So let me get this str8. The value of this apt has shot up 32% over the past 2.5 years, a time when the rest of the city's luxury inventory has been in, almost, free fall? Dream on Mr/Mrs Owner. Yes, you live in a nice building in a nice area but this is delusional pricing. For me, 1 of this biggest negatives of this apt are the windows, or lack thereof. Just look at that living room with that... [more]
So let me get this str8. The value of this apt has shot up 32% over the past 2.5 years, a time when the rest of the city's luxury inventory has been in, almost, free fall? Dream on Mr/Mrs Owner. Yes, you live in a nice building in a nice area but this is delusional pricing. For me, 1 of this biggest negatives of this apt are the windows, or lack thereof. Just look at that living room with that tiny rectangular window. Same for the bedrooms. No one is going to pay close to $5 or even $4 for minimal windows. There's just too much else out there that's so much better.
Now, onto the best measure of valuation. square footage, coops such as this building don't usually disclose. Well, I added up the numbers, which come up to less than 1,500 sq ft but lets say 1,500 to be generous. I'll gross that number up to 1,875 sq ft to equalize it with other buildings. Then I take the $5 million asking price divided by 1,875 sq ft and I get almost 2,700 sq ft. This simple calculation shows how out of whack the pricing is. What should Apt PH11W sell for? $3.8-3.9 is where things will settle out.
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Response by itesfai
over 6 years ago
Posts: 77
Member since: Nov 2012
I think it will get to low $4Ms, they did renovate and if someone wants to purchase roof rights, they can create a beautiful home on lower 5th.
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Response by George
over 6 years ago
Posts: 1327
Member since: Jul 2017
Seems they did some improvements. The realtor listed it with a different unit number to confuse Streeteasy.
Historically the "you can purchase roof rights" ploy has added little value, especially when someone has just completed a renovation and didn't do it.
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
My thoughts exactly.
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Response by ChasingWamus
over 6 years ago
Posts: 309
Member since: Dec 2008
What is the usual holdup with roof rights?
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
Price agreement with coop, maintenance increase if additional shares are issued, future responsibility of maintaining the roof, and of course engineering, construction, loss of interior square footage, and your own unit reconfiguration expense to put a stair to the roof from your unit.
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Response by nyc_sport
over 6 years ago
Posts: 809
Member since: Jan 2009
There is also the question of whether there is available FAR to build on the roof, and if you are in a landmarks area whether anyone will let you build anything worthwhile, and practical things like whether other unit owners would prefer a common roof deck, or disgruntled owners who don't have a similar opportunity get in the way. The sale of common space generally requires a super vote to issue new shares or amend the condo declaration, so this is not a simple task.
I assume someone bought both 10th floor units to combine them and perhaps overpaid, but the pricing earlier this year on those units suggest this one can easily get into the $4MMs
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I think it will get to low $4Ms, they did renovate and if someone wants to purchase roof rights, they can create a beautiful home on lower 5th.
Seems they did some improvements. The realtor listed it with a different unit number to confuse Streeteasy.
https://streeteasy.com/sale/1214760
Historically the "you can purchase roof rights" ploy has added little value, especially when someone has just completed a renovation and didn't do it.
My thoughts exactly.
What is the usual holdup with roof rights?
Price agreement with coop, maintenance increase if additional shares are issued, future responsibility of maintaining the roof, and of course engineering, construction, loss of interior square footage, and your own unit reconfiguration expense to put a stair to the roof from your unit.
There is also the question of whether there is available FAR to build on the roof, and if you are in a landmarks area whether anyone will let you build anything worthwhile, and practical things like whether other unit owners would prefer a common roof deck, or disgruntled owners who don't have a similar opportunity get in the way. The sale of common space generally requires a super vote to issue new shares or amend the condo declaration, so this is not a simple task.
I assume someone bought both 10th floor units to combine them and perhaps overpaid, but the pricing earlier this year on those units suggest this one can easily get into the $4MMs