This listing is dramatic. I guess it's the FiDi curse. Funny that it's been only 4 months since the NYT RE section had that article on how FiDi has become a charming family neighborhood. Anyway, this listing is 66% below it's OLP from 2006, and 30% below a same-line lower-floor comp from early 2005. I call it a 2002 price. To top it off, according to the pictures and the description, this looks... [more]
This listing is dramatic. I guess it's the FiDi curse. Funny that it's been only 4 months since the NYT RE section had that article on how FiDi has become a charming family neighborhood. Anyway, this listing is 66% below it's OLP from 2006, and 30% below a same-line lower-floor comp from early 2005. I call it a 2002 price. To top it off, according to the pictures and the description, this looks like a truly luxurious and well-kept loft. So, unless there has been a fire since the pics were taken, there must be a story behind this distressed sale price.
The ad doesn't mention maintenance, which is fishy, but the other apt. for sale in the bldg. does, and it's reasonable. Disclaimer: of course the loft is not 1500 sqft. They never are. It's about 1150, which is the standard, 20% footage inflation.
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Response by aboutready
about 17 years ago
Posts: 16354
Member since: Oct 2007
Tromp, apartments in this building used to go for a song. If they bought pre-2000 they had a LOT of room (much more than your average apartment). Even in the heady 2006-07 days things took awhile here, although sometimes because of the bizarre floorplans often found in downtown loft conversions.
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Response by evnyc
about 17 years ago
Posts: 1844
Member since: Aug 2008
I also don't see a second bedroom or second bath. I agree that this looks nice, but to my mind it is only beginning to approach a reasonable price for a large one-bedroom in FiDi.
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Response by aboutready
about 17 years ago
Posts: 16354
Member since: Oct 2007
I don't see the extra bath, it would be easy (and maybe is already done) to turn the dining area into an 11x16 bedroom, which is a respectable size. I know that some of the units here did add second bathrooms. Seems like in these difficult selling times if that is true it would have behooved the broker to provide a revised floorplan.
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Response by evnyc
about 17 years ago
Posts: 1844
Member since: Aug 2008
It would be easy to turn the dining area into a bedroom, but then you would have to go through it to get to the bathroom. I think that's too awkward to justify nearly three quarters of a million dollars.
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Response by Trompiloco
about 17 years ago
Posts: 585
Member since: Jul 2008
Yeah, the listing says that one of the walking closets used to be the second bathroom. That's one point off. But I think it is more than a large 1br. I mean, if you convert the DR into a second BR. it would be 16x16 instead of the typical 10x9 or smaller that you see when you try to do the same in standard Jr4, so I think square footage wise it can be called a comfortable 2br. The great room is big enough to accomodate LR/DR.
I've seen relatively low and just plain odd pricing in this building's history, yes. However, somebody paid 1M for 5E in 2005. I still think is very significant that there are sellers scared enough to price way below 2005. Soon, the PAS407 of the world wil join them.
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Response by evnyc
about 17 years ago
Posts: 1844
Member since: Aug 2008
Just out of curiosity, how much do you think it would cost to convert that walk-in closet back to a second bathroom?
I'm actually thinking of taking a look at this one.
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Response by aboutready
about 17 years ago
Posts: 16354
Member since: Oct 2007
I always liked the apartments in this building, thought that they were a good value if you could live in the shadow of the raging bull. Some of them were dark, but the ones with good light were often lovely, and I have a partiality to the downtown loft thing.
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Response by Trompiloco
about 17 years ago
Posts: 585
Member since: Jul 2008
I have no clue about the cost of converting the closet into a bathroom. I'm definitely going to take a look, although I'm nowhere near ready to buy. But I like to see seller desperation first hand, not sadism or anything, but I need 2002 or earlier prices to be able to stay in Manhattan, and in a good school zone.
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Response by Trompiloco
about 17 years ago
Posts: 585
Member since: Jul 2008
Hehehe, these people read Streeteasy! They've just amended the listing to 1225 sqft, a lot closer to the truth (although the text of the ad still says 1500 + sqft)
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Response by Trompiloco
about 17 years ago
Posts: 585
Member since: Jul 2008
If anybody else was curious about this open house: disregard. It was a sham. Either because of a tactical move by the realtor, or an honest mistake, the apt. for sale wasn't as advertised. The owner apparently owns the neighboring apt. too, and they are both connected, but she decided at the last minute to reduce both the size and the price for 8E and list it for Open House. But they didn't change the floorplan online. The result was a huge apt. for 699K, which looked like a 2002 price, a real deal. The truth is they're trying to sell a 950 sqft 1-br in FiDi for 699, and with high maintenance. Good luck with that.
Many people were misled and went to the OH.
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Response by evnyc
about 17 years ago
Posts: 1844
Member since: Aug 2008
Glad I missed that, then. Thanks for the heads up!
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Response by Downtownster
about 17 years ago
Posts: 140
Member since: Mar 2009
Actually, it's not even a 1BR. We saw this apartment last week and it's basically a studio (albeit a very large one). I would describe this apartment as a dining room plus a living room. There is also only one bath. It's not a bad space but there are a lot of oddities such as only a dryer on the floor (seriously) and no washer (you can't put them into the apartment either). Also, the "private elevator" is tiny and opens in to the kitchen.
Tromp, apartments in this building used to go for a song. If they bought pre-2000 they had a LOT of room (much more than your average apartment). Even in the heady 2006-07 days things took awhile here, although sometimes because of the bizarre floorplans often found in downtown loft conversions.
I also don't see a second bedroom or second bath. I agree that this looks nice, but to my mind it is only beginning to approach a reasonable price for a large one-bedroom in FiDi.
I don't see the extra bath, it would be easy (and maybe is already done) to turn the dining area into an 11x16 bedroom, which is a respectable size. I know that some of the units here did add second bathrooms. Seems like in these difficult selling times if that is true it would have behooved the broker to provide a revised floorplan.
It would be easy to turn the dining area into a bedroom, but then you would have to go through it to get to the bathroom. I think that's too awkward to justify nearly three quarters of a million dollars.
Yeah, the listing says that one of the walking closets used to be the second bathroom. That's one point off. But I think it is more than a large 1br. I mean, if you convert the DR into a second BR. it would be 16x16 instead of the typical 10x9 or smaller that you see when you try to do the same in standard Jr4, so I think square footage wise it can be called a comfortable 2br. The great room is big enough to accomodate LR/DR.
I've seen relatively low and just plain odd pricing in this building's history, yes. However, somebody paid 1M for 5E in 2005. I still think is very significant that there are sellers scared enough to price way below 2005. Soon, the PAS407 of the world wil join them.
Just out of curiosity, how much do you think it would cost to convert that walk-in closet back to a second bathroom?
I'm actually thinking of taking a look at this one.
I always liked the apartments in this building, thought that they were a good value if you could live in the shadow of the raging bull. Some of them were dark, but the ones with good light were often lovely, and I have a partiality to the downtown loft thing.
I have no clue about the cost of converting the closet into a bathroom. I'm definitely going to take a look, although I'm nowhere near ready to buy. But I like to see seller desperation first hand, not sadism or anything, but I need 2002 or earlier prices to be able to stay in Manhattan, and in a good school zone.
Hehehe, these people read Streeteasy! They've just amended the listing to 1225 sqft, a lot closer to the truth (although the text of the ad still says 1500 + sqft)
If anybody else was curious about this open house: disregard. It was a sham. Either because of a tactical move by the realtor, or an honest mistake, the apt. for sale wasn't as advertised. The owner apparently owns the neighboring apt. too, and they are both connected, but she decided at the last minute to reduce both the size and the price for 8E and list it for Open House. But they didn't change the floorplan online. The result was a huge apt. for 699K, which looked like a 2002 price, a real deal. The truth is they're trying to sell a 950 sqft 1-br in FiDi for 699, and with high maintenance. Good luck with that.
Many people were misled and went to the OH.
Glad I missed that, then. Thanks for the heads up!
Actually, it's not even a 1BR. We saw this apartment last week and it's basically a studio (albeit a very large one). I would describe this apartment as a dining room plus a living room. There is also only one bath. It's not a bad space but there are a lot of oddities such as only a dryer on the floor (seriously) and no washer (you can't put them into the apartment either). Also, the "private elevator" is tiny and opens in to the kitchen.
http://downtowny.blogspot.com/