311 Greenwich #6G finally gets a (teeny) price chop

We can't seem to stop ourselves from continuing to write about the strangely overpriced units in the group of indistinguishable Tribeca buildings that we call the "311 Greenwiches". Even though all of the buildings (295, 311 and 303) have their own unique address on Greenwich St (near Chambers), we can never remember which one is which and we've usually forgotten about any apartment that we've seen before we even get past the doorman.

This "forgettability factor" (which we actually think is a huge disadvantage in trying to sell anything in this market) apparently did not stop any of the sellers in these buildings from pricing their units at $1100 per sq foot or more, a tactic that has thus far resulted in a bunch of inventory sitting on the market forever. In fact, these buildings, which collectively have 9 units for sale, have not seen a sale since September 2008, almost one year ago.

We are kind of happy to report therefore, that #6G at 311 Greenwich St, perhaps the most overpriced of them all at $825,000 for 650 tiny sq ft has reduced it's price by an inconsequential $26,000 to $799,000. We think the primary outcome of this will be that a new group of potential buyers (previously searching for units under $800,000) will now pop by the open house and be shocked by the audacity of it all.

"As If!" 311 Greenwich #6G - $825,000 - 650 sq ft

We debated whether this cute little apartment in one of the only Tribeca buildings that has listings for under $1MM is really the overpriced apartment of the week, but at $1,269 per sq ft, we just can't imagine such a price even in a renovated unit.

Both the Streeteasy ad and the floorplan loudly proclaim this apartment as a "Miracle on Greenwich Street!", although the only thing that we find miraculous here is that some new floors and a renovated kitchen would actually spur anyone to pay $825k for what is essentially a tiny apartment without a W/D in the unit and a "cute" balcony that is good for nothing growing herbs.

Although the renovations in this super small apartment are very nice and we like the location, we can't get over the unbelievable price tag given that a larger unit in the same building with a real balcony and in need of only new floors and some kitchen cabinets failed to sell at an ask of $775,000 and is now no longer on the market.

#6G sold in 2004 for $640,000, which we think is actually quite a reasonable price now, given the relatively low maintenance and pint-sized square footage. Add in the fact that absolutely nothing has sold in this building since September, 2008 and we're pretty sure that there are some sellers with high expectations here.