98 front street - dumbo

We just assisted a client with a purchase there. They looked for about 6 months, school had some influence on the decision. Made a good deal on a resale, and are very happy with their decision.

Keith Burkhardt
TBG

How much did it cost the lucky owner to own that unit for a 15 months?

my clients who looked at 98 Front liked it, but got better pricing (as they saw it) elsewhere. Are you buying parking also?

ali r.
{upstairs realty}

Sorry, I look at buildings like this, with their tiny bedrooms and just barely livable living/dining areas (and outsized bathrooms to comply with NY regulations) and just don’t understand people paying that kind of money for that kind of product

Using this an example which has small bedrooms.
https://streeteasy.com/building/98-front/5j

People want high ceilings and a lot of light via big windows which in the post war are hard to get (call it $150k per sq ft premium).
Reno is very nice with central ac (eqt) and washer dryer which would cost you $400 per sq ft in a post-war and even then you are stuck with limitations of old building infrastructure. (call it $200 per sq ft premium relative to typical post-war resale with 10y+ old reno but good condition)

New Building and Amenities (min $150 per sq ft premium)

Higher real estate taxes vs post-war ($100 per sq ft discount); Manhattan new development discount for taxes in my opinion is higher depending on the building.

There is your $400 per sq ft premium (without being high floor and view) using rough numbers above. That is why people are paying $1400-1500 per sqft without high floor view. Some people may put that number much lower and for them there are post-war (8' ceiling height, loud through-wall AC, and not so great windows) resales in less desirable but perfectly nice parts of Manhattan as in East Midtown.

The plan of 5J as a 2BR is much better than the conversion to a 3BR. As a 3BR, there's really not enough public space. For fun, compare 5J to one of my favorite comp buildings in the lower upper east side:
https://streeteasy.com/building/118-east-60-street-new_york/9g
https://streeteasy.com/building/118-east-60-street-new_york/sale/1608085

Ignoring the condition considerations on 9G for the moment, 9 and 19 are both slightly more sq. ft., slightly smaller bathrooms, larger bedrooms, more closets, similar layout to the 2BR 5J ("L" shaped living room, but closed kitchen), and in my view a better layout (that space adjacent to the kitchen is usually open in other units of this line), slightly higher expenses, different service mix (no roof stuff or gym, lots of staff) smaller windows, lower ceilings, more wall space to hang art (not that anybody does that any more). Is the price difference between 5J and 9/19G solely attributable to the 'co-op discount' or condition? (I have no idea about school districts in either.) Should somebody who is looking at 5J look at 9 or 19 G?

Separately, I do wish people would learn which word in a homonym pair is the correct one: "...clean organic palate..."

Thank you Aaron. The listing you posted is perfect comp and all the discounts (400 per sq ft plus call it another $150 per sq ft strict coop discount) I mentioned apply. However, people who want new condo will not look at 118 East 60th.

>> Separately, I do wish people would learn which word in a homonym pair is the correct one: "...clean organic palate..."

What do you mean: isn't a clean organic palate what you develop if you cook clean organic food in that kitchen?

I really hate when people refer to food as "clean." It's snobbish and in the case of a now defunct short lived Asian restaurant on University Place was even called out for racist undertones.

But calling the entry to 118 East 60th St a "Porte-Cochre" doesn't bother you?

I was saving my spelling rant for another time. Perhaps after I've had a dirty martini or two. (which I'd rather have over a clean one).

Maybe the writer didn't know how to get the accent grave over the first 'e'. I do think that if you're going to throw in foreign language in an attempt to impress, you do have to get the diacritics correct. (I'm meh about the capitalization. I wouldn't have done it.)

I wasn't talking about the spelling/typo.

I'm a bit on the fence about whether it's a pretentious use of the term. It's technically correct, and lots of architecture is described in more traditional terms. 118's meets the technical attributes of the term (though I haven't personally verified whether it keeps people dry as they alight from their carriage).

I'd prefer 'covered driveway', as it's located in New York, not Paris. A quick check of some listings of a similar setup nearby (Imperial House) just use 'covered driveway'.

> and outsized bathrooms to comply with NY regulation

What does this mean?