Sale at 15 West 12th Street #9FG

Awkward layout and high maintenance

No view, no privacy, and tub tile that looks like was installed by a 6 yr old (it's that rustic rough edged stuff that will have larger grout lines, but I've seen much better)

Location is hard to beat. It is post war building. In my view, the price is very attractive. Maintenance, while a little high, is not too far out of line with say expected low 2k per month. Typical maintenance is now $2+ sq ft for a doorman coop primarily due to increasing taxes.

Also, the unit was just bought/sold three months ago. So why are new owners putting it back on the market? That seems important to me, because they are selling at a loss after transaction costs and broker's fees.

I looked at the previous listing. It new one looks virtually staged. Still, it does seem priced right. Any idea why new owners taking a loss?

Could be DIVORCE?

Or a company relocation. In that case, the company may pay for all broker's fees and transaction costs.

All of these north-of-12th-st buildings are zoned for a different school (PS340). On the south side, it's zoned for PS41, an established school. PS340 is a new school with nice facilities but no track record, so it's one consideration that will affect the price.

A large part of Greenwich Lane is zoned for PS340 and it hasn't affected their prices. In addtion, the new school is also zoned for Flatiron residents.

Which part? From what I see on streeteasy, all of the addresses are south of 12th St. https://streeteasy.com/complex/the-greenwich-lane

People in Greenwich lane will be private school but believe it is for PS41. PS340 is supposedly very good. Do not think any low income housing is zoned for that school, which in most cases proves a drag on the school.

It appears the sellers are seniors, so I doubt any of the above speculated reasons explain the flip. The frequency with which this place has turned over, each at seemingly low $/ft, suggests that someone else is amiss here. There also seems to be fairly inconsistent pricing among units in this building. Are some units losing windows to construction?

Firedragon, if you look at the new zoning map for PS41, all 12th Street bldgs between 6th and 7th Ave where a large part of Greenwich Lane is located, are not zoned for PS41.
#9FG faces the courtyard so it will always be priced a bit lower. Perhaps the seniors have to sell due to health reasons.

http://schools.nyc.gov/NR/rdonlyres/E37513DA-9A01-4374-A141-6C8D40A7C283/0/ProposalMap.pdf

Oh wow, nice to know! Now I remember getting surprised by 100 W 12th not in PS41 zone. But I didn't realize it's for the whole block.

cbreeze, Thank you for zoning info on PS41.