Showing posts with label co-ops. Show all posts
Showing posts with label co-ops. Show all posts

Tuesday, June 5, 2018

A record payday for an East Village walk-up co-op


[Image via Streeteasy]

A co-op on the fifth floor of 541 E. 12th St. went into contract for more than $1.9 million last month after a bidding war with seven offers topping the asking price less than three weeks after it was listed, The Wall Street Journal reported. (The article is behind the paper's paywall.)

According to data from Corcoran, this penthouse apartment at No. 541 between Avenue A and Avenue B is the third-highest priced sale for a walk-up on the fifth floor or above in the East Village. In addition, it is also the most expensive sale of a co-op unit, the Journal reported.

No. 541 was boarded up and abandoned in 1986 when the seller of the penthouse and a group of friends who lived in the neighborhood bought it from the city and turned it into a co-op. They paid $380,000 for the five-story building and spent about $600,000 renovating it and moved in.

The sellers will be moving to a second home they own on Long Island while the buyers already lived in the East Village, per the Journal. (Another co-op in the building is on the market for $1.15 million.)

Meanwhile, a duplex penthouse on the sixth floor of a walk-up at 211 E. Third St. between Avenue B and Avenue C "will test the limits of high-floor walk-ups" when the four-bedroom, four-bath residence hits the market for about $5.5 million.

The article notes that walk-ups are becoming more desirable:

Despite the stairs, higher floors often mean more light, less street noise, better views, a chance to keep fit, and a lower price per square foot, brokers say. And those apartments have become more palatable in the age of grocery delivery and e-commerce, as consumers shop more online and don’t have to lug items up the stairs.

Wednesday, May 30, 2018

Truth in listings: A co-op that needs some TLC

Most often the photos that accompany sales or rental listings feature carefully staged photos to make a positive first impression on potential buyers or renters.

That's not the case with this one-bedroom co-op on 12th Street between Avenue A and Avenue B. The Streeteasy listing notes that the place "Needs TLC."

Perhaps to prove that point, the only two photos with the listing offer an unvarnished view of the place — at least of a closet and top of the refrigerator...





The residence is listed at $425,000, with a note that it is in "need of a full renovation." And HDFC income restrictions apply here — one person $120,000; two people $137,000, per the listing.

Thursday, September 7, 2017

About this sponsor unit for sale on 1st Avenue

There's a sponsor unit for sale at 347 E. Fifth St., the walk-up building at First Avenue that also houses Three of Cups on the ground floor.

I don't recall coming across too many listings such as this one on Streeteasy:

Investors only: rent-controlled tenant in place.

This sponsor unit is being sold at a tremendous discount to its market value.

Currently configured as a railroad two bedroom, it can easily be re-configured into a split two bedroom.

This unit features a separate eat-in kitchen area, 9 windows throughout including in the bathroom, and great natural light. Subletting and pets are allowed.

Current tenant paying $90 per month

Not a typo: $90.

As for the address, the 25-year-old Three of Cups recently signed a new lease through 2027.