Is this a $400,000 renovation?

Have to say $2M and $2k monthlies to live in a 1BR is pretty ambitious

The 2M bothers me, the 2k not so much, though it's rather light on amenities, and what's that special assessment about? (I pay just over 2k for a 1 BR co-op, but it's larger, staff heavy & amenity light, and does not believe in assessments).

In what reality does a 1-bedroom resale in a cruddy post-war command almost 2mm?

@INT: Since the dining area might be converted to a barely legal BR, and the building is condo, thus no limits on renting it out, it could be somebody's idea of a dream investment property. (and the 3% cap thread is over there --> for those who want to do the financial analysis). That said, I will assert that there are better 2M apartments (1 and 2 BR) for consideration.

Fair enough, Aaron. I’ll take my money elsewhere, though.

It's obvious the market here is - midlife crisis bachelor pad.

Located near all the young beautiful women, an apartment that is impressive looking at first glance to the uninitiated. Most who have $2M budget for their primary residence would want more space, more bedrooms, a home office, etc.

That said, for $500k+ down/closing & $13k/mo all-in, a gentleman could simply fly his mistress on blade out to one of his homes 10x/month and pocket the difference.

Good location but yes a little ambitious.

I actually think the location is awful. It's right on 7th Ave. must be so noisy w/ that cavity wall construction and old windows.

I think the location is very good if you are looking in the West Village close to action and subways. Relatively quiet there with enough buffer from actual avenue. Not sure the building is worth that price per sq ft though. I don’t even see a subzero/Miele/Wolf mentioned in the description at this price point.

Whatever anyone else things of the place, money talks. It is obviously overpriced, but less or unrenovated units in the building sold pretty recently for objectively inexplicable prices. The 12D sale seems pretty on point from two years ago, and I would think that 2020 $1.475 MM deal is about where the clearing price is for this unit, unless this is catering to Russian and Chinese oligarch's children attending NYU, in which case that market is gone

sport, You have a good point. I always get surprised by the price per sq ft for small efficient apartments in West/Greenwich Village.

nyc_sport,
So what's 5C clearing @?

40 more square feet but unrenovated, 5C would seem to be in the same area. 2C sold in similar condition a few months ago for $1.487. 5th floor vs 2nd floor worth more, but 7% interest rates worth a lot less. These all seem to me to pint to sub-1.5MM, perhaps significantly so. Personally, I would expect moderately sized, unremarkable 1 bedrooms like this to trade far closer to equivalent rental value, since you could literally rent the same apartment instead of buying. That would suggest these are seriously overpriced. 2C is for rent for $5,900. The carry on these apartments at $1.4MM is about $9k.

It seems to me that if you honestly value these as rental properties they are worth about half what they are asking.

I think that similarly amenitied and similar- or slightly larger-sized co-ops from the same period are trading in the 600-800k range across a range of neighborhoods, so I'm having a problem finding any value proposition here - but like 300, I'm regularly surprised at what prices in this area fetch.