Hot Market: Sale at 116 West 14th Street #7S

Is there any other condo loft in Greenwich Village at under $1,500 per sf?

30y, You can buy new high finished condos for just over 2k per sq ft. Look at 17 east 12th and 12 East 13th. In your opinion, what explains the lack of premium for the new condos? Is it just the absolute price point and high taxes?

First of all, the lowest price unit there is $8,995,000 - totally different market. Second, how is $500 a square foot more not a premium?

30y, if you renovate this apt to the same std as new construction you will spend at least 300 per sq ft and building common areas will still be old, which suggests the premium for new construction has collapsed.

What do you think the premium was before "it collapsed"?

2500 pe sq ft was the price without views

300:

1. are the East 12rth and East 13th buildings at least 50 ft wide
2. or 25 ft needle buildings

3. could make a difference
4. also, how do the amenities compare with ultra-lux new construction

5. remember that we are entering a period of high-end oversupply
that will of necessity drive price/sq.ft. down for less desirable
properties and less desirable locatioms

14th 6/7 is not a great street but you aren't living on the street. It's a perfectly convenient location. And who needs amenities when you have access to the best of the Village, Chelsea and Union Square within walking distance. In building gyms are nice, but a ClassPass with nearby access to every type of fitness. Plus the on demand economy. The owner of this place probably has assistants, or servants, or employees, delivery people etc

The 12th street and 13th st properties will cost you $150K a year in maintenance and taxes, and frankly those maintenance prices are probably too low to support long term doormen and a "concierge" in such a small building. Each unit probably needs to cough up $50K/yr just to cover 24 hr doormen.

300, I didn't ask what the price was, I asked what the PREMIUM was because that is what you were talking about collapsing.

rb, these are all fairly wide buildings with one apt per floor. any where from 37 to 50 ft, which for a single apartment is very generous width given that depth is typically 85 ft.

nyc_sport, What you say seems be the key and it seems market is finally saying that buyers are indeed looking at the value offered. Smaller buildings just can not afford to have doorman etc. Think it pushed up the taxes as well as doorman building effective rent is higher than the non-doorman building.

30y, premium for new condos was much over 50%. $1500 per sq ft for a an old condo in good condition and $2500 for a new condo without special name or views. Old condos have stayed the same or are going higher but the new condos have come down from what I thought were ridiculous prices.

I am confused. You say "these are all fairly wide buildings with one apt per floor" and 114 West 14th St clearly is not that. When I am looking at older condos in good condition I am still seeing prices well over $2,00 a sf (Like
8 East 12th Street #11 at $2,143). I think in this case you are not taking into account the negative premium for being on 14th St which has always been a factor. i remember when 7 West 14th St changes their lobby/address to 10 West 15th St which was a fairly big deal just to get away from having a 14th St address.

i guess what I am saying is that I don't think you are comparing apples to apples to come up with your conclusion. To say the premium for new construction has collapsed we really need to see some examples of comparable units where there used to be a big premium for the newly construction one's and more comparables now where that has disappeared.

I love the photo for 114 West 14th: http://streeteasy.com/building/112-west-14-street-new_york