building at 20 East 9th Street

Here is one for the doom and gloomers to explain:

StreetEasy History

09/08/2009 Listed by Corcoran at $1,995,000.
09/17/2009 Listing entered contract.
11/12/2009 Listing sold.
11/12/2009 Sale recorded for $2,046,000.

http://www.streeteasy.com/nyc/sale/452187-coop-20-east-9th-street-greenwich-village-new-york

The building is perfectly financially stable and has had relatively high maintenance for quite a long time (did they incur the debt purchasing what had been a landlease building ages ago?). They have a number of amenities and a HUGE staff that costs a lot. Units vary a great deal in terms of appeal. Some have killer views of Washington Sq. Park and south. Some look over the roofs of GV to the north. Many have incredible light. On the other hand, some are dark without views or are directly above undesirable retail space below or overlook the garage, etc. The lobby is atrocious and all but impossible not to find repulsive. It is a much better maintained building, though, than 2 Fifth around the corner. The facade appears to be in decent shape and not about to peel away from the infrastructure the way parts of 2 Fifth are. For the postwars in the area, some of 20 E 9ths units have the best views, light and layouts.

That said, if the amenities don't matter to you and moving one 1/2 block east is acceptable, you can find identical layouts in the post-wars on 9th St. between Univ. and B'way for about 25-30% less money and somewhat less maintenance.

For the most part, the buildings in this area are "stable" well-run coops.

I'd say they priced it to move, and it did. Nine days to contract is pretty good.

The previous high-floor F-line, #22F, went for $1,750,000 in 2005.

Looks as if the builder leased the land from Sailors' Snug Harbor in the '60s, and the co-op bought the land in the '70s.

Re: Sailors' Snug Harbor selling its land, see http://books.google.com/books?id=bshzKiM385AC&lpg=PP1&ots=6wjeEMdMOo&dq=%22sailors'%20snug%20harbor%22&pg=PA159#v=onepage&q=&f=false, pages 158 and 159. Says One Fifth paid $1.7M for its land in 1976, and Stewart House paid $2M.

"That said, if the amenities don't matter to you and moving one 1/2 block east is acceptable, you can find identical layouts in the post-wars on 9th St. between Univ. and B'way for about 25-30% less money and somewhat less maintenance."

While I agree with most of this, I disagree with the "identical layouts" part. None of those buildings has a "Tower over base" layout like B.E. and you can't find identical units to a lot of the tower units in 30,40,60, or 55, 63 (although 55 and 63 have a bit of a set-back unlike the North side buildings - at least I don't think 40 has a set-back, does it?).

_________________________

David Goldsmith
DG Neary Realty Ltd.

Hi,

We currently live in this building, and it's a very difficult place. The coop board has a ton of rules and is super stringent. There is very little flexibility with policies and procedures. They make up crazy rules like they have to review every sale of apts and can block sales that are below a certain price (to maintain a false building value). I wouldn't suggest living here unless you want no say in the ownership and decisions in your building