30 Fifth Avenue

I am very familiar with this buidling. This listing is obviously two combined high-floor apts. The livingroom in the current configuration used to be the J-line a one bedroom apt. The pullman kitchen and wall dividing the livingroom/bedroom has been removed. The overall flow now is nice, ceiling height is generous, entry is gracious. The building has outstanding finances and is top notch. Doorman and roof garden,but no other amenities contribute to relatively very low maintenance for the area (Brevoort, Brevoort East and 2 Fifth have much higher monthlies). Very well-staffed with long-timers. Location is about as good as it gets in Manhattan--tastes may differ, but this is heart of the lower 5th Ave. "gold coast." Physical condition of facade and infrastructure is also quite good in this building--it has really been maintained well.

One bedrooms sell in this building for $900,000-$1.4MM depending upon condition, layout, views and amount of renovation. This apt does not have views of the church on 10th St but does front on 5th Ave and southern windows face 24 Fifth but have lots and lots of sky and light. I'd say the J unit would be worth $1MM. The K unit is not offered for sale often but based on past sales and current values of other lines, I'd think $1.7-$2MM is reasonable for the K line on high floor. Combined, the current asking price seems correct to me and I expect it will sell over $2.5MM. Maybe even near asking.

The original asking price of $3.7MM was utterly unreasonable regardless of condition and quality of renovation. It didn't sell at that original ask price because it was completely out of whack. The owners probably spent a lot to combine the units and thought the sum of the parts was greater than the individual units--they were wrong...at least to the degree they thought there was value added by the combination. If I had the money and was looking for a long-term home, and wanted to live in this area, this apartment is one I would very seriously be considering. This is one of those buildings that in a down market is among the last to see a slip in values and in an improving market is among the first to start appreciating. Many of the pre-wars on this stretch have quirks absent here like lack of closets, manned elevators that can take too long to arrive, a lot of wasted space due to configurations that worked for people in 1925 but do not fit modern ways of living.

Hope some of this helps.

The apartments seems to be only 1700-1800 sq ft using the floor plan to calculate.

I'd say that's about right re: sq/footage.

Does $1.249MM for a renovated, low-floor 2BR/1.5BA facing the church represent a new price point?
http://www.prudentialelliman.com/Listings.aspx?ListingID=1009925
#2E opened in July at $1.649MM. Elliman reduced it from $1.395MM today.

With all the regular caveats about buying into the current market, this price is making this unit much more attractive. The only draw back for me is the view out of the rear facing windows. The church views are nice and even the second floor in this building is fine with me. But I'd have to see it--the building's garbage does get piled up on 10th Street and if it is right under 2E's windows, that might give me some second thoughts. Personally, I'd strongly prefer this 2E unit to any jr-fours without park views that are at the same price point at 2 Fifth or 20 East 9th (Brevoort East). Let us know what you find if you go look!

kylewest,

i have seen this unit and it's pretty bad. the e-line at 30 5th is just a problem. the living room and kitchen face a depressing interior area--what you call the 'back windows' are really the front windows, it's just that the front windows face a dark, depressing light well. the public rooms in the e line are bad all the way up, but on the 2nd floor they are downright awful--just dark, depressing, and airless. honestly, i can't imagine anyone spending over a million dollars to live in such a space.

Thanks, KW/HR. I have a family member up the street and was wondering how hard the area had been hit so far.

Eesh. Not nice.

As for prices, they have been creeping down in this area in my view.

Hello, please could me help somewhere.
Is the price of USD 1,980,000 about Penthouse 17F ok? There are negative things I have to know?
At moment, I live in Germany but change to NYC in a few months.

Best regards

My recollection of the penthouse units at 30 Fifth is that they were not built as penthouses, but were either maids quarters combined or built as "afterthoughts" and aren't the grand apartments that you see in "wedding caked" grand prewar buildings as penthouses. They tend to have low ceilings and very "non-prewar" characteristics.

30yrs: I had the same conversation with someone yesterday. The odd stairs up, the walk around the terrace to the little room. It's all very hodge-podge. Aesthetically, the penthouses are not incorporated into the building and seem plopped on top.

The more interesting apartment right now is the 15th floor G-line for $995,000. At that price, the seller at least indicates some semblance of reality. Note: 2G (or 3?) sold for over $1.3MM less than two years ago! And it had views of the bus stop and street.
15G probably needs a ton of work, so that'll have to be figured in, but I think the asking price of $995K indicates the seller in at least in the right ballfield for negotiations that can result in a meeting of the minds. The views up there must be fantastic. Plus, you get to look at the REAL penthouses at 40 Fifth and drool over the western one.

Any views on the asking price for 9CD? Struggling to get there based on recent comps. What am I missing?