Price Per Square Foot - East Village

i'd say 1025 psf in East Village for anything renovated is a deal. The A Building, albeit top of the line, was 1200 psf. IMHO, a renovated east village apartment with top notch fixtures should be priced around 1100 per square foot.

randomguy71, I think that's a pretty good deal, but you should look at specific comps in the building if available. EV can vary quite a bit depending on location, though sounds like you've found a good spot here. I assume it's a walk-up? What floor is it on? Maintenance at $2 per is quite high, which should certainly be factored in to your decision. That's most likely why the place is priced under $1100 per.

its in the back on the first floor of a walk up yes, but right near tompkins square park and i'm thinking its priced to sell. its a small studio, nice hardwood floors, stainless steel, stone tile bath, exposed brick wall in living area, high ceilings. high maintenance yes, but a real east village pad. found through a friend. so do you think that 1100 psf is a fair price for a unit like this (thinking of possible resale in worst case scenario). thanks,

Sounds like a great apartment. Other items to consider. Being on the first floor and in the back usually lowers the value of the property. The maintenance is more than high as there is no elevator and not sure if there are any amenities such as a rooftop terrace, doorman or? A formula that has been shown on this site that I have used and makes some sense is for each $100 per month in monthlies is equal in value to $30,000 on the cost of the apartment. So you will need to compare the monthlies and the price per square foot with similar properties in the area. And the resale in the worst case scenario, another buyer will be looking at the same questions. Good luck, hope it all works out for you.

randomguy71, a number of thoughts:

-Are you calculating the ppsf based on your measurements or their claims? Pardon the asking of the obvious, but if they're sneaking in an extra 100sf or so...
-Ground floor back of the building...Does it overlook a pretty shared garden or a courtyard full of garbage cans? Even if it is a garden, will you be subject to the sounds and smells of every neighbor's outing? Is it the ground floor or partly below ground (garden level)? If the later, and if you're east of Tompkins Square Park, you are probably on landfill and have to be aware of groundwater issues. The building may have a supplimental pumping system to keep the unit from flooding, which comes with its own set of issues (maintenance, noise, etc). Also, many garden apts seem like afterthoughts, as if it used to be the super's maintenance room but the co-op needed to raise money at some point and sold it, so there may be some compromises in configuration, plumbing, etc.
-East of the park is a long walk from the trains which will impact value.
-$2/sf maint is extremely high for a walk up/no doorman in the area. That should not only reduce the selling price but I'd wonder if there's an issue with the building's financials.
-bjw2103 is absolutely right about specific comps. I've seen many in the neighborhood under $1k/sf, maybe not blinged out, but without such ridiculous maintenance. Go far enough east and/or on a rough enough block (there are still plenty of them) and you'll find $700-800/sf. 544 East 11th st btw A & B (1 block from the park, same block as The Filmore condo) recently closed for around $900/sf ($850 if you use the broker's inflated measurments) w/ reasonable maintenance. $60k to trick it out would put you at $1k/sf, front of the building, 3rd floor walk up. And a studio should trade at a lower ppsf (again, pardon the obvious). BTW, 544 sold for less than a comp from late '07.
-I watched the frenzy deflate in the medium-size 1br market in the EV starting in late '07. The tone of the market it so different now. Certainly not expecting a 50% correction, but I do expect it to get worse before it gets better, and it's already worse than last year. A short time horizon would make this a really bad move.