What will it sell for?

Pity that one has to walk through the kitchen to get to the living room (though the kit. finishes are pretty nice, and the outdoor space is a plus.

$5m.

I think they may be able to get a little higher but certainly below $6mm as outdoor space in Soho at the same level as the rest of the apartment is hard to come by.

All the second floor over restaurants in Soho that I know of has vermin issues.

Abatement expires next year(!)

Beautiful Roman & Williams designed building. If you like what they did with The Fitzroy in Chelsea, then you can see this is where they started ( I believe this was their first dev project). With the terrace accessible from both LR and DR, I'd think the 'terrace sf' carries more weight.

Interior Sf: 1,821
Exterior Sf: 1,120 (as stated in description)

If you apply Miller Samuel valuation, you can apply 25-50% of outdoor sf to interior.

@50%: 1821 + (50% of outdoor) 560 = 2,381sf which comes to asking $2,937/FT
@25%: 1821 + (25% of outdoor) 280 = 2,101sf which comes to asking $3,327/FT

I guess its open to interpretation on the utility and size in order to assign % of outdoor space to interior. Looking at past sales (not many) this building is getting pretty high $/SF anyways.

Someone will buy this close to asking.

50 percent of outdoor seems pretty fair but do not think they can achieve almost $3k for a second floor apartment in this market for a 10y old building.

I think if you cut the outdoor square feet in half the apartment would be worth about the same.

Not sure I agree. Larger outdoor space in this case gives you much better light and distance from other building/s. This space is very valuable as it is on the same level as the apartment rather than a flight of stair up. Imagine a 3y old running there with friends and bouncing the ball with stores below not complaining.

Not to mention fireplace with trellis and grill.

If the private outdoor space was half the square footage it wouldn't change how close the other buildings are, the light, etc and I think 500 square feet of outdoor space is plenty of room for a three year old to run around and bounc ball. There are a decent amount of townhouses that have around that much space for the garden. My point being that in many cases having outdoor space adds value, but there are diminishing returns. For example do you think if there were 2,000 SF of outdoor space the added value would be double?

No, it wouldn’t increase proportionaltely 2000 sq ft outdoor space for 1800 interior. But in this case, outdoor space and its utility is well proportioned to the interior with trellis and Fireplace etc.

About 30 years ago I was showing a celebrity penthouses and I found exactly what he wanted at the price he wanted at 315 West 23rd St but there was a small common roof terrace which overlooked this apartment's outdoor space so he declined the unit insisting that "everyone will go up there so that they can look down on me."
While I thought that was fairly ludicrous, in the case of this unit it is somewhat at the bottom of a fishbowl which for a decent amount of people will diminishing it's utility. Townhouse buyers expect it in a garden, but a lot of people looking for an apartment with a terrace don't. I'm also curious where the exhaust for the restaurant next door is, as well as where the exhausts for the commercial spaces in this building would go if they ever get converted to restaurant use, which is increasingly common in this neighborhood, because that would impact the utility (unless there is some agreement with the owner of those spaces against food use).

You have good points. Where do you think it will trade in the current market?

No clue.

https://ny.curbed.com/2019/2/28/18244882/karlie-kloss-joshua-kushner-new-york-apartment

It is in contract!!

Billy Joel's daughter used to live here.

Wow, didn't even see the PH listed.

Ha!! $6.6mm.

Seems like an awful lot considering what that PH isn't getting.