LES at 500 sq/ft by summer possible?

In my opinion, the Grand Street corridor should lead the way in low prices in Manhattan. The co-ops along Grand Street (FDR Drive to Seward Park) should be at around $550 sq ft by the summer, but since those co-ops didn't go crazy with the rest of Manhattan, they may be slower in lowering prices.

Great buildings to look at good value for the size are Hillman, East River Houses and Seward Park. If I was looking for value in the area, I would look there.

Check out lohorealty.com. No affiliation whatsoever, but I know that they are the local specialist in that particular area. In spring May 2008, my friend bought a 1 bedroom in Hillman from lohorealty for $335,000. It was around 500 square feet, (co-op), had a pullman kitchen but a decent sized one bedroom, high floor with open sunny southern exposure and views of lower Manhattan. Needed a little work, but nothing crazy.

I've noticed a number of new listings/price chops in Co-op Village for 1000sf 2brs asking under $600k. 1brs in COV seem to have stickier asking prices, though they are coming down as well (some below $400k for 700-800 sf, though I think the 800sf claims are exaggerated). I posted a listing in the Downtown IYCDMMWC thread yesterday for a 2br condo in a "prime" LES location (Suffolk btw Stanton and Rivington) asking a little over $700/sf, well below its own 2005 sale price.

Yes, very possible.

If you can find $600 psf on E60th already (per the other thread), I think we'll be under $500 psf in those neighborhoods shortly...

There is SO MUCH volume there... and, don't forget, most buyers (anyone not in the last few years) in the big co-ops paid MUCH, MUCH less...

A 500sf 1br in COV is almost certainly a converted studio. True 1brs were going for that price not very long ago, and should be back soon.

A little negotiating and you're already there. In today's email alert:

$575/sf
http://www.streeteasy.com/nyc/sale/360412-coop-500-grand-street-lower-east-side-new-york

$535/sf
http://www.streeteasy.com/nyc/sale/377804-coop-550-grand-street-lower-east-side-new-york

$515/sf
http://www.streeteasy.com/nyc/sale/360427-coop-530-grand-street-lower-east-side-new-york

spending $500/sf for grand street apartments is nuts...I strongly believe why people bought in those horrible looking bldgs is because everyone was priced out of the rest of manhattan..now that prices are coming down all over no one will be buying those apartments unless they are cheap, real cheap.

A few comments on the Hillman, East River and Seward apts. 1) Their square footage is as inflated as any. That 1000 sqft 2br for 515K is really a converted 750 sqft 1br. 2) Maintenance is cheaper than elsewhere in Manhattan. 3) Schools in the area are very bad.

Trompiloco, the $515k unit is a true 2br (they don't have 20' x 26' bedrooms in Co-op Village) albeit a small one. You're right, though, the square footage is inflated. It's probably 850 including exterior walls and half the depth of neighbors' walls. The $575k unit looks accurate, and the $535k unit looks a little inflated, but not nearly as much as the $515k unit.

I've seen that $515k apt when they were asking $550. It's a real 2BR with the smaller bedroom larger than most in Manhattan. The drawback is that there is only one bath.