Co-op of the Day: 101 Lafayette Avenue, #17M
The seller of this 17th-floor studio apartment at 101 Lafayette must have been pleased to read the news last month that a place down the hall had just sold for $430,000, about 8 percent more than the asking price of $399,000. Granted, that unit had an actual bedroom and a nicely renovated kitchen but regardless…
The seller of this 17th-floor studio apartment at 101 Lafayette must have been pleased to read the news last month that a place down the hall had just sold for $430,000, about 8 percent more than the asking price of $399,000. Granted, that unit had an actual bedroom and a nicely renovated kitchen but regardless it was a good sign of demand for the prewar co-op building in Fort Greene. This listing, which is asking $329,000, is bigger than your average studio, possessing both a foyer and an eat-in kitchen, and sports some killer views. It’ll be interesting to see what it ends up going for. And if you’ve got a few more pesos to spend, there a large one-bedroom on the sixth floor that just hit the market for $549,000.
101 Lafayette Avenue, #17M [Corcoran] GMAP P*Shark
200k maybe. 400k hell no!
In 1996, you could still buy a studio apartment in a doorman building near Washington Square Park for 50k (that’s Prime Manhattan). 400k for a studio in Forte Green fifteen years later smacks of bubble-mania to this real estate investor.
(@ironballs & stargazer) That’s crazy talk. For a young, single person not living with a significant other, a studio offers much more bang for buck than a 1BR – as long as it’s fairly spacious, as this one is. For an equivalent 1BR you probably pay a $100,000+ premium, which is over $500/month at current rates. Is an extra door and wall really worth that? It might be for some people (childless couples) but certainly is not for others.
As for this particular studio: it’s a tad aggressive given the unrenovated kitchen and bath… but the views from the top of the Griffin are pretty killer, so maybe that makes up for it. Certainly somewhere around $300,000, or $600/sq. ft., is the right range.
Lots of activity on S. Oxford right now. Just saw that 8 S. Oxford has a really expensive but nice 1BR on the market. The Roanoke has a 1BR for sale across the street from this one, and then the one mentioned above in the Griffin. Should be interesting to see where things shake out price-wise since it’s a nice block.
I agree with this 100 percent, rent a studio yes, buy one NO !!!
Never buy a studio unless it’s dirt cheap. Who really wants to live in a studio? They’re always “temporary housing.”