Sunday SoHo Open House Round-Up

Hard to believe there was time to visit three open houses this past Sunday!  Here is the Sunday SoHo Open House Round-Up!

The first was at 242 Lafayette, unit 2S:

242 Lafayette #2S

  • This co-op unit was listed as of 10/1 and this was the first open-house.
  • Asking price is $1.695M, at 1,350 square feet ($1,255 psf) with $2,350 per month maintenance.
  • Elevator building that was constructed in 1910 (elevator was added in later)
  • The sponsor of the co-op owns the retail space which is why the maintenance is so high (almost $2 per square foot!)
  • The last apartment in this building that sold was unit 4S which was move-in ready and fully renovated and closed for $1.575M.
  • This unit would require a full gut-renovation.
  • While the original wood-plank floors classic to the early 1900’s make the unit very charming, the kitchen and bathroom are VERY outdated and old.

242 Lafayette #2S Kitchen

242 Lafayette #2S Floorplan

Summary of 242 Lafayette:  The turnout was fabulous – around 20 people had already signed in 30 minutes into the 1.5 hour open-house.  While this property seems to be overpriced by $300K, we have a feeling there will be someone willing to bid on this property and this will be in-contract by the end of October.

The second was at 85 Mercer, unit 2R:

85 Mercer Streeteasy 1

  • This co-op unit was originally listed on 5/8 for $3.95M and Soho Strut originally said it was “overpriced
  • This unit was re-listed 9/17 for $3.25M (you can read more here)
  • Second Floor walk-up in a building constructed in 1856.  The “Left” side units have elevator access while the “Right” sides do not.
  • The square footage is not listed, however, it is safe to estimate around 1,700 square feet (50 feet X 30 feet plus 20 feet X 10 feet) ($1,911 psf)

85 Mercer

  • Maintenance is $2,385, which is a little high for a walk-up with no amenities
  • Unit 2R was originally purchased in 2007 for $2.675M and has had absolutely no work done on it since then (although it is move-in ready with high-end kitchen appliances)

Summary of 85 Mercer:  At the time of the open house, there was only one other open house attendee.  We still think this apartment is over-priced, and should probably sell closer to $2.9M.  We have a feeling this property will be sitting on the market until 2015.

Lastly, 123 Prince Street, unit #2:

  • The co-op was listed on 9/26 for $3.25M at 2,125 square feet ($1,529 psf) and $2,910 maintenance.
  • This was the second open house – around 10 people had signed onto the listing by the end of the open house.
  • The entire apartment looks like it was renovated in the late 1980’s (ktichen, bathroom and obscene number of built-ins) so would require a full gut-renovation.

123 Prince Bathroom

123 Prince built in

  • Natural light in this unit is amazing – there is a two-story building across the street and it sits on the corner of Prince and Wooster Street.

123 Prince Floorplan

Summary of 123 Prince:  While this apartment has good bones (aka direct elevator access, natural light, two exposures), the crazy amount of built-ins and customization would require an extensive renovation.  We think this unit will end up selling for $2,7M ($1,270 per square foot) and will be on the market into 2015.

In short, new listing pricing methodology seems to be all over the place in SoHo at the moment.

What do you think of these listings?  I would love to hear on Facebook, Twitter, or email at!