We scheduled an appt to see this apt today, and the broker called half an hour before the appt to say that unless we could pay for the apt in cash she did not want to show it to us. She stated that the apt was unrenovated, and that a bank would not provide financing for it. We are buyers with excellent credit who have been looking for just this type of apt for 2 years, but she basically admitted... [more]
We scheduled an appt to see this apt today, and the broker called half an hour before the appt to say that unless we could pay for the apt in cash she did not want to show it to us. She stated that the apt was unrenovated, and that a bank would not provide financing for it. We are buyers with excellent credit who have been looking for just this type of apt for 2 years, but she basically admitted that this apt is way overpriced - the last PH in London Terrace to sell was Susan Sontag's PH in 2006 for $3.95 mill. This apt is $5.75 mill and apparently a wreck - she said that it could not be lived in as is. She was pretty rude and condescending about the whole thing (not to mention the last-minute nature of her phone call). In a terrible market like today, why would a broker behave this way? Do we have any recourse?
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Response by joedavis
almost 17 years ago
Posts: 703
Member since: Aug 2007
consider yourself lucky
she has done you a great favor
sounds like this apt is not worth it at any price close to what they are asking
Of course the broker listing it needs to resign from that esteemed profession.
You should convey that to the seller and to the agency the broker belongs to
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Response by login
almost 17 years ago
Posts: 10
Member since: Apr 2007
Maybe you're right - I suppose she may be dealing an irrational seller on her end - although she seemed to be siding with the seller on this one. I hope the inventory on this sort of apt improves in the next 6-12 mos.
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Response by login
almost 17 years ago
Posts: 10
Member since: Apr 2007
P.S. My husband also thought that I should report her to Corcoran, but I looked on their website and didn't see a way to do this???
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Response by w67thstreet
almost 17 years ago
Posts: 9003
Member since: Dec 2008
just throw a sandal at her... the highest form of insult in certain countries... never ever be insulted from a borker.... it's like feeling insulted from a McD worker.. be at a higher form of consciousness :)
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Response by truthskr10
over 6 years ago
Posts: 4088
Member since: Jul 2009
What a rollercoaster for this apartment.
This gut reno did sell for $4.4mm just post Lehman and was fully renovated to sell in Dec 2012 for $9.65mm!
Now in contract with a haircut asking price of $8.395mm 6/7 years later.
Also tried to rent it with an ask of $22,500 per month.
Lets say you can get that rent and willing to be pay a whopping 25x gross rent to own this apt, and ignore that maintenance on this 10 year run went from $5800 to $9000.
That puts you at only $6,750mm!
So call it a generous 2400 sq ft, plus 1000 sq ft terrace. Make it 3000 interior eqt. Traded at 2500 per sq ft. 9k maintenance.
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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009
So does that kind of indicate the cap on Chelsea coops is probably around $2500/SF right now? Even with the somewhat high maintenance, I don't think it that high considering it's a penthouse in a full service building. If it were a condo at full taxes wouldn't the monthlies be similar (ex https://streeteasy.com/building/dorsay-condominium/penthouse?featured=1)
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Response by truthskr10
over 6 years ago
Posts: 4088
Member since: Jul 2009
Its a tad pricey but a nice apartment.
Not that London Terrace needed any help but the highline and hudson yards does help. Keeps London Terrace much further away from being Tudor City west.
Nice comp 30yrs.
THough Im guessing those taxes probably have substantially more to go up as the abatement diminishes.
Springtime is the right time for penthouse sales
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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009
No one wants to be at "the end of the earth." When London Terrace Towers first went coop they were a tough sell. But as soon as Chelsea Piers opened that changed.
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
30, Condos at this price point definitely have a 20-30 percent premium as rich do not want to bare all. Newer building should have further premium. So I am surprised that it traded that high. It is certainly unique.
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
I am sure one can get dorsay (14th is negative but overall location is better), well below $8mm.
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Response by stache
over 6 years ago
Posts: 1298
Member since: Jun 2017
dorsay is icky block but yes more convenient.
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Response by truthskr10
over 6 years ago
Posts: 4088
Member since: Jul 2009
To the novice manhattanite, "Main" cross streets have initial appeal but then you find (after living on one) they do tend to be icky.
This then leads to the faulty conclusion that 1 block off the main cross streets are best except these blocks end up being the smelliest because it gets both its regular dog pooh and pee traffic PLUS the main cross street residents dog pooh and traffic.
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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009
My point was solely that $9,000 for monthly fees wasn't extraordinarily high.
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Response by 300_mercer
over 6 years ago
Posts: 10570
Member since: Feb 2007
While carrying cost of $9k is comparable to a similar new condo, my expectation is that for a full service coop penthouse it shouldn’t be so high. More like $2.5-3 per square ft (3000 sq ft eqt for this) after accounting for higher share allocation for a penthouse. One of the reasons I am bearish on new developments is ridiculously high taxes per sq ft vs older buildings.
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Response by 30yrs_RE_20_in_REO
over 6 years ago
Posts: 9878
Member since: Mar 2009
I think the RET gap for older (especially prewar) vs newer has been narrowing for quite some time, and I think in part due to vacancy destabilization.
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consider yourself lucky
she has done you a great favor
sounds like this apt is not worth it at any price close to what they are asking
Of course the broker listing it needs to resign from that esteemed profession.
You should convey that to the seller and to the agency the broker belongs to
Maybe you're right - I suppose she may be dealing an irrational seller on her end - although she seemed to be siding with the seller on this one. I hope the inventory on this sort of apt improves in the next 6-12 mos.
P.S. My husband also thought that I should report her to Corcoran, but I looked on their website and didn't see a way to do this???
just throw a sandal at her... the highest form of insult in certain countries... never ever be insulted from a borker.... it's like feeling insulted from a McD worker.. be at a higher form of consciousness :)
What a rollercoaster for this apartment.
This gut reno did sell for $4.4mm just post Lehman and was fully renovated to sell in Dec 2012 for $9.65mm!
Now in contract with a haircut asking price of $8.395mm 6/7 years later.
Also tried to rent it with an ask of $22,500 per month.
Lets say you can get that rent and willing to be pay a whopping 25x gross rent to own this apt, and ignore that maintenance on this 10 year run went from $5800 to $9000.
That puts you at only $6,750mm!
https://streeteasy.com/building/470-west-24-street-new_york/pha
And no real dining room.
Sold for $7.5mm
So call it a generous 2400 sq ft, plus 1000 sq ft terrace. Make it 3000 interior eqt. Traded at 2500 per sq ft. 9k maintenance.
So does that kind of indicate the cap on Chelsea coops is probably around $2500/SF right now? Even with the somewhat high maintenance, I don't think it that high considering it's a penthouse in a full service building. If it were a condo at full taxes wouldn't the monthlies be similar (ex https://streeteasy.com/building/dorsay-condominium/penthouse?featured=1)
Its a tad pricey but a nice apartment.
Not that London Terrace needed any help but the highline and hudson yards does help. Keeps London Terrace much further away from being Tudor City west.
Nice comp 30yrs.
THough Im guessing those taxes probably have substantially more to go up as the abatement diminishes.
Springtime is the right time for penthouse sales
No one wants to be at "the end of the earth." When London Terrace Towers first went coop they were a tough sell. But as soon as Chelsea Piers opened that changed.
30, Condos at this price point definitely have a 20-30 percent premium as rich do not want to bare all. Newer building should have further premium. So I am surprised that it traded that high. It is certainly unique.
I am sure one can get dorsay (14th is negative but overall location is better), well below $8mm.
dorsay is icky block but yes more convenient.
To the novice manhattanite, "Main" cross streets have initial appeal but then you find (after living on one) they do tend to be icky.
This then leads to the faulty conclusion that 1 block off the main cross streets are best except these blocks end up being the smelliest because it gets both its regular dog pooh and pee traffic PLUS the main cross street residents dog pooh and traffic.
My point was solely that $9,000 for monthly fees wasn't extraordinarily high.
While carrying cost of $9k is comparable to a similar new condo, my expectation is that for a full service coop penthouse it shouldn’t be so high. More like $2.5-3 per square ft (3000 sq ft eqt for this) after accounting for higher share allocation for a penthouse. One of the reasons I am bearish on new developments is ridiculously high taxes per sq ft vs older buildings.
I think the RET gap for older (especially prewar) vs newer has been narrowing for quite some time, and I think in part due to vacancy destabilization.