55 wall versus 59 john

Started by jkrohe
almost 14 years ago
Posts: 11
Member since: Feb 2007
Discussion about
I will be buying a condo this month and have narrowed my selection down to a 1bd/1.5bt at 55 wall and a 2bd/2.5bt at 59 John. Obviously, just based on size (59 John is ~500 sq ft larger), it is a simple choice as they are both roughly the same price (~$1.4M). But I do like the layout of the living room better at 55 Wall and the amenities are nicer, as well. Anyone have any feedback comparing these two buildings? Any help would be appreciated.
Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

59 John can't hold a candle to 55 Wall's services and amenities. It comes down to personal preference, are you really going to use all of the services that 55 Wall offers or do you need to extra space that 59 John has?

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Response by jkrohe
almost 14 years ago
Posts: 11
Member since: Feb 2007

Thanks for your response. What about potential resale value? Is there anything that would make one more desirable than the other? I assume the extra space at 59 John would interest a larger group of people, but I am unsure what affect the amenities at 55 Wall will have in 5 years. Do you know anything about the builders behind these conversions? Is one more reputable than the other?

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

#3- 55 wall floorplans rock (compared to 59 john) and you have the address on wall st. it is hard to foresee how the overall neighborhood will turn though...

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

As for resale value, you will be selling to a much larger audience if you have a 2BR/2.5 bath apt. for sale. But down in the financial district, there are probably more single people looking for 1BR's. At $1.4M though, you lose a lot of the singles unless they make a lot of money. If I had $1.4m to spend on a 1BR, I would widen my search b/c that gets you a lot of 1BR's in the city - just my personal choice.

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Response by jkrohe
almost 14 years ago
Posts: 11
Member since: Feb 2007

Any idea why 59 John is asking roughly $880/sq ft, but downtown on average is asking for $1150/sq ft and 55 Wall is over $1400/sq ft. I kind of understand that at 55 wall you are paying for the name and extra amenities, but why is 59 john substantially below the average. Am I missing something or is it simply the location (although it is a block or 2 from 55 Wall).

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

55 Wall St is like a Porche sport car and 59 John is like a Toyota family car.If I'm single, I will buy 55 WS.If I plan to settle, I will pick 59 John St.From re-sale perspective, you can't go wrong with Cipriani name.

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

$880 sounds pretty low. You're comparing apples and oranges though. 55 Wall comes furnished and has amenities that few bldgs have. If you want to do no work moving in (buying furniture, etc.) and will actually use the amenities (which are only included free for a couple years I think), then 55 Wall may be worth it. Not sure if this matters, but I'm guessing nobody will want your used furniture at 55 Wall when you sell in a few years, so there is a small built-in hit when you re-sell. You're paying for all that now, but will not be able to pass it on to the secongd buyer (unless I am missing something).

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

I obviously don't know your situation -- single, family, banker, etc. But, what kind of hipster will want a bachelor pad on Wall Street? The area is a ghost town after hours. I'm not saying go with Fiftey Nine John (especially if you're single), but for $1.4m, why would you want to be in the Financial District? I'm curious. Maybe I should look down there too.

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Response by yqpark
almost 14 years ago
Posts: 5
Member since: Feb 2007

Because the financial district will inevitably appreciate after the freedom tower goes up.

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

#9, I am hoping that in a few years as these new developments come to fruition and the fredom tower/transit center are built, the area will resemble more of a residential neighborhood. It is already going in that direction and hopefully will continue. I also like a more quiet area for my primary residence and just about every subway line runs through wall st and fulton st, so you are never far from the 'hipster' areas. Battery Park is nice also and is within walking distance.

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Response by anonymous
almost 14 years ago
Posts: 8501
Member since: Feb 2006

funny thing is people have been saying downtown is "up and coming" forever. maybe this time they're right... but i doubt it. buildings are so close together, streets are narrow, traffic is bad, too much security, views generally all stink.. it's prob a good short term bet with freedom tower - prices def will go up, especially if the market is at 880/sq foot. but that doesnt correct the faults.

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