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Renovated price guess

Started by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007
Discussion about 418 East 59th Street #11B
What do people think it will trade for once fully renovated with the bathroom added back? I would think a gut reno discount of at least $400 per sq ft, if not $500 per sq ft, including carry and trouble.
Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012

Hard to value. Lots of comps but what discount to you give for lower floor? Views from higher floors are much nicer. I am guessing very low $2,000's. IMO not an apartment or location worth spending a lot of money to upgrade although original configuration seems better.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

I agree with you. At best $2.1 or 2.2mm with very nice everything.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

Current apartment does not seem estate condition except for the kitchen. Problem is that you renovate one thing and everything else starts to look much older.

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Response by ximon
over 7 years ago
Posts: 1196
Member since: Aug 2012

Yes 300, this could be a real money pit if not done the right way. Bathrooms ain't cheap. and the more you spend on the renovation, the fewer buyers you will find for it. remember the mantra "location, location, location".

This is a coop built in 1988 with no ground lease. Seems a bit queer to me. Was that the fashion way back then?

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

Probably good for some one, who can update the kitchen and add back the bathroom for $125k or so. Everything else as it is.

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Response by Aaron2
over 7 years ago
Posts: 1698
Member since: Mar 2012

I'd keep it as a 2BR, but do something with the awkward MBR/closet entry door situation, and figure out how to get a washer/dryer somewhere (maybe expand the kitchen a bit). While a terrace is fun, it will never be used, as the traffic noise from the bridge will render it mostly useless. Fortunately, the MBR is away from the bridge, so it should be quieter. Also not sure where the LR measurements come from -- The LR seems too narrow to be 28' or 21'. Not my favorite location, in any event.

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Response by 300_mercer
over 7 years ago
Posts: 10570
Member since: Feb 2007

In contract!!

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