I was in town over the weekend and was finally able to go see Unit 1C in this building. I also saw its neighbor across the hall in 1D, which appears to have just gone on the market last week. These two units were nothing less than stunning. Both are must see units. Overall, 1D was the winner, but only by a small margin. 1D's layout was nicer and it felt much roomier (it is much bigger), but 1C's... [more]
I was in town over the weekend and was finally able to go see Unit 1C in this building. I also saw its neighbor across the hall in 1D, which appears to have just gone on the market last week. These two units were nothing less than stunning. Both are must see units. Overall, 1D was the winner, but only by a small margin. 1D's layout was nicer and it felt much roomier (it is much bigger), but 1C's finishes were much nicer (floors, bathrooms, cabinets, etc.), and 1D faces a brick wall and seemed very dark, whereas 1C faced south to the street and seemed very bright. As for price, at $1.495m, 1C seems very well priced. 1D, at $1.75m, actually seemed very underpriced. I think it is probably worth 150k-250k more. I'm not sure what the seller is thinking there? My guess is the seller is hoping to start a bidding war and that this will ultimately close a fair amount above ask. That's not for me, but someone will ultimately get a beautiful unit, even if they pay up for it. In the end, I don't think either of these units are going to be on the market very long. The last thing I'll note is that, if you like luxurious bathrooms, you MUST go see 1C. The master bathroom there was like nothing I've ever seen in Manhattan before (at least not under the $2-3m+ mark).
Did anyone else see these units? I'm interested in other people's opinions on them.
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Response by yikes
over 13 years ago
Posts: 1016
Member since: Mar 2012
broker shill alert!!
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Response by mikewalkerman
over 13 years ago
Posts: 25
Member since: Apr 2012
I am not a broker - just passing along some info in two nice units I saw at open houses over the weekend. Didn't know that was a crime.
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Response by ab_11218
over 13 years ago
Posts: 2017
Member since: May 2009
so a huge 1 br unit that faces brick walls on the 1st/2nd floor with nice reno should go for over $1.75???? another unit that people can look into on the first/second floor should go for $1.5?
there are HUGE discounts of living on the first floor and these units, no matter how nice, are not taking that into consideration with their pricing.
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Response by realtime
over 13 years ago
Posts: 108
Member since: Feb 2011
Mike- thanks for the review.what's the ceiling height in the bedroom? it seems like the space was bought for approx 830K 2 years ago and therefore the renovations must have been very expensive.
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Response by HK306
over 13 years ago
Posts: 62
Member since: Oct 2009
You'll have to forgive us for thinking you were a broker -- after all, it's not too often you see someone who claims to (a) be in contract on an apartment (in another recent post of yours), yet (b) going to open houses.
Moreover, you don't see too many people claiming that a $1.75m "two-bedroom" studio is "very underpriced." (Seriously, how is that two bedrooms? One "bedroom" has only an internal window, and the other is completely open to the living room. That's a big studio, to be sure, but...that's still a studio.)
I do agree with you on the bathroom, though -- that's a nice bathroom. Not a $2 million dollar bathroom, but...a nice bathroom.
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Response by mikewalkerman
over 13 years ago
Posts: 25
Member since: Apr 2012
ab_ you could be right, but I have been buying investment properties in NYC sucessfully for several years and I have to disagree. Although you are 100% correct that a huge discount is required to move a 1st floor unit, I think the discount has already been built in to these. 1C could probably be a little lower, but I dont think much (maybe 5%). 1D is underpriced, no question. Due to their size, location (location, location), and quality renovations, I think these same units on the second/third floor or higher would be significantly more expensive (I guess 1.60m for 1C, 2.0m-2.1m for 1D). As for people walking by looking into 1C, only possible if they are taller than 7'
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Response by truthskr10
over 13 years ago
Posts: 4088
Member since: Jul 2009
I thought this address was familiar. A lot of weird history for some of the units.
Found 2 threads addressing some of it.
realtime - I dont remember the specs on ceiling height. Felt like 7-8'. Based on few pictures from old SE listings of 1D though, it must have been a full gut renovation - probably extremely expensive, from the looks of it.
HK306 - Thanks. Re-reading my post, I certainly understand that. I just dont know why these discussion boards always have to focus on the negatives. I just wanted to pass along some info on two nice listings I saw this weekend. I am in contract on another property, but I am an investor, so I'm always looking (when in town). Also, the bathroom I was talking about is in 1C, the 1.495m listing. So yes, I agree, it is very nice, but not $2m nice. $1.495m nice, I think so (or pretty close).
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Response by mikewalkerman
over 13 years ago
Posts: 25
Member since: Apr 2012
truthskr - thanks for these. I hadn't seen them. the discussion is interesting, but I certainly wouldn't discount the building because of some possible issues a couple years ago. If someone is interested, they should certainly do thier homework. Hopefully whatever was going on has been resolved and if not, it would certainly come out in the course of regular diligence.
broker shill alert!!
I am not a broker - just passing along some info in two nice units I saw at open houses over the weekend. Didn't know that was a crime.
so a huge 1 br unit that faces brick walls on the 1st/2nd floor with nice reno should go for over $1.75???? another unit that people can look into on the first/second floor should go for $1.5?
there are HUGE discounts of living on the first floor and these units, no matter how nice, are not taking that into consideration with their pricing.
Mike- thanks for the review.what's the ceiling height in the bedroom? it seems like the space was bought for approx 830K 2 years ago and therefore the renovations must have been very expensive.
You'll have to forgive us for thinking you were a broker -- after all, it's not too often you see someone who claims to (a) be in contract on an apartment (in another recent post of yours), yet (b) going to open houses.
Moreover, you don't see too many people claiming that a $1.75m "two-bedroom" studio is "very underpriced." (Seriously, how is that two bedrooms? One "bedroom" has only an internal window, and the other is completely open to the living room. That's a big studio, to be sure, but...that's still a studio.)
I do agree with you on the bathroom, though -- that's a nice bathroom. Not a $2 million dollar bathroom, but...a nice bathroom.
ab_ you could be right, but I have been buying investment properties in NYC sucessfully for several years and I have to disagree. Although you are 100% correct that a huge discount is required to move a 1st floor unit, I think the discount has already been built in to these. 1C could probably be a little lower, but I dont think much (maybe 5%). 1D is underpriced, no question. Due to their size, location (location, location), and quality renovations, I think these same units on the second/third floor or higher would be significantly more expensive (I guess 1.60m for 1C, 2.0m-2.1m for 1D). As for people walking by looking into 1C, only possible if they are taller than 7'
I thought this address was familiar. A lot of weird history for some of the units.
Found 2 threads addressing some of it.
http://streeteasy.com/nyc/talk/discussion/15096-251-west-19th-3
http://streeteasy.com/nyc/talk/discussion/7613-if-you-can-demonstrate-market-movement-with-comps-downtown-edition?page=4
realtime - I dont remember the specs on ceiling height. Felt like 7-8'. Based on few pictures from old SE listings of 1D though, it must have been a full gut renovation - probably extremely expensive, from the looks of it.
HK306 - Thanks. Re-reading my post, I certainly understand that. I just dont know why these discussion boards always have to focus on the negatives. I just wanted to pass along some info on two nice listings I saw this weekend. I am in contract on another property, but I am an investor, so I'm always looking (when in town). Also, the bathroom I was talking about is in 1C, the 1.495m listing. So yes, I agree, it is very nice, but not $2m nice. $1.495m nice, I think so (or pretty close).
truthskr - thanks for these. I hadn't seen them. the discussion is interesting, but I certainly wouldn't discount the building because of some possible issues a couple years ago. If someone is interested, they should certainly do thier homework. Hopefully whatever was going on has been resolved and if not, it would certainly come out in the course of regular diligence.