Long term affect for prices in the West Village

Interesting that you can get a condo in the Village / West Village for $1K psf at 175 W 12.

Closer to $1100 psf. The sponsor owns 1/3 of the units so some lenders have trouble lending because of this. I believe this is the main reason prices are not higher. The common charges are quite low for a doorman building.

So in 1987, you are a rent regulated tenant and the building converts. Fast forward to 2012. Would you have been better off renting at the rent regulated rates, or buying?

no thoughts?

http://grammar.quickanddirtytips.com/affect-versus-effect.aspx

Wanted to see if any new additional thoughts. The Rudin project seems to de doing extremely well. The current listing in the 175 West 12th are on sale for a much higher psf then ever. Will this continue?

At least another year. The building will remain at a discount as it is 60s construction.

Of course it will be a discount to the Rudine buildings, but given the location and the transformation of the area, does 175 West 12 have the ability to creep into 1700-2000 psf? Just trying to see if it is dumb to sell now or hold for a few more years.

Probably will go up further, especially after Rudin building
is finished and the neighborhoods adjusts to it

I would not sell unless you had a great investment opportunity elsewhere.

Prices have started to climb up in that building. It will continue as the St. Vincents project comes to completion.