May. 10, 2007 - new + flipping at 249 W 29 St
Eight million stories in the naked city, and sometimes people buy what they soon have to sell. Probably an interesting story there.
#2E at 249 W 29 St is newly for sale with June Gottlieb at Warburg. No floor plan or pix yet on the web, but at $1.675mm (maintenance of $2,235)for 2,100 sq ft of interior space and 1,750 sq ft of private terrace this is quite an opportunity for someone who needs outdoor space – even at 29th St and 8th Av.
“E” units in this building are Long-and-Narrow, with windows front and back. Terrace is likely to be in the back, facing north in the middle of the block. Direct sunlight may be limited to certain few “high sun” summer weeks.
The 11th floor is still for sale through Atco (since March), now at $2.6mm for 2,600 sq ft (started at $2.95mm). #3N sold in February this year, 1,600 sq ft for $1.42mm (with a 250sq ft terrace) so #2E sounds like a reasonable asking price, even on a low floor, based on these sales. Depending on what is outside the windows and the terrace, I suppose.
But what if the present owner closed in December for $1.45mm? (As Property Shark shows.) Then the asking price of $1.675mm seems a bit aggressive (if understandable). That sale took over a year (from October 2005 to the closing in December 2006, starting at $1.895mm.) These sellers are going to be hard-pressed to do much better than break even, but probably do not have to worry too much if they don’t get capital gains treatment….
© Sandy Mattingly 2007
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View more entries tagged with: 249 W 29 St, Warburg, Atco, Terrace, Flip
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May. 20, 2007 - re: new + flipping at 249 W 29 St |
| Posted by LoftLover |
| Just saw this place. Its terrible!! I fail to understand, for the life of me, who would pay even $1mn for this place. The floorplan is not the best, and the view outside the windows behind the master bed is so bad that the owners probably chose to build the master bed away from the windows. The master bed and bath are not separated by a door - just the toilet has a door. There is skylight from the roof, but the glass panes are dirty. All in all, at least $300,000 would have to go into this place, if not more. |
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May. 21, 2007 - re: new + flipping at 249 W 29 St |
| Posted by Sandy Mattingly |
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It is amazing how often people try to sell (owners and agents) that could be superficially improved significantly with a little effort or a few dollars – such as cleaning the skylight. Happens all the time with skylights, “solaria”, and even windows. Dirty stuff just makes it so much harder for a buyer to have a positive emotional reaction.
That said, I wonder how the condition of #2E compares to #3N. With #3N selling for $1.42mm for 1,600 sq ft in February, the 2,100 sq ft in #2E do not seem ridiculously over-priced. But maybe you are right – especially as this owner paid only $1.45mm six months ago.
There are a lot of Long-and-Narrow lofts with little light and no views from the back (where the bedrooms often go because it is quiet). This is a pretty good example of that. I may have to do a blog post about (the many) lofts that sell at healthy prices without any views or much light. I don’t think there are many that don’t have a door from the master bedroom into the master bath, though.
You don’t say anything about the 1,750 sq ft terrace – I would think that would be a big selling point for this unit. (Of course, Warburg’s not saying much about it, either, with no pictures of it and nothing about it on the floor plan.) Weird.
THX for stopping by, LoftLover. |
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May. 21, 2007 - re: new + flipping at 249 W 29 St |
| Posted by LoftLover |
| The rooftop, well, there was this narrow staircase leading to the rooftop. The entrance was through the skylight. The rooftop was nothing special - in fact, a lot of cleaning would have to be done to actually take someone up there. It also overlooks a parking lot, so nothing special there. I was so caught up in how dirty and disgusting the skylight was, and could literally see pockets of dirt at the rooftop entrance, that I just got back down and wanted to leave. I have seen trashy places, especially lofts, but this one topped the list of dirt. There were really no pros for this place except for price per square feet, but add all the cleaning and everything in there, and you no longer have that advantage. |
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May. 21, 2007 - re: new + flipping at 249 W 29 St |
| Posted by LoftLover |
BTW, to clarify, the master bath is inside the master bedroom, BUT the master bath does not have a door. Also, the closets inside the master bed had the dirty skylight as well.
Kind of reminds me of 40 West 24th Street. The kitchen is built on a raised floor, and basically the portion below the kitchen opens up to a closet in an adjoining room. I tend to open closets and blinds, and I opened the closet and saw this big dirty hole below opening up to the area below the kitchen. It was another one of the places that I saw that were very badly made. Also, the master bath is very uneven. Don't be fooled by the master bed photos - its NOTHING like it. The place would require at least $200K, if not more, to be redone. And lots of breaking down and redoing, which comes at an additional cost. I am appalled at the taste level of the owners and the bad design by the architect. In a place like NYC, where space is an issue, one would think that an architect would choose to maximize that.
Maybe I should write my own blog - I must have seen at least 50 properties by now, if not more. |
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May. 21, 2007 - re: new + flipping at 249 W 29 St |
| Posted by Sandy Mattingly |
Weird thing is that there is a buyer for every loft (though price may have to be adjusted to find that buyer). I am still amazed that 116 W 29 St went into contract off the asking price they raised. (That is another one with a raised kitchen -- didn’t look underneath, however).
Somebody may decide that 249 W 29 St is worth $xxx because of the space and ‘potential’ and reach a deal at a number that works for them. It will be someone who wants space and doesn’t care about light, for sure, for sure. Probably not at or near the asking price but you never know.... |
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on matters of interest to Manhattan coop or condo loft apartment dwellers, buyers, sellers, and others, especially about New York City real estate
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