the middle of the block. While I agree that he’s done very well (Serious congrats. I remember not that long ago when the building was a dilapidated parking lot with dozens of sneakers hanging from the power lines. NYPD Blue used shots of it in their montages.), I believe his building closed in ’04. He caught a high end property in the middle of the rise. Very different from buying an average property near the top.

I agree that there’s a lot to love about the neighborhood, but I’ll warn you about two things. There is a ton of bar traffic on the block, now. You have BaronA and Angels & Kings on the corner of 11th and A, 11th St bar in the middle of the block, and Boxcar, Lakeside Lounge and Life Café (did someone say Rent?) around the corner on B. While locals frequent some of them, you do get a lot of that horrible screaming-at-all-hours, puking-on-the-sidewalks college kids/bridge-and-tunnel thing. Probably worse at the Ave A corner (kids hoping to see rock stars at AK), but still a problem throughout the block.

The other thing is that the L train sucks. Not sure when you lived here, but it’s gotten much worse with the increased WB/Greenpoint/Bushwick populations.

If the building accepted dogs I’d bid low $500s and accept a counter in the mid-500s. At or near asking and I think you’re looking at depreciation in the short term and a good little while before you’ve appreciated enough to cover transaction costs.

So, going back to this place. Do you think 8' ceiling height is livable?

I currently live in the East Village- love it. Don't love the people that spill out at 4am. A bit farther north in Kips Bay will yield a better deal and calmer lifestyle.