Premium for "Gold Coast"? - 28 West 10th

up from when Alec Baldwin sold
https://nypost.com/2020/07/08/alec-baldwin-is-hush-hush-shopping-his-village-penthouse/

A little short on width considering large square footage for premium pricing.

Part of the premium is due to being part of Renwick Row which is not only historically significant, but has always carried a $ premium for perceived quality . Also, 18 foot IS wide for an Italianate. When speaking with, you need to consider stile because and 18 foot Italianate is roughly equivalent to a 22 foot Federal.

Essentially the same house renovated sold for $18.5 million in November.
https://streeteasy.com/sale/1554534

beautiful

You hadn’t seen the bathrooms and closets on that one and worn out everything and mirrors weren’t included in the sale.

24 W 10th’s condition seems a lot better than 28’s — more a cosmetic job than a gut job. The sense one gets from 28’s listing is a gut job — restore to former grandeur, add elevator, excavate, etc.

24 is wider and bigger. I have a hard time seeing 28 trade anywhere near its $2000 ppsf ask when that’s where 24 sold… after 2.5 years of listing.

24 is a full 3 foot wider!!

aren't they all the same initially?
https://www.google.com/maps/place/26+W+10th+St,+New+York,+NY+10011/@40.7338551,-73.9995518,17z

What do you mean? Built the same design and at same time. Obviously width wouldn’t change.

@Rinette & 300 -- nope - similar construction style and period is not a guarantee of similar lot size. Layout of adjacent lots could vary substantially, depending on property lines prior to sub-division, entrenched interests, developers, etc. Per the deeds, the lot for #24 is 21' wide, the lot for #28 is 18'5" wide. Unclear if 24 or 28 is the outlier on that row, or what the sequence of lot widths is -- developers building spec houses at the time often had varying price options - lot width, interior materials and finishes, etc. to appeal to a range of buyers.

28 is also missing most all of it's exterior brownstone detailing, making it the ugly ducking amongst its siblings.

It's amazing that 24 essentially sold at a 10 million discount to the original ask! Is it the listing brokers that just capitulate to whatever number the seller demands so they can get the listing?? Or is the listing agents analysis of value completely flawed?

28 is pretty bad indeed.

Keith, They priced it for newly renovated rather patchwork mid end Reno over time. There was even some small structural work needed.

>"nope - similar construction style and period is not a guarantee of similar lot size. Layout of adjacent lots could vary substantially, depending on property lines prior to sub-division, entrenched interests, developers, etc. Per the deeds, the lot for #24 is 21' wide, the lot for #28 is 18'5" wide."

Very interesting Aaron2, did not know any of that. Thanks

But $10mmmmmmmm?

I think $3-5mm of mispricing is not realizing that for such places the moment there is any more than minor work needed, the discount for that work is actual cost of work plus $2-3mm for brain damage and trouble. This place needed $1-2mm of work depending of how expensive your contractor is. If you want top $, the buyers shouldn’t expect to do any work.

In addition garden level is fully below ground including the garden itself.

>"If you want top $, the buyers shouldn’t expect to do any work."

They are entitled to price, and then see what they get, and be flexible when negotiating to get a deal done or be inflexible and not.

Maybe another question is if Ryan Sargeant's videos are losing effectiveness?

video here: https://streeteasy.com/sale/1554534#

In an Italianate the first

Floor is not the parlor floor

Rinette, I am simply answering Keith's question about how they potentially got the listing price off by $10mm. Of course, any one can ask whatever price they like and the brokers do have to cater to the owner's desire for a price.

"They are entitled to price, and then see what they get, and be flexible when negotiating to get a deal done or be inflexible and not."

That 24 is a nice piece of real estate indeed. And I wouldn't scoff at 28 either. Good watch - thx for bringing it to the fore.

@rinette: Things like lot size and other subtleties are what a good broker (buyers or sellers) is supposed to bring to the table when the offerings look on the surface to be significantly similar.

Cool example: In Park Slope, a careful look at older maps or deeds reveals that backyards of lots on the 'north' side of Lincoln Place are significantly deeper than the lots on the south side of St Johns on the same block (btw 6th & 7th) - possibly the deepest back yards in the area. If a client has kids, this could be a significant differentiator. This particular neighborhood anomaly is an artifact of the earlier property lines of adjacent farms prior to the grid overlay. (and why Douglas and St. Johns streets do not align at their intersection with 5th Ave).

Thanks 30 and Aaron for sharing your expertise on this. I sell the Fifth Avenue apartments near there, but I'm not a townhouse specialist so I'm learning a lot!

What is the premium for 21 ft over 18 ft? Surely not just 17%

https://www.wsj.com/real-estate/luxury-homes/combining-two-new-york-city-townhouses-ba8ceaeb