Sale at 67 E 11th Street #701

i looked at this building in the 80's--could have been beautiful, but rockrose completely hacked the spaces trying to max $$--awful, cramped

sorry consig

Appreciate it Yikes. So not a fan of the bldg.

The terrace looks great but the maintenance seems a bit high.

Also 714 seems to be very similar without the renovations but was listed (and eventually sold) for 270K less. The funny thing is the maintenance on 714 is higher than 701,

I'm not a fan of a chain link fence separating my terrace from that of my neighbor. Looking at the satellite view of the building, this unit has the advantage of being on the end of the row of terraces, but still not ideal.

There's also the negative of having to walk upstairs and through the bedroom to get to the terrace.

The odd shape also limits the utility of the space, which is a criticism that applies to the living room as well.

I'd take a long, hard look at what comps look like for a 1br/1ba in that building and neighborhood. The terrace obviously has some value, but it feels like it's worth about 25% of an interior square foot at most. My concern would be that other buyers would either save the cash and forego the terrace, or spend a bit more and get a 2br/2ba.

Unrelated note: How does the Department of Buildings allow a staircase like that without a railing? Or even a handrail on the wall? Isn't the owner afraid of a guest having a few too many cocktails on the terrace and missing a step?

Flarf,

I think 714 seems to be better value and more usable space (like you mention about 701 and 25% etc.). There the same floor so it's interesting to see the huge disparity in price.

The price and maintenance of both of those 7th-floor units seem very high compared to this 6th floor unit which is under $700 per square foot and has a low maintenance to match:

http://streeteasy.com/nyc/sale/383816-coop-67-east-11th-street-greenwich-village-new-york

Great neighborhood and what looks like a great historic building -- but my choice would be this more economical one.

Triple, that one is a studio and that would probably explain the low maintenance.

Looking at some of the other listings in this building sparked my memory -- I actually saw one on the seventh floor that was for sale last year.

Three things really stuck in my craw: the chain link fencing between the terraces (the one I saw was in the middle section, so you got it on both sides), the low ceilings in the apartments, and the incredibly long waits for an elevator. I seem to remember there only being two elevators, which seemed very low for the number of floors and units per floor, but maybe there were others that I didn't see.

This is a good building if you want a loft, but you can't afford one. It's a gorgeous cast iron structure that was "hacked" to pieces as Yikes mentioned.

This apartment seems very expensive. It's an odd layout in the top floor additions that have none of the charm of the lower floors (high ceilings, arched windows etc.). The terrace is nice, but probably gets little light.

Just curious, what would you pay for this apartment with this maintenance etc.?

No more than $800k. I think the maintenance actually seems low for that building...

Keep in mind that some units in this building have lofted "bedrooms" with ceilings less than 6' tall, with downstairs ceilings that are barely above 6'. If it looks like a "deal," check the ceiling height.

I actually think 701's floorplan is fairly functional. There are a number of things I don't like, aesthetically -- you enter through the kitchen, have to walk through the bedroom to get to the terrace, there aren't many closets, and the only bathroom is downstairs (going down those stairs to pee at night will be fun!). But there's not a lot of wasted space, and even the smallish, odd-sized living room can fit a decent amount of furniture.

A one-bedroom with sunny, large terrace under $1mm in a prime neighborhood will get lookers. Whether any will take the plunge is another story..... The chain link fence can be fixed/covered so easily, it's a non-issue. Given the two terraces, the maintenance is not bad. I've seen worse in walk-ups.

Lad,

The ceilings on both floors look pretty good (well above 6 feet). I think the sellers did a lot of custom stuff to the bedroom so it is difficult to know how much usable space is available.

I think this one is priced quite low, from what I have seen in that neighborhood. I've seen A LOT of apartments in the recent months, and, if the square footage is correct and the finishes are as nice as they seem, I would have probably expected pricing in the $1.05M to $1.1M range. I am surprised by some of the comments about high maintenance because, for an 800 SF 1BR in a desirable neighborhood, $1,500 is pretty much normative. In fact, I actually find the maintenance shockingly low, given the huge outdoor space! Usually, such a large terrace would translate into unaffordably high monthlies.

While I understand that buster2056 is merely trying to make a point, $800k would be unrealistic in that neighborhood these days, unfortunately, even if it were unrenovated...in a tenement...

Clinton,

Ignoring the part of the maintenance, 714 sold for under 675K and it's also a 1BR on the floor. It has only one big terrace and the apartment is not cut to a point so it has more usable space.

Also, it's tough to see what the renovations were in the bedroom to tell if there worth anything.

Just for kicks, a 2BR sold for under 790K last year. The master BR is on the same floor as the bathroom.

http://streeteasy.com/nyc/sale/559801-coop-67-east-11th-street-greenwich-village-new-york

So the owner is selling this on their own. I bet 49 out of 50 calls they get are from RE sales people. Better yet it's probability more like 99 out of each 100 calls. What are the odds they'll list with a RE sales rep and ultimately drop their price?

Consigliere, I agree that the ceiling height looks OK in this listing. Just pointing out it's difficult to compare units in this building on a per square foot basis since the lower floors don't have full height lofts. (I think the unit we saw with the midget loft was on the 5th floor -- not sure if the 6th has full height or not).

The other listings look like gut jobs where new everything is needed -- kitchen, bath, floors, drywall, everything. Hard to compare to a fully renovated listing. I'd be surprised if this one trades too much below $900k. There isn't a lot of comparable inventory of the size with a large, sunny terrace.

Renterjoey,

The guy posted a real direct post listed by Doug Perlson.

http://www.realdirect.com/property/67-east-11th-street-701-new-york-ny-10003/592502535

In my opinion, I don't know how eager he is to sell.