Price coming down....

"... just feet away" is in fact, on the north side, all the way across 25th street, and on the east side, all the way across 7th Avenue. It's not like you're looking across an air shaft. The setback of the 25th St side of the building on the NW corner of 25th/7th also helps, as do the low-rise buildings across 7th (which admittedly won't be there forever). For a 6th floor apt, this isn't that bad. I think turning it into a 2 BR was a good idea (or, more accurately, I don't like the proposed 3-br configurations shown).

The original layout for both this and the relatively mirror image unit on the SoutEast corner if the building were both 2 BRs (and damn nice ones at that).

I think this is a nice unit but man, seriously pricey for what it is. I know the area has gotten better but this is really more Garment Center than Chelsea and who wants to live on Seventh Avenue with all the traffic? And common charges are pretty high for what it is which is really just dressed up loft space.

Listings like this just depress me.

RealDeal had a post about an assemblage being sold on East side 25th St/7th Ave last year so yes eventually that corner will get at least a midrise.

Ximon, You think $1700 common charges for a 2200 square ft space is high for a full service doorman building? I do not know any other buildings where the common charges are that low per sq ft. Next to Whole Foods. So the area is decent.

400, you forgot to add taxes which are quite high. Anyway, common charges should go down psf the larger the apartment, no? Economies of scale?

Area still has an industrial feel IMO and I don’t judge buildings by how close upscale grocery shopping is. This isn’t Red Hook or 2001. Anyway, like I said it’s a nice apartment just think it’s not a “flight to quality” kind of place.

Ximon, Common charges do not go down per sq ft for larger square footage. I guess you are talking about taxes which are very much in line with others in the area. Guessing they may be listing taxes as a not primary resident which are 25 percent higher vs use as primary residences. Overall, cc plus taxes are much in line with other full service condos. New condos are even higher.

It is indeed owned by an llc which suggests the taxes are 25 percent higher than normal. For primary residence non llc buyer they will be 20 percent lower. So hardly high cc+taxes.

300, you might be right about the monthly carry being in line with comps but $4,950,000 price plus $34,000 a year in taxes seems very high for something so ordinary. I just can't imagine why someone would want to take this on given the market but I guess someone will.

"ordinary"? I still think the Mercantile is one of the best buildings in Chelsea -- you have a great staff and access to the garage without going outside. And the Garment Center won't feel so industrial in five years.

ali r.
{upstairs realty}

Ali, I am also scratching my head at Chelsea Metchantile not being a nice building and at 34k being too high of taxes before primary residence abatement. $1.25 per sq ft in taxes is very common even in Hell’s Kitchen. New condos are upto $2 per sq ft.

Guess I just don't like 7th Avenue. In the end, if this building is indeed fairly valued, it is a depressing thought. Also, at the price offered, I can think of literally a dozen traditional neighborhoods I would prefer to live in. So if the next stage of our declining market cycle is a flight to quality, this place would not be a good investment. Call it a matter of personal taste but I would prefer to think I was being ahead of the curve.

ximon,
How much of your assessment is based on the asking price of this unit? Would it change if the number was $1 million less?

Like I said, its a nice unit. Just don't like the costs and the location. At $3,950,000 its $1,800 psf which is a lot more tolerable. But that's quite a hit from its last sale.

Not trying to be an expert on this one. Just stating my preferences and how crazy the market has gotten. If you believe the original sales price of $972k, $4,950,000 reflects a compounded rate of growth of almost 10% over the past 18 years. Yikes!

I did see that there is on-site parking.

This listing reminds me of that age old question and the answer to me is that this building seems like a big fish in a small pond.

I'm a few blocks from this building on 7th Ave and trust me, with good windows I barely hear traffic. Plus this building has a secret direct entrance to Whole Foods so you don't have to go outside. IMHO the big minus to this building is proximity to Fashion High School. The kids can get pretty rowdy after school. Further, the garment district is on last legs and as Ali says will be gone in five years thanks to Mayor Deblob.