5 Harrison

we went to the open house 15 minutes before the end .. more than 25 names on the list! the apartment is in move-in condition, 3 real bedrooms. the broker told us the owner lives on the floor below, he's renting this one and want to sell now. the price is pretty good for Tribeca. the bus stop is just in front of the building, the penthouse is for sale as well.

Bedrooms good size but very small living area.

I remember visiting a property in this building when my best friend was looking late 2001 early 2002 after 9/11 (he bought at 639 Hudson instead). I recall the property being very warm, well proportioned and inviting. Great location. It seems reasonably priced. I think this place will sell.

thanks for the responses. I did not actually see the property in person so my opinion is relying solely on the brokers pics and floorplan. I agree the living space does appear a bit tight especially for 3 full bedrooms. Does the building have a virtual doorman? I don't intend to turn this into a discussion on the state of the NYC RE mkt, but as for pricing it does seem reasonably priced assuming this is Spring 2007. Although it has only been 6 months since this credit situation unfolded there is no denying that things have changed significantly. Job losses and mortgage rates will inevitably hinder the market. And in my opinion the Europeans are behind the US so as their economy begins to falter (or they finally acknowledge reality) their "underlying bid" will disappear. Fortunately for them they will still make out if they decide to sell given the EUR appreciation. $1,400/sq ft does seem reasonably if you look at the few properties that actually sold for $1,600+/sq ft. I do not know the figures but I have to assume the percent of properties that sold in that upper range is quite insignificant so using 1 or 2 "comps" as the base case is just unrealistic in my opinion. If this were May 2007 this place would have sold for 10% above current ask in a bidding war. But times are different. For all I know this place could be undergoing a bidding war as I speak. My hat is off to the broker for not stretching the price and making a very good attempt of moving this property. This is probably the most reasonably priced property I have seen in a while in terms of location, size, amenities and quality. In my opinion keep an eye on this one b/c if this does not move or needs a price adjustment lower it will be a true tell tale sign of what is to come of NYC real estate.

Still on the market I see...

Because it's not worth the asking price. Price needs to be cut 10-15%. I've seen it and the living area (excl bdrms) is very small for $2.5mm apt.

looks like it got sold. Maybe buyer huge Kevin Spacey fan (he owns the PH).

The one that is for sale?

http://curbed.com/archives/2008/04/28/celebrity_real_estate_wrap_kevin_spacey_is_shy_edgar_bronfman_is_not.php