how much would you bid

I wouldn't bid. Cons outweigh pretty much any price point in this market IMO.
This is a dark street in the shadow of London Terrace highrises on the south side of 24th St.
As you go even 1 block north, this area in Chelsea has little appeal or charm for most people.
No views, based on what you say.
Walk-up.
You would have to build a closet in livingroom--can't really live with only one small bedroom closet.
Bathroom is just OK looking. Nothing charming about it.

Be careful you don't get into the market with a lemon of interest to a very narrow market on resale. And be careful of building financials in this era--the fewer the # of apts, the greater the risk.

I would rather consider something like this:
For another $55,000, there is a similar 6th Floor unit at 87 Barrow Street and see the difference:
Building with outstanding financials and risk spread out over many apartments (well over 200).
Outstanding location: heart of village on most charming winding, tree-lined block--highly desirable.
Walk up, but 87 Barrow 6th floor is the top with great light and most have views--Not sure if 6H has views though.
Because of the desireability of location, charm of building and apartments, and relative low maintenance, resale and long-term value more assured.
Better layout insomuch as there are two closets.

Apartments become available at 85 and 87 Barrow St and the sister buildings on Morton Street often enough that I'd hold out for one of those. Many apts are sponsor units that are fully renovated prior to sale, and many were purchased by insiders 10 years ago and even in today's market they've made a pretty penny on their investments and may be willing to negotiate as a result.

PS: I have nothing to do with this building. I know someone who lived there and another person who still does.

loyola, in case you're new to the board - Pearls of wisdom flow from kylewest's fingers/lips.

thanks for the insight Kylewest. do you have the link to the barrow street apartment so i can view the differences you mentioned.

http://www.streeteasy.com/nyc/sale/359317-condop-87-barrow-street-west-village-new-york

All listings in the sister buildings come up by clicking through the "more in this building" button. And FWIW, the agent is one of the truly decent people in the downtown RE scene.

With the payment at current price you can rent something nicer, no? With Manhattan struggling right now and probably more layoffs to come, you mind as well keep looking until you find a better place, rent a place nearby, or put in a low ball offer. Either way, you win.

Also Condops are much better for resale than co-ops, no strict board rules as co-ops have, and in the future you may have the option to rent it out whereas the co-op most likely you can't.

All suggestions to consider. What jimsullivan offers is indeed the view of some, but if you are a newcomer, you should be aware that there are other views on what type of building set-up (e.g., condop, coop, condo) is "best." There is by no means a consensus that condos or coops or condops are better or worse. IMO the truth depends in large part on the buyer's particular needs, financial picture, plans for the future, and type and location of building itself.

Walk up? This bldg is not a walk-up but an elevator bldg. Was in it March 09. True, bedroom closet is all it has and the bottom part of the closet is taken up with a water heater. So storage is definitely a consideration. Of more concern is that the heat runs on electricity, and owner pays Con Ed separately. Electric bills not that steep when coupled with low maintenance, but I imagine, for subleting purposes electric heat and water heating is one bill your tenant won't want any part of. Otherwise apt. was somewhat charming, huge bedroom, and for the right owner/price will be perfect, be objective think of it empty, add some modern recessed lighting, and decorated can become really nice. Would also agree that person who showed the apt., for the seller was considerate, and helpful, name begins with S. I've seen worse, but would like something with a bit more "wow" value. Agree that the neighborhood seems a bit non-exciting.

I am not one of those vehemently anti-broker people. The brokers I dealt with most closely in New York have been uniformly honest and service oriented (although admittely some we met in our pursuit of the perfect apartment were neither). FWIW, my broker in Virginia saved me from some bad decisions. But I would still take "agent says it gets good light during the day" with a grain of salt. Believe me its worth an hour or so of your time to leave work mid-morning or afternoon and see what the light situation really is. When I rented first floor rear one bedroom the agent told me very honestly that the apartment was rather dark, but haven grown up in a south facing open city view apartment everything is realative. Turned out I needed artificial light all but about 20 minutes a day and even though you couldn't read a book without it. Actually, in my 20s it was great--sun to disturb a days sleep after all night partying but after all while I got tired of having to check the weather channel to know if it was raining.

loyola, I will have some west village apts coming up soon in your price range (might be same complex as Kyle is talking about). let me know if you want me to email you when I get them.

loyola,

No view a con, where are you from?

Chelsea is very close to the heart of NYC aka close to all. I don't like the word prime but chelsea can be called prime. 300k not a bad price today, from the peak. personally, I would not pay 300k for a 1 bedroom apt anywhere

loyola77,

Oops I would not bid on that apt.