Downtown Manhattan for Under $600 per sq foot?

We found ourselves pondering the sub-$600 per sq foot price chopper question when we noticed yesterday that a couple of Battery Park one BRs have quietly drifted down to this attractive price range in the past couple of weeks. So what can we get for less than $600 per sq ft in our typical neighborhood (real estate) haunts? Not much, it turns out. Although a StreetEasy search returned 56 downtown (south of 14th Street) properties priced at $600 per sq foot or less, a full 39 of those (or almost 70%) were located in the traditionally cheaper, older and grittier Lower East Side, with most units located in the Co-op Village complex of Soviet-era apartments .

What about the other 17 listings? In most neighborhoods (including Tribeca, which has 5 listings for under $600 per sq foot), these cheap-o units are either full-building residential development opportunities (creepy horror houses that you can convert to condos), flat out commercial units or mixed use (fulfill your dreams of selling handmade jewelry and Statue of Liberty tiaras right out of your apartment). There are however, a handful of legitimate residential units for under $600 per sq ft. Here are some highlights:

Financial District: We were quite surprised to discover that much maligned (but currently In Contract) 55 Liberty St., #PH, the attic-like 3rd floor walk-up penthouse that we visited twice in the spring is the only unit in FiDi that's listed for less than $600 per sq ft ($599 to be exact).

Battery Park City: Battery Park is home to three pretty cute 1 BRs, all listed for less than $600 per sq ft. Of course the maintenance on these places is enough to make you pee in your pants take pause. We were surprised that the 2BRs in BPC were not yet in the $600 per sq ft range, since the higher priced market is worse and the common charges in many BPC buildings are allocated at a higher percentage for 2BRs.

East Village: Nada. Nothin' doin' in the East Village in this price range (except for three pseudo-commercial units). Were we surprised? Well, actually yeah. StreetEasy.com considers Alphabet City don't you have anything better to do than sit outside on your plastic chair and comment on my sweater? as part of the East Village and we were certainly thinking that some of those units around Avenue D would be cheap as sh*t priced to reflect the current market.

Is this a Hallway or an Apartment?

When we looked at this Alphabet City Fringe East Village listing today, we were kind of curious about the dramatic series of price drops that this ground floor, 575 sq ft. studio has seen. Originally listed in January of 2008 for $600,000, this apartment is currently on the market for just $459,000, a 24% decline in asking price.

Although $459k is still too high for a smallish studio between Avenues B and C, we were intrigued by the listing photos, which show beautiful flooring and two types of exposed brick. It was only when we clicked over to the floorplan that we realized that the apartment has the approximate dimensions of a hallway, with a large chunk of the space measuring at just 8'2" wide (huh?). Don't forget to check out the weird bathroom that's off of the kitchen (we're not sure the hallway fridge really counts as a "kitchen" anyway) and how you have to walk through the "sleeping area" to get to the kitchen AND the bathroom. This all combines to make this layout one of the strangest that we've ever seen in this price range.

Sell, Sell, Sell! It's Raining Contracts at 111 Fourth Avenue!

Although we've blogged repeatedly about how much we can't stand the awkward, cramped layouts and barely usable ladders staircases in the "1" BRs in the Franken-loft building at 111 4th Avenue, someone out there sure likes them!

Over the past two weeks, an additional two apartments have gone into contract in this building (we've seen, and hated, both), joining #2F, an attractive true 1 BR (without the awful loft) which went into contract back in April. The two new contracts are for the following units:

#5C, our absolute least favorite, with a tiny spiral staircase, a cramped kitchen and a weird pseudo-closet in the corner of the living room, was most recently listed at an eye-popping $740,000 for 700 sq ft (that includes the shoddy loft, people) and is now in contract (huh?).

#6J, which has better floors and a slightly better layout than #5C, features an actual ladder (we're not making this up folks) leading to the upstairs loft and an eggshell blue "bedroom" with 6 foot ceilings . We don't know the square footage here, but it still felt cramped and small, although the most recent asking price of $695,000 before the unit also went into contract (huh?) seems slightly more reasonable than #5C.

On the 1BR availability front, we are thus left only with our ol' standby #10C, which has been sitting on the market for about 2 months and is similar in layout to #5C except that #10C splits the tiny space further through the addition of a wall in the living area. Sometimes, we even get a chuckle imagining the tiny workers that must have been required to build anything in an apartment this size. Additionally, at an asking price of $839,000, we've always thought this unit was unbelievably overpriced.

Is there something in the water at this weird co-op building? Are they giving away free Amtrak trips to Client No. 9 with the purchase of every apartment? Let's wait and see how those contracts work out in sales...

248 East 7th Street, #17-18 - $575,000 - 800 sq ft

The ultimate fixer-upper, this quite charming 2BR with a low $600 per month maintenance located in the ghetto fringe on 7th between Avenue C & D, is described by Corcoran as having "good bones". Creepiness aside, we enjoyed contemplating the possibilities in this crumbling apartment, which features beautiful exposed brick walls and has a rare 4 exposures with windows on all sides of the apartment.

Almost needless to say, the kitchen is a disaster (we're sure there were appliances in there, but it's hard to remember them when looking at cabinets from 1958) and the bathroom similarly needs a full overhaul. We also don't like the idea of renovating a 4th floor walk-up (is Corcoran throwing in a chiropractor?) although we do think the apartment has tons of potential. You also get what you pay for in maintenance with this super old building that reminds us of a Columbia dorm, but I guess you can't have it all.

Overall this apartment is cute and we're not really surprised that it went into contract today, although we will of course keep an eye on that final sales price.

63 East 9th St #3S Goes Into Contract

Dun, dun, dun, another one bites the dust, dun, dun, dun. We can't help but hum a little as we report tonight that 63 East 9th Street #3S, another apartment that we've visited recently, has gone into contract. Since we saw that unit, which was badly in need of renovation, the price has dropped from $715,000 down to a more reasonable $690,000.

[In Contract Listings]
[East Village Coverage]

Another Unit Sells at the Franken-Lofts!

We note with great curiosity that yet another apartment has closed at 111 Fourth Avenue, which we affectionately call the "Franken-Lofts" due to the ubiquitous addition of totally unliveable lofts in most of the high-ceilinged units.

The latest sale in this building was #8N, a 1BR (the loft in this one is a 2nd BR or den) for $690,000. We note that this apartment was most recently listed at $739,000, netting the buyer a pretty decent 7% off of the ask as a closing price.

Although we never visited #8N, we are keeping an eye on #2F, which we visited back in March and is currently in contract.

115 East 9th Street, Apt 18D - $675,000 - 715 sq ft

"Is it 2006 again?" we wondered as we walked into a full brunch open house, complete with fruit (not ghetto fruit either, we're talking blackberries, blueberries etc.), bagels, coffee and even mimosas! Quite an odd juxtaposition of glamorous brunch food in a decidedly unglamorous 1BR in need of a serious renovation.

This apartment has a pretty typical 1BR layout, with a small (but renovated) galley kitchen and a decent-sized bedroom next to a fairly large living room. The balcony is quite nice in this unit (and much larger than it looks in the Corcoran ad) and the east-facing view is truly spectacular. Unfortunately, the hype ends here, as this parquet-wonderland pretty much requires brand-new everything (floors, doors etc.) including the removal of the huge mirrors in the living room (what, do they shoot So You Think You Can Dance here on the weekends?).

In addition to the free brunch (which was really lost on all two of the skeptical buyers that we saw attend this open house), we were quite surprised at the entourage that the Corcoran agent had with her. In addition to the ubiquitous "I'm just here to learn" sidekick (let's call her "Johnny Drama") who spent the entire time arranging fruit, we were also surprised to meet "Turtle", a Wells Fargo mortgage banker who was happy to discuss our financing needs. After having about enough of this apartment (which by the way, is not priced badly given it's location, size and outdoor space), we were escorted out by Johnny Drama (the co-op rules require an escort which we think is a sign of a pscyho board).

Zoinkers, another East Village apartment goes into contract!

Is all of this "increased foot traffic" in the Spring actually leading to more contracts? Maybe we thought, as we saw without too much surprise that our favorite apartment at 111 Fourth Avenue went into contract on Friday.

We first saw this apartment a couple of weeks ago and noted even back then that this is probably the best unit in the weird Franken-loft East Village building where many really nice apartments have been converted into basically unusable terror lofts. #2F (although in need of some updates) is the rare exception, where the soaring ceilings were left loft-free.

"As If" (The Overpriced Apartment of the Week) 533 East 6th Street, #6 - $849,000 - 1080 sq ft

We thought we were going to see an underpriced wonderland as we wandered toward this apartment on Avenue B last week. After all, we said, Avenue B is far from the subway and still developing a vibe, so $849k for just over 1,000 sq ft seemed like a reasonable price for what looked like a beautifully finished 3BR floor thru apartment.

Instead, we couldn't believe it when we arrived at this unit and discovered (by running around the ground floor and peering into every rectangular shape that looked like it could hold a person) that this place is an fcuking (not the clothing retailer) 6th floor walkup. "Oh why the heck not?" we said as we climbed stair after stair - we've walked all the way to Avenue B, we might as well see the unit.

After finally arriving at the 6th floor, we wiped off our sweaty brows and decided to have a look around as this would undoubtedly be our last visit to this apartment (unless a helipad is being built on the roof deck that is oh so accessible from the 6th floor). What we found was quite fascinating - this place is actually some artist's studio (and boy is that obvious) complete with only 1 BA, an industrial "kitchen" (basically a huge sink to wash your paint in and a fridge) plus no W/D (ummm...are we actually supposed to carry our laundry somewhere?).

Overall, although the floors are nice and there is (sort of) some square footage in this unit, the asking price is completely ridiculous. Maybe if Halstead gave us an airlift into this place, we'd think about seeing it again.

Are 5 floors and a fake wall really worth $100,000?

111 4th Avenue #10C


111 4th Avenue #5C
We found ourselves asking this question as we looked on with surprise at this listing at 111 4th Ave #10C in the East Village. This apartment (listed 2 weeks ago according to Streeteasy) at $839,000 (huh?) is exactly the same as the also horribly overpriced $740,000 #5C that we saw a couple of weeks ago and that has been on the market since November 2008.

To be fair, #10C is on a higher floor and has a wall that splits the living room into a tiny bedroom plus a tiny living room. I'd probably pay them $10,000 just to get rid of the wall, which (when combined with the storage area upstairs loft, makes this apartment an overpartitioned disaster similar to #5C). It's also no surprise to us that the frequently shady Sotheby's has intentionally removed neglected to add the dimensions of the rooms on the floor plan.

77 Bleecker Street, #221 - $575,000 - 675 sq ft

We kept wondering if we had stumbled into an NYU dorm as we wandered around the sprawling building housing this apartment. We have to say that #221 is pretty much exactly as advertised - there is nothing spectacular about this unit - it's a solid, well-maintained East Village apartment that seems reasonably priced for the current market (e.g. it may actually get an offer or something albeit 20% off of the ask). The kitchen could use a little bit of updating but is otherwise fine, the exposed brick is anti-climatic, the bathroom looks good and we like the attractive closet addition in the bedroom.

This unit kind of reminds us of the East Village snoozer that we saw last week that is currently in contract. We would not be surprised if someone bought this apartment (again, at a discount to the ask) in the near-term.

753 East 5th Street, #4B - $850,000 - 750 sq ft

"Is Avenue D still ghetto fabulous without the 'fabulous'?", we kept asking ourselves as we walked and walked and walked to this apartment on 5th street and Avenue D. The answer (in case you haven't been to Alphabet City in awhile) is "um...yes" as we discovered while walking past housing projects and sketchy parks on our way to this super weird 3-year old luxury condo building in the middle of a ghetto fringe.

Oh, well we thought - at $850,000, this place will probably be magnificent because of it's subprime location on Avenue D. Instead, we were surprised to find yet another (welcome to Alphabet City) 4th floor walkup (5th floor if you count the stairs in the apartment leading to the bedroom/TV area) that was very, very small for the price (750 sq feet - are you kidding us?). There is a well-constructed loft which currently serves as a second living room, a tiny living room on the first floor and a bedroom on the first floor as well. There is no W/D in this unit, although it does get good light and is overall super cute.

We went up to see the common roof deck as well (what the heck, we said, only one more flight of stairs) which was...about the size of a large terrace. Truly underwhelming - this place was a big contender for our "As if!" award for overpriced apartment of the week, however it was just edged out by the nutso seller over on Pearl.

Say what? Something we saw is actually in contract.

Despite the recent pronouncements that nothing in Manhattan is moving, it turns out that the sleeping giant otherwise known as a "buyer" has finally woken up somewhere and decided to take the plunge with enough of an offer (or the seller is in deep enough doo doo) to actually go into contract on an East Village apartment that we saw last week.

As we noted in our prior post, this apartment is a real snoozer, but it was well-maintained and a decent value for the area. We are watching this listing like little hawks to see the final closing price (what? a comp?).

63 E 9th Street, #3S - $715,000 - 805 sq. ft

Renovation is the word at this parquet-floor, needs paint everywhere NYUish extravaganza. I am beyond shocked at the asking price, considering that you can get a cheaper apartment in a similar location that is in waaaay better shape. The Citi-Habitats realtor (aren't they a rental company anyway?) tells us that this beauty was recently re-priced. For us to buy this, it would have to be re-priced to around $400 per sq. foot.

There is also no W/D (no possibility of), and it's a co-op that operates under condo rules (a true condop). Who cares, I think, as they can switch over to co-op rules whenever they want. Anyone have condop experiences?

99 Avenue B, #PHBC - $799,000 - 750 sq ft

Why is it so darn hot in this building? We kept wondering as we saw our second listing in this co-op where either the heat was cranked up (is Corcoran really that nuts? we don't think so) or there is some kind of issue that would require us to run the A/C or open all windows on a 45 degree day.

This apartment is definitely cool - a long hallway with a bedroom leading to an open kitchen connected to a big "lofty" living area. We were vaguely put off however by the two types of bars (huh?) on the living room windows, which look out on the large, extensive fire escape. No W/D (or possibility of) in the unit is also a minus considering that the building's W/Ds are downstairs in the creepy basement to which the elevator does not go.

The outdoor space for this unit however is spectacular (although disconnected - you have to exit the apartment and walk up a flight of stairs) in a Berkeley, CA kind of way. Cute little sloped wooden individual "plots" of outdoor space plus one common area (see the "well" post earlier).

Overall, a cute place but still overpriced.

99 Avenue B, #2F - $649,000 - 750 sq. ft

Now we're cooking! (literally, as this apartment is apparently owned by two chefs). The living room is cute and surprisingly quiet, despite the fact that it faces Avenue B. The bedroom is also cute, cheery and also faces Ave B. In a second floor unit, this seemed vaguely problematic and we would definitely want to see this puppy at night.

Now, to our favorite part. The outdoor space. Ah the outdoor space. We've never seen anything like it. Imagine a well (think creepy horror well like in The Ring or that weird movie where architectural ruins kill people). Now stand at the bottom of the well and look up. This is the outdoor space at #2F. Second floor terrace, at the very bottom of a big 6 story hole surrounded by the walls of the other units. Wait, it gets better. At the top of the well is...shared common space. That's right, drunk neighbors - all debris welcome.

77 East 12th Street, #9J - $749,000 - 800 sq. ft

A smoker lives here. A bigtime smoker - maybe a pack a day IN THE APARTMENT smoker. Over here at downtowny, we have nothing against the occasional Marlboro, but we haven't seen anything like this since empty bars pre-smoking ban.

At least the realtor didn't pull the "what smoke smell?" line that we love to hear so much from seller's agents. Instead, the good folks at Halstead admitted that the apartment belongs to a smoker and directed us to the bright (wide-open) windows in the living room instead. Too bad I couldn't hear the sales pitch over the "fresh air" fan. If you're looking for your scented candle from 1997, try this apartment - I think Halstead has them all.

30 East 9th Street, #3J - $699,000 - 800 sq. ft.

This is the kind of listing that we should stop going to see. It's a nice apartment - the floors are finished, the bathroom is solid, it gets good but not great light. In short there is nothing wrong with it...except we're into something more distinctive. Despite the listing as a "Condop", this building is a true co-op with the boardy board and everything. No W/D and a mid-range price of $699k for 800 sq. ft. complete the picture....zzzzzzzzzzzzz

111 4th Avenue, #6J - $695,000 - Unknown

This apartment looks really great doesn't it? If you look at the listing on Streeteasy.com and click-through the out of focus photos to the listing on the corcoran website, you find yourself saying "$695k? what's the catch?"

It turns out that while this apartment does have very nice floors, the living room is shockingly small with (yet again), the ubiquitous obnoxious loft placed strategically to obstruct any feeling of space.

The downstairs bedroom is painted a strange eggshell blue (think a playhouse for the Easter Bunny) and has maybe 6' ceilings. The upstairs loft is accessible by a ladder (that's right, a ladder) and can be used for...closet space.

On the bright side, the maintenance is kind of low and there is a W/D on the floor, although all of the "escorting" by the realtor from open house to open house tells me that the board in this building is probably insane.

111 4th Ave, #2F - $650,000 - UNKNOWN

This apartment was described to us as "unfinished" by the realtor. Our understanding of this is that the owners had not yet commenced outfitting the apartment with an obnoxiously large, misplaced loft that can be found in most other units.

Instead, this apartment was relatively well finished - the kitchen and bathroom definitely need an update but it's hard to focus on that when you are distracted by 14' ceilings. The apartment is not particularly large, but it is well-maintained and structurally beautiful. One other oddity about this building is that the realtor had to come retrieve us from the lobby - apparently, the co-op rules do not allow anyone to go up to apartments unattended.

Overall, at a $650k ask, the apartment is not overpriced for the current market, but could use some updating. Also, no possibility for a W/D decreases the desirability