What is Schnabel provenance worth?

If only money were no object . . .. Curious what Team M, George, 300_Mercer and anyone else I've missed who follows townhouse market closely, but from a sheer real estate trophy perspective, this looks special to me.

I think they actually owned that house together at some point. My wife and his wife were quite good friends, my son grew up hanging out with Vito and I've been to that house a number of times.

That said I don't think his provenance adds any value to a piece of real Estate. Although I did love his pink building in the West Village!

Keith

My ex-wife...

AFAIK he lived with her at that house after the divorce (which AFAIK was 1992). But now that I'm thinking about it maybe it's that she got the house in the divorce.

Most people will re- renovate and potentially put in an elevator. $11-12mm. Some one may change selective items and decor, probably a bit more.

What do you think 30?

I wouldn't argue strongly against that assessment. But if someone is going to put in an elevator, is it a big enough renovation that you have to compare it to some of the wrecks out there?

I think wreck would have been far less. Certainly below $10mm.

The house probably has the biggest yard you can find in a less than 25 foot wide townhouse.

Do you think being so close to a school will have a negative impact?

That seems like a really high price, but I haven't followed the townhouse market in the village particularly closely so I can't say with certainty.

I don't think there's any value that most buyers would place on the former ownership. I occasionally see brokers try that and I don't recall seeing it work. I think that most people are just looking for the right property to call their own.

I also think that most buyers would want to renovate that townhouse extensively, not just for an elevator for a lot of other reasons.

The X factor for that house is that it is over 20 feet wide. I personally believe that people overvalue those few incremental feet above 20 (unless it is something far above 20 feet) but that sometimes seems to uplift the price in unexpected ways.

It's the rarity factor - in most types of things from wine, to cars, to art..... The last incremental X% in perceived quality/rarity ends up in huge price differential.

How do you think it compares to 336 West 12th Street?

On width, try fitting two side by side bed rooms in a 19 footer costing $5mm plus. And two bathroom at appx the same depth as the stairs from the front. Also, wider living rooms for the same length just feel much nicer. Do not forget more light as most of the extra width is a window.

300 - I don't dispute that wider has advantages, but I think some people overprice those extra feet at some point. If it really is a 25+ footer then it's a different story, but 22 feet doesn't feel that different than 20 to me and I don't think it really impacts usability.

30 - I just don't know enough about the village to comment on particularly streets and locations but from a pure house perspective 336W12 looks far more appealing to me than 132W11. In fact, for some people I think that 336W12 looks pretty perfect, although I can imagine others wishing that they just built out the main house further back to have larger rooms rather than the small second house in back.

So 20 foot, 18.5 wide interior. 9.5 feet width of each bedroom. 22 is 10.5 feet which lets you enough walking space after putting a queen bed (appx 7 feet and a few inches needed). 3 feet is the min space for comfortable passage.

300 - I just don't see putting a couple bedrooms next to each other as being particularly valuable in that context. Quite different in something like the Rockefeller townhouse that sold (it was extremely wide), but in the situation you are laying out, those rooms are still fairly tight.

I'm sure you noticed that neither 336W12 not 132W11 have bedrooms side-by-side. I'm sure the extra couple feet are welcome in those houses but I don't think either house has a layout that particularly relies on it.

TeamM,
I agree with your assessment, and while obviously the outdoor space is superior at 132 W 11, and I think the location is slightly superior as well, in a "pick 'em" situation I think the majority of people choose 336 West 12th and look at what they had to drop the price to get it in contract.