Greenwich Village NYC Studio $195k - Worth it?

[eddienyny]

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[billyblancoNYC]

There are so many factors. How is the area around it? Mostly residential? Is it getting better or worse?

What is the condition of the place? Would it need a lot of renovations? I know 350 sq. ft. is small, but this is a good price for Manhattan.

It sounds almost too good to be true.

[ManhattanKnight]

That's not a bad price for a studio located in the Central Village, even if it's a 5th floor walk-up. Without knowing the terms of the ground lease, it's impossible to know how much of a "kicker" it is. Manhattan coops are very rarely built on leased land. With the end of the lease being that far out, it probably shouldn't affect the current value of the apartment greatly. Many years hence, it could be a plus or a minus. Does the lease really "expire" at the end of its term (and require the land to be vacated)? Does it provide a mechanism for determining the rent for a renewal term? I was once involved with a very large Manhattan coop built on leased land. The rent under the original lease (going back 40 years) was very low. The lease provided for a renewal term at a rent to be determined through arbitration. The arbitrator's decision resulted in a massive increase in the maintenance charges.

[BadByron]

Its just hard to fathom paying that much for 350sf,thats more than three times what I paid for my house.

[bigkdc]

Its just hard to fathom paying that much for 350sf,thats more than three times what I paid for my house.

welcome to new york...other than san francisco and a few pockets of real estate in places like LA and Miami, you have to suspend all comparison metrics when thinking about ny real estate