The Greenwich Lane

useless sales person there, her name is donna. never responds to calls or emails.

$3,450,000 for a 1BR with over $4K/month in CC/Taxes sounds like a deal to me!

http://streeteasy.com/nyc/sale/1047251-condo-160-west-12th-street-greenwich-village-new-york

Re: $3,450,000 for a 1BR with over $4K/month in CC/Taxes sounds like a deal to me!

and more like 850sf. so $4000psf

Ha. You guys are misinformed. One bedrooms are starting at $8.2m. Monthly expenses of $5k per month. By the time they're built the market will have already turned. I think there is a 1500sf two bedroom available for $15m.

http://www.nytimes.com/2013/10/27/realestate/where-st-vincents-once-stood.html

It's been weeks and still no signs of "contract signed" on any listing. Wonder if the developer is getting contracts back late, or none at all?

Last time I walked by (last week), it was one big construction site. Is there anything to sign a contract for? It looks like it's a minimum of a year before it's even close to being ready for occupancy.

Went to the show room. It's $3,000 and up per sqft. Move in is mid 2016. Beautiful units, but I think the early marketing just points to the developer' sown nervousness about the market over the next 2-3 years...

I looked at the floor plan for the 1 bedroom and indeed the 1166 square foot isn't within 500 ft of the measured outer dimensions. But that got me to thinking. A place thats much larger on the inside than outer dimensions would suggest. A place thats extremely valuable. A place that doesn't exist now but will in the future. Then it dawned on me. Its not an apartment, its a Tardis.

15 CPW costs more PSF

Guywithcat, why would you compare Greenwich Lane and 15 CPW? They seem very different to me.

Seems like they have a lot of listings in contract now.

@harlembuyer

I looked at the floor plan and the square footage doesn't look off, at least with the ;little info one has from the floor plan. I am not saying it is a good deal.
Occupancy by mid 2016... with the delays.. it means one won't move in before 2017. We will have a new mayor, a new president, your financial situation might change... Sounds very risky.
I still don't get what people don't do the renovations themselves, at least you oay for what you really want and like, not what the developer chose.

Tourist, Many people do indeed renovate themselves but common areas and facilities are harder to change. In addition, for some people, the headache of renovation and having to make many choices along the way is probabbly worth a lot of money. That said, these elements in my opinion do not justify the new condo premium.

@ Tourist. You make a great point about timing and cost. $3500 a sf something that in theory, could be worth $2k or less a sf in 30 months is extremely risky. The reason I say $2k is due to that previously being a high water mark for luxury development. In 2006 and 2007, $2k a sf was top end for the ultra luxury downtown market and I consider that a support point for inventory of this type. I don't see these trading for less going forward, but at no point do I see a $3500 a sf 2bdrm reselling for $4200 a sf, which is really what needs to happen to break even. I can't possibly wrap my head around a 1500 sf 2bdrm reselling for north of $6mm. We needs to be considered, however, is that 95% of the buyers dropping deposits have the type of wealth that they can just walk from $250k-$500k down payments. It's likely that the average buyer of this development likely has assets of $10-$15mm minimum, so a $500k placeholder/hit really isn't too bad. I wouldn't be terribly surprised if upwards of 25%-30% of "in contract" buyers don't actually close on their deals. This development would have been far better off being out of the ground mid 2011 and having closings for 2014. These are not One57 $100mm or billionaire buyers -- at least for the most part, I imagine. The likelihood the profile buyer for this development, including 150 Charles, will have profoundly different financial profiles 3 years from now is actually pretty high. 5% of them will probably be flat broke in a couple years. I'll revert back to my perfect storm theory that I expressed in an earlier post on here months ago. It's still in the oven baking...

P.S. Not knocking the development. It's an outstanding location and it appears to be gorgeous. I just can't wrap my head around the math involved.