I received this email from a TrueGotham reader last night:
I recently started reading your blog and think you’re doing a great job. Keep up the good work. As I really respect your viewpoint, it would be great to get your opinion on a buying opportunity I am pursuing in …a building to remain nameless.
What are your thoughts about this building? When comparing the average $800-$900/sqft in this building to other buildings like 20 Pine, 50 Pine, Cipriani, Setai, William Beaver that are around $1000/sqft, this building seems to be a steal. Admittedly some of the layouts are less than ideal. The unit I’m looking at only has 2 windows at the end of the living room with little view (low floor). However, it’s 1450 sqft and going for $1 million. I’ve attached the floorplan Still seems like a good deal to me.
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Would love to hear from you.
My response:
I must warn you that I am VERY partial to these new developments with more bells and whistles (as far as amenities go) than ever seen before and this building is as good or better than the rest when it comes to that. That alone will keep the building desirable to the local Wall Street crowd.
1450sf for $1M is about $690/sf! That seems like a steal to me even if it’s ground floor? But looking at the floor plan, I don’t see where it is even remotely close to 1450sf and I hear you about the windows.
Ultimately, if you like the location (I have never been keen on Financial district until recently), the building is amazing in my opinion, amenities are top notch, finishes are beautiful, and if you’re around $800/sf (check the measurements carefully and ask how much of the common areas they are adding to that number…a lot of common areas!) go for it!
Thanks again for considering my advice and reading True Gotham. Tells all your friends.
Here is another example of not being able to compare apples to apples. I really don’t see 1450sf here and of course I understand that a portion of common areas are likely included in this reported square footage. That said, in calculating price per square foot, I think that the best method would be to measure the apartment yourself and then visit some of the other projects and measure them as well. This will give a much clearer comparison. This remains one of the most frustrating aspects of our industry.
