Pricing of 2A

Interesting story behind 1A:
https://www.nytimes.com/2020/02/20/nyregion/paul-pannkuk-phantom.html

I knew him in passing, just enough to nod at eachother, from living on that block together for 20 years.

It’s tiny for $2m

These are 2 other units in the same Coop (made up of 38, 42 and 50 West 9th St):

https://streeteasy.com/building/the-portsmouth-38-west-9-street-new_york/1?context%5Bcontroller%5D=%23%3CBuildingController%3A0x0000559580a04f18%3E&context%5Bcurrent_user%5D=1040784&hide_if_empty=true&section=sales

https://streeteasy.com/sale/1395572

Argus, What premium do you assume for street level with no privacy vs 2nd floor? Should be 30-50 percent in my opinion.

300,
I think that depends a lot on the block and the building. In this particular case I think it's a little less because:
- it's in the middle of a residential block (as opposed to an Avenue) and a lot of the "completion" for the unit are brownstone/townhouse units, and
- like those Brownstones, this building has a stoop so that first floor units are not at street level, but closer to the "1/2th floor"

There is stoop indeed with 5 steps which is close to 1/2 floor in a post war building. So perhaps 35 percent max discount. But I can’t imagine less than 20 percent discount as it is not a townhouse where you can have shades drawn in the front but still get a lot of light from the back on the parlor floor.

Sorry, "competition" not "completion."

Also the ceilings are much taller on the first floor.

So what discount do you put on the first floor here?

Including or not including how much of a renovation budget?

If they were to be in same condition.

I can't make a solid argument against the 20% number, but it's really hard to say because the condition, situation of the sale, and ceiling height are all significant enough factors that I think it's impossible to attribute which of those will contribute what percentage of difference in sales price.

How much of a discount for this similarly sized first floor on 9th St?

https://streeteasy.com/sale/1225534

https://streeteasy.com/building/35-west-9-street-new_york/1c

30 would know better than me, however I think on these lower floors you also have to be mindful of where the bus stop is in relation to your window. I had a friend who had the lower level and the parlor floor very close to the bus and it was quite loud. Unfortunately one of the bedrooms was the lower front room...

30 would know better than me since he lived there so long.However, I think on these lower floors on 9th Street you have to be mindful of where the bus stop is in relation to your window. I had a friend who had a lower level and parlor floor, unfortunately there was a bedroom in the front lower room.