How much discount to sell in this market?

They’ll be lucky to get $999k in this market. Don’t think anyone’s rushing to live in a big complex right now. Unit also has very few closet space, awkwardly small bedroom layout and no in unit W/D. Pre-Covid I’d say price is fair but would probably fetch around $1.0-1.1mm

The pretentious broker babble alone should knock $200k off the price.

That's a very specific asking price.

Kitchen area is too big imo.

Also if someone is cooking meat on that range whoever sits on that couch will have greasy smelly hair

+1 on the description’s being too grand for the space. Based on the description, I would expect a unique aesthetic masterpiece; when I look at the photos, I see . . . an apartment. A nice apartment no doubt, but does not seem to merit the Architectural Digest-like write up.

Small space, high monthly, before the Trump Virus pandemic it should sell for under 1 mil

There just aren't that many great layouts in this building. However in the past when an apartment like the one referenced above hit the market, they typically sold relatively quickly.

When I lived around the corner from this building in the 80s and 90s it was a stodgy old place filled mostly with rent controlled tenants from the 60s. I don't remember the exact time frame, but at some point designers and other from the fashion/entertainment world decided this was where they wanted to live, the building saw a rapid rise in values and popularity. I don't like to name names in public forums, but there's an impressive group of celebrities etcetera living here. I understand most here won't be impressed by that.

As MCR pointed out, truly nothing spectacular about these units. But let's not forget about the stunning olympic size swimming pool!

The towers are co-ops, the rest which is called the gardens are rentals. Anyway, I particularly love the location close to the water and the high line. The buildings were built, I think around 1930 have a tremendous amount of history.

Regarding where current prices will reset? Difficult to say at this point since the market is frozen. Hopefully we'll know sooner than later....

Keith
TBG

As to the timeframe, when it first became Coop it was "the end of the world" so no one wanted to buy there. Then Chelsea Piers became the end of the world and all of a sudden the objection disappeared and people started buying there. Obviously The High Line has only amplified that.

These corner units have been highly desirable in the past even though the living rooms are considerably smaller than the "straight" 1 br units in the other 3 buildings in the complex because those have close to zero "architecture" with small, windowless kitchens right off the entry, etc. We bought and sold one of these which was the subject of both one of the earlier Pullman actions and a bankruptcy filing and it was one of the easiest sales we did (and I bought and sold 5 other units in the complex on my own account, and sold more than that for banks).

The unit directly above this one sold for $1,475,000 12/17/2018
https://streeteasy.com/sale/1349337
So it's not like the buy on this was a "one off."

PS error correction:
It was previously listed for $1,350,000. The sale price was $1,425,000.

I have to say I've always loved West Chelsea, move to 22nd Street between 9th and 10th in 1983. The home I lived in was bought by my father-in-law in 1958, lots of interesting stories about the neighborhood! They also had many friends who lived at London terrace. Although I probably sold/rented less than half a dozen places there over the years, I've been to many a very memorable dinner party!

I have a number of friends in the art and entertainment business. As embarrassing as it is, many were stepping over each other trying to buy an attractive unit in the building because they knew somebody else in a business that lived there and for a hot minute it was the place to live. At least that's my memory of what got the building on the map, not so much Chelsea Piers.

Keith,
You totally misrepresented what I said. I hope that doesn't dissuade anyone from reading what I actually wrote.

And BTW, almost all the layouts in this building are good. I think you are confusing them with, as a previously mentioned, the layouts in the other 3 buildings which are fairly alike but very different than this one. It's a big enough difference that anyone who is familiar with London Terrace knows it.

Very nice but I can’t see kitchen vent hood or exhaust. I guess you have to put a recirculating one instead of the 3 legged spider light on top of the stove. There are indeed some very good ones now with 600 CFM and carbon filter.

That stove reminds me of an old joke about French rifles.

never fired; dropped once.

I'm not sure what you're talkin about 30? This:
"Then Chelsea Piers became the end of the world and all of a sudden the objection disappeared and people started buying there. Obviously The High Line has only amplified that."

My point is I didn't believe Chelsea Piers had any impact on London terraces perceived location. That's just my opinion. I'm certainly not an expert on London terrace layouts, perhaps this particular tower did have a majority of good ones. I'm simply remembering the other three quarters of the property.

And as someone who lived on that block, neither myself or my neighbors considered ninth and tenth avenue the end of the world. Just my perspective having live there for about 12 years.

Anyone who was actually selling properties in Chelsea back before Chelsea Piers opened knows that for Chelsea buyers it was an ordeal to get them to go to 23rd St and asking them to go to 24th St or above was like trying to get them to move to New Jersey. After Chelsea Piers it wasn't just London Terrace, but a slew of buildings which had reaped the benefits, so it has nothing to do with a small handful of celebrities living at London Terrace.

We'll have to agree to disagree. Having a sports complex built on the Hudson river had no significant quality of life impacts for properties from 23rd Street South along 9th and 10th avenue. That's my opinion and that was my experience. I know a lot of people that purchased in those buildings and I've known a lot of people that lived there, Chelsea Piers was never factored into making the quality of their life any better.

The art gallery's springing up, and the highline certainly had meaningful impacts. I appreciated Chelsea Piers, the driving range did help me fix a terrible slice that I had for many years. however it didn't impact the walk to the a train on 8th avenue and 23rd Street or the restaurants that sprung up all over 8th avenue.

Just my two cents.

Keith
TBG

I've always loved that complex. Except that it is too far uptown.

jas,
But since you can't get there by subway it made enormous amounts of people take some sort of surface route there who had zero concept that the area even existed before.

8 ave subway too far?

No, but the walk from the 8th Avenue subway across 23rd St and down across the West Side Highway is exactly what changed people's minds.

Remember, historically Chelsea was a tiny neighborhood - just 8th Ave to 10th Ave, 20th St to 22nd St - about the same size as "Prime/Gold Coast Greenwich Village."

What blocks constitute "Prime/Gold Coast Village"?

Historically 9th St to 12th St, University Pl to 6th Ave.

Is there an equivalent in the West Village too?

Not really, but the closest I could think of to a moral equivalent would be Charles St to Bank St, Waverly PL to Hudson (but that's just off the top of my head).

People used to be MUCH more sensitive to boundaries than they are now.

For example, 2 BRs in the Brevoort East used to trade for a much bigger premium over Stewart House.

Or look at 443 West 24th St:
The price difference between them and the Fitzroy Place Coops used to be enormous. But that did change because of celebrities in London Terrace.

Didn't

2 months later still sitting.

And in the end, I am sharing with you again the analysis of 105 offers you sent or received in the period from March 22 to May 8:

1. The average difference between ALL offer prices and ALL ask prices was 13.79%. (105 replies)
2. The average difference between offer and ask in deals that were ACCEPTED was 6.78% (40 replies)
3. The average difference between offer and ask in deals that were REJECTED was 18.10% (65 replies)

The above from Fritz Frigan.

Just circling back to this again as emblematic of what's gone on for the last 7 months.

Do the numbers for the first stat look at the initial ask, or the ask at close? Just wondering if it includes pre-offer price cuts.

Another one for the "Coops in Chelsea aren't down" crowd:
My office sold this unit for $940,000 12/10/15
https://streeteasy.com/building/the-chelsea-warren-165-west-20-street-new_york/2l

The units 1 and 2 floors above it, both substantially renovated, are now asking $95,000 and $110,000 less.
https://streeteasy.com/building/the-chelsea-warren-165-west-20-street-new_york/3l
https://streeteasy.com/building/the-chelsea-warren-165-west-20-street-new_york/4l

12C entered contract in January, so we'll find out for sure in a couple months.

Nice building but not full service. People can do better if they look.