More High End Blues - 30 Fifth Ave
A: Wall street bonuses are yet to hit the high end as 30 Fifth Avenue is the next building in the 'High End Blues' franchise. Savvy buyers should keep their eyes open for value as these prices for prime location keep falling!
While its not 5th Avenue next to Central Park, its still prime location south of Union Square between 9th & 10th streets. It is widely recognized as one of the best prewar Gold Coast Village doorman buildings on 5th Avenue near 10th street. Building amenities include 24HR Doorman, spectacular roofdeck, laundry, with a bike room and storage in basement. Pets OK.
Latest word on the price reduction at 30 5th Avenue:
Apt. 15E
On the market since 4/18/2005
Reduced from $1.54M to 1.495M to 1.395M
Reduced $145K
Marketed By: Robert Schartoff of Warburg Realty
With 1,200 sq. ft. of livable space and a price per sq. ft. of $1,162, this apartment is diving closer to a good buying opportunity for those looking into this location.
For comparison, review this brand new 1BR apartment in the same building just put on the market 2 days ago:
Apt. 7H
On the market since 1/24/2006
Priced at $899K
Marketed By: Roseann Barber of Corcoran
While not listed, this 1BR is probably around 700 sq. ft. which would give it a price per sq. ft. of $1,284. Either this is overpriced (since its new the seller could be testing the market) or the reduced apartment for 1.395M all of a sudden looks like a value!
If your a first time buyer looking in NYC be sure to read my post on "How To Find Good Value in this Seller's Market", even though the market has shifted since the post was published to more of a buyers market, at least in terms of pricing pressure.
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Comments (6)
Here's a good example of needing to pick the proper broker to represent your property. I doubt Schartoff knows this building or much about Manhattan real estate at all. Roseanne Barber knows the building and has been a successful broker for many years. She knows what she is doing. Just because the good brokers make it look easy, doesn't mean it is. By the way, although i know Roseanne i haven't seen her in years so this is not a promo for her. BTW Roseanne's pricing for this building looks correct.
Posted by T Scott | January 27, 2006 9:46 AM
While I don't disagree with your comments re: Roseann (who is terrific), T, my understanding is that Schartoff is actually the owner of the apartment he is marketing. Classic example of the Freakonomics phenomenon, and largely illustrative of why no one--brokers included--should market their own apartment. (I've received at least three emails a week announcing this exclusive with "broker/owner" disclosure attached.)
Posted by Village Broker | January 27, 2006 3:28 PM
Thanks Village Broker for the comment/info about the Schartoff listing. Its important to note that I do not personally know either of these agents, and used their listings as an analysis of recent price reductions in good locations across the city. Also please note that the price per square foot valuation strategy is tough since I don't really know the actual size of the 1BR. If the 1BR is 800 sq. ft., than obviously my 'overpriced' comment would need to be retracted.
Posted by UrbanDigs | January 27, 2006 3:44 PM
I saw the 30 Fifth, 15E (Schartoff) property. It was a classic two bedroom that was gutted and turned into an awkward one bedroom with sliding doors separating the living room and bedrooms. The bathrooom is also terribly configured. No tub and no privacy. It's no wonder the price is dropping. Anyone who would buy this property would need to spend at least $350K to get it back into a liveable shape.
Posted by Jeff | February 2, 2006 3:40 PM
Does anyone know whether the apartment at 30 Fifth for $899K sold? I see that the listing has been removed.
Posted by Mike | February 13, 2006 2:34 PM
Mike,
I only see 1 listing at 30 Fifth around this price:
Apt. 8A: 849K
However, I do not see it listed for 899K in past nor do I see a OFAC or CSGN for a property with 899K price tag..Email me if this doesn't help you.
Noah
Posted by UrbanDigs | February 23, 2006 2:33 PM