Tuesday, August 11, 2015

Why The Robyn is a deal

As we first pointed out last Friday, the Robyn, the newish-still 33-unit luxury rental at 316-318 E. Third St., is for sale.

However, the listing for the building between Avenue C and Avenue D didn't have a price listed.

According to Crain's, the asking price is $26.3 million. And this is being billed as a deal, at least according to the broker, Cushman & Wakefield's James Nelson.

Mr. Nelson noted that the building, even though it is newly constructed, will likely sell at a discount, per square foot, compared with a recently sold prewar walk-up in the neighborhood at 117-119 E. Seventh St. That building sold for about $1,300 per square foot in June. Mr. Nelson is expecting to fetch less than that amount for 316-318 E. Third St.— about $1,100 per square foot.

Why? Because in the older buildings, new landlords are converting the one-bedroom places into two-bedroom units; two-bedroom units into three ... well, you get the idea.

"Living rooms are a fast-disappearing amenity in apartments in the East Village and other neighborhoods where young renters like to go," Mr. Nelson said. "Living rooms don't create revenue, but bedrooms do. That's why my building is unexpectedly cheaper. It has living rooms."

18 comments:

Anonymous said...

Livingrooms do devalue a building!

Giovanni said...

An apartment without a living room isn't an apartment, it's a dorm.

Anonymous said...

No room to live, that wraps up the EV.

Anonymous said...

Oh gross!

Anonymous said...

dorms

just sad really

Anonymous said...

Like something out of dystopian fiction, but scarier of course because it's real.

NOTORIOUS said...

I always thought the Kowloon Walled City was luxurious myself...

Anonymous said...

I got a card yesterday from Jon Varnedoe, a Real Estate Broker, announcing that he sold a two bedroom apartment in a fourth floor walk up at 125 East 4th Street (no square footage listed) for $870,000. There were five offers in the first week, and the apartment sold over its asking price. This would apparently be the new-norm. I hope we don't hear the tornado of responses that these apartments are being sold to NYU students (bought by their parents for them) etc. etc. As long as NYC remains the financial capital of the world the demand for apartments will continue to shock many of us. I had to hold the card firmly when I read a fourth floor walk up!!

Anonymous said...

Before everyone gets too excited, according to NYC records, the 125 E 4th Street apartment is quite large, 2 bdrm and separate dining room, purchased by a couple from Paris in their late 20s/early 20s.

Anonymous said...

Living rooms are so passe; just ask the folks at Icon. More bedrooms, more bros. Add in alcohol-delivered-to-your-door and those guys are like pigs in shit! (Actually, they're pigs in shit even without alcohol.)

Anonymous said...

Bros just need a mattress, a shitter, kegerator and sleeve of red plastic cups

IzF said...

What they don't need are megaphones.

Anonymous said...

Thanks Anon 2:52 for that information on the buyers. The card I have shows glass doors [wooden frames] opening from the living room onto the dining room. The apartment has clearly been remodeled (there are wood frames around the windows). Still, $870,00 (plus I imagine fees etc) for a fourth floor walk-up. You saw my anticipated reaction, several posts about how this must be the "boys". That's freedom of speech, even when it is completely predictable knee jerk reaction to whatever the subject.

olympiasepiriot said...

I concur, Giovanni.

Anonymous said...

Bro hate is on the rise, listen to our patron saint Taylor, don't be hating.

Anonymous said...

@4:48: Very funny. Taylor ain't livin' in this nabe; if she were, she'd be hatin' for sure.

Anonymous said...

I'm sure it has more to do with the corner of 3rd and D being the violent crime capital of the neighborhood.

Anonymous said...

It's somewhat intimidating but is it still really violent? I'm rarely there at night. It's the last bastian of crime in the nabe, true. The "projects" here and along the water in the LES. Living rooms are definitely vanishing though.. a stint as a RE "agent" will show you very quickly.... in 10 years, who will live here?