What will this sell for?

"The house can also be delivered fully renovated, turn-key for $29m" which implies reno costs of $2,100 psf.

Sold 11/6/2014 for $10 million.

$29mm is from when they wanted $15mm. Reno cost will be $800-1000 including expansion and carry for two years at commercial rates of 8-10 percent.

I don't think the location is all that great (compared to GV in general). It is, however a decently wide house for GV. I'm not sure what was going through their mind when they paid $10 million for it.

https://ny.curbed.com/2011/5/16/10466792/mafia-blues-there-goes-the-neighborhood-again

"I'm not sure what was going through their mind when they paid $10 million for it."

Alternatively, the GV townhouse market has gone sideways for the last 4 years.

No, not the best location but pretty nice. West Village is the preferred location now.

But the blocks directly off Washington Square Park have always been a tough sell. They can get kind of nasty especially during the summer time.

30, While I take the point about the West side of the Washington square park having undesirably elements, where else would you find a townhouse in close proximity to Washington Square Park. North side is all taken up by NYU.

Where do you think it will trade?

Ximon, I see people increasing using only East and West Village. East of Broadway/4th, East Village. And west of Broadway is West. What is formally Greenwich Village has had and still has the most expensive townhouses between University to and 6th avenue. West Village appeal has certainly improved over time due to new developments along the water but amenities are still poor (not even a whole foods). However, Greenwich Village remains highly desirable but does not have much supply. Hence, it does not get too much advertising buzz. 21 East 12th is mostly sold out and has almost 9 months-1 year to completion.

Where else would you find a townhouse in close proximity to Washington Square Park except close to Washington Square Park? Gee, I don't know. You say it like proximity to Washington Square Park is a good thing. The cheapest Classic 6s/7s in GV have always been the ones at 32 Washington Square West.

300, I agree GV is still a prime area. Just saying that many people now prefer a West Village townhouse to a traditional GV townhouse and I think townhouse prices may bear this out. I actually prefer GV but I am not hip. Or rich.

Is there a Whole Foods in GV? I think it could actually be negative as I I think many prefer to stroll along Bleecker Street, etc. although I wish D'Agostino's and Jefferson Market were still there. Even the Village has changed which makes me sad.

I think that the 37 West 10th Street sale shows that the highest town house prices are still in the prime Village.

Ximon, Whole Foods on union Square and Agata in University.

30, In the past that was true. However, current market is hard to tell due to very few sales in 32. See below. No park view and sold for $2500 per sq ft.
https://streeteasy.com/sale/1181184

Where do you think this will trade? 25 foot wide off university on 9th needing gut and no stoop traded 8.25mm. 6750 real sq foot. Next to retail shop.

And how much would that same apartment have sold for in it was in 40 5th Ave instead? (See sale of 4A, worse views, about 30% smaller, sold $6.5 million)

Don't see the East 9th Street sale you're talking about. You have an address?

https://streeteasy.com/closing/10546069

I'm not sure you can use that sale: while I don't know all of the details, I do know it was an estate sale where they had an extended closing and were trying to flip the contract. If they in fact were able to flip it, the recorded sale price may very well be the contract price of the flipped contract and not the actual final sale price.

All that said, in the case of 73 Washington Pl I think if they get an offer with an 8 in front of it they should take the money and run.

It was real third party sale. Believe the sale price is real. 6750 real sq ft for $8.25mm. Does not include below ground space which other listings include. They would call it at least 8000 sq ft with 1500 sq ft basement. Location is sub-optimal for Village due to this not being a townhouse block and there are no stoops on the ones which are townhouses. Seems like the floor to me under these market conditions for 25 foot wide townhouse needing gut.

Found an older offering for 73 Washington with details on existing SF and proposed plans. I wonder how much more owner has invested in property and how much value was added through the planning and approval process.

Seems like this could be a distressed situation given the amount of work done to get expansion plans approved. At $8-9 million, owner is apparently taking a big hit.

https://www.easternconsolidated.com/media/properties/docs/f596ce9c2a6125f04a2d/73WashingtonPlaceS-PRN.pdf

Another older listing:

https://www.compass.com/listing/73-washington-place-manhattan-ny-10011/9df9d9ffaf39b8cc64f4ee0c1b99173c85a7b66b/

Then there is this:

https://ny.curbed.com/2011/5/16/10466792/mafia-blues-there-goes-the-neighborhood-again

... and this:

https://www.youtube.com/watch?v=KJTPQtj8G2c

This is fun! Here's one more:

https://therealdeal.com/2017/08/16/why-brokers-often-market-manhattan-townhouses-as-being-bigger-than-city-records-claim/

Thank you. I have been following this for a long time and have seen the square footage related articles. People lose money in the stock market all the time. So not a big deal to lose money for such an illiquid product. It all depends on how deep the seller's pockets are. It only needs one buyer to like it.

I do like the location a lot but good insight from 30 about potential undesirably elements. There is nothing better than to be able to go to Washington Square park as many times a day you like due to being on the door steps. I hope the seller finds a buyer soon at the price they are willing to sell.

30, On your 8 handle comment, we shall see. That would be a very good price for the buyer at the current market level. I am not in that market right now, so can not say I would jump at 8 handle.

"Seems like the floor to me under these market conditions for 25 foot wide townhouse needing gut."
But as far as I know, 73 Washington Pl is a 22 footer. It may not seem like that big a difference, but in terms of rarity in GV it's huge.

Also note there is a recorded agreement with 71 Washington Pl regarding construction (and 71 Washington Pl owners have shown no shyness to litigation, even amongst themselves) so whomever buys this may be in for a bumpy road.

Did not know about dispute. So difficult neighbors?

Current owner of 73 is a developer who made his money buying distressed property and turning them around. I think he may have made a mistake on this one and maybe guessed wrong on the townhouse market or possibly this location. Really does look to me like he overpaid if $10 million was the true price.

He must have thought it was worth over $20 million as renovated. Maybe he had a buyer in hand and lost them? Anyway, I do not think I have seen many properties so heavily marketed as this one.

It's also interesting that property is described variously as residential and commercial. StreetEasy called it a "commercial unit" as if it were a condo. Also, the designation of 73a was used in one source.

Long Island expert. I think his cost to develop would be cheaper than others due to being a developer. There must be other factors as in dispute with the neighbor.

https://nypost.com/2017/10/04/feud-between-justin-theroux-neighbor-is-getting-ugly/
Google for more on the ugliness between Theroux and Resnicow, but note in the agreement between 71 and 73 Washington Pl there seem to be echos of the same demands by Resnicow:
https://a836-acris.nyc.gov/DS/DocumentSearch/DocumentImageView?doc_id=2016083001224001

https://www.nytimes.com/2010/04/25/realestate/25lizo.html

30, re: the ACRIS link, I have never seen an agreement like this before. Have you? Seems like a good idea though.

30, Thank you for posting the link to the agreements. I guess currently non-existent basement square footage comes at a very heavy cost. They would have been better off not adding the basement square footage and not having to deal with the crazy neighbors. The selling brokers may be looking out for you. Beware!!

I've seen agreements of that nature before but I don't know that I've ever seen one recorded before.
If I were the selling broker I would be very upfront about things like this because it's going to come out in due diligence anyway, and if it comes out after everything has been negotiated it puts the buyer in a position to renegotiate. Whereas if it's been fully disclosed to the buyer, when their attorney brings it up the buyer is more prone to just say "yeah, I already knew about that."
I guess an issue is if the obligation transfers to a new owner (I admit that I didn't read it very carefully).

I would like to know the amenities that are associated with the property.

Regards,
Adrian Gates
Product Manager

??? It is house waiting for full Reno. You create whichever amenities you like.

How about if you want an Olympic sized pool?

30, that is a good one.

Any update buddies?

I`m still interested in this if someone tells me about the amenities

Regards,
Adrian Gates
Relationship manager - https://www.apps4rent.com

Adrian, This is not a rental apartment building. Presumably you want to offer amenty information to your potential renters.

Too expensive that's all things

AdrianG001,
What type of things are you looking for? Essentially what they are selling here is a shell with approved plans to build a single family house. When people talk about "amenities" on this forum they are generally talking about things you get aside from what comes inside of your unit - like a roof deck, a gym, a pool, etc. So when you ask about amenities when nothing comes outside of what you are buying it's confusing and hard to answer.

Note they dropped the price another million $.

Ignore that last comment wrong property.

Still sitting there

Now I understand why Bezos loves to move to NYC, he got so many houses to spend his easy earned money on

He doesn't like hotels?

He should like hotels too, especially the ones de Blasio has been paying 1 billion a year to host the homeless

"All that said, in the case of 73 Washington Pl I think if they get an offer with an 8 in front of it they should take the money and run."
"30, On your 8 handle comment, we shall see. That would be a very good price for the buyer at the current market level. I am not in that market right now, so can not say I would jump at 8 handle."

How about now?

While I am still not in the market for this $ size single investment, but I did research it more for fun. Taxes will go through the roof once you make it residential single family. Talking about $150-200k. City will put 15-20mm valuation on it and you will pay 1.2 percent of that. Then there is neighbor’s issue. But I still think it will be a good value at $8mm for an end user.

Does this new listing around the corner help 73 Washington sell?
https://streeteasy.com/sale/1481096?context%5Bcontroller%5D=%23%3CBuildingController%3A0x000055b828f97960%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales

They finally pulled the listings for 73 Washington Place off the market. So what's next? Are they going through with the renovation themselves?

In another note - is it just me, or are they asking for the renovated value but just delivering the unrenovated building here:
https://streeteasy.com/sale/1493471?card=1

https://streeteasy.com/sale/1404079

https://therealdeal.com/2021/03/03/25m-sousa-townhouse-in-west-village-faces-foreclosure/

BTW at about the 1 minute mark in the video of the latest listing it looks like there a new Citibike docking station blocking the front of 73 Washington Pl. For me that is a major detriment for any property, but especially a high high end single family.

Seemingly similar numbers before/after renovation project. What will it sell for?
https://streeteasy.com/sale/1523410

Well this one does not have the tax issue but the location not so great. $15mm or less?

Deep building one side and a deep building at the back. While townhouses pricing is unpredictable, perhaps $12mm.

Not sure how "this one does not have the tax issue" going from 5 units to 1.

Because it has been already re-assessed as single family and taxes are appx $80k. Next year onwards 5/20 cap applicable.

Just to note this case next door is apparently still dragging on
https://law.justia.com/cases/new-york/appellate-division-first-department/2021/index-no-154642-17-appeal-no-14781-case-no-2021-00461.html

In response to the above lawsuit ..... at what point does the Board use the Pullman clause to throw the harasser out of the building ?

Looks like it's finally in contact.

Closed but price yet unknown.
https://streeteasy.com/sale/1551613

"All that said, in the case of 73 Washington Pl I think if they get an offer with an 8 in front of it they should take the money and run."

Nailed it:
https://streeteasy.com/closing/10959264

Indeed.

And this one sold for $22mm
https://streeteasy.com/closing/10876750

"But the blocks directly off Washington Square Park have always been a tough sell. They can get kind of nasty especially during the summer time."

4 years ago I noted that this neighborhood had gone downhill. I'm here right now and you can't go half a block without being accosted by an aggressive panhandler.