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_ACompulsiveLiar_ t1_jddvwc7 wrote

Reply to comment by TizonaBlu in Historic Flatiron Building sells for $190 million at auction by Orener

The building already has 2 duplexes and like 15 full floor units lol. I think 107 & 127 are duplexes and then everything in between those are full floors. They might split, anyway. A lot of high end buildings will split their units up if they don't sell fast enough and they lose patience

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TizonaBlu t1_jde0o7k wrote

Not sure what your first sentence has to do with anything I said. I didn’t say it didn’t have any of those things.

My point is they should have gone with one full floor and a duplex, thus lowering the price point so they’ll be easier to sell, people willing to drop 100m for an apartment is already slim pickings and 250m is even smaller even for NY.

What could happen is these two are on the market, and if someone actually does want a triplex, they buy both and combine them. Doing a triplex makes their options much more limited.

Also, in terms of them splitting, it’s certainly a possibility. However, they built themselves into a corner as they’re not designed to be two apartments. The first floor doesn’t have a BR worthy of being a primary. Second floor doesn’t have a kitchen nor living room. This will require significant work to convert not to mention moving of plumbing.

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_ACompulsiveLiar_ t1_jde6gjg wrote

Yeah but these buildings are not priced to sell. They're priced to price. If they wanted to price to sell there woudl be no full floor units they would just cram 7 2 bedrooms on every floor. They price to price on purpose, because it's an investment building not a residential building. Literally nothing about standard residential development or real estate dynamics applies here. You talking about "2nd floor doesn't have a kitchen and that's weird" like whoever buys the top 3 floors of this building give a shit about the cost of building a kitchen. Who is buying the top two floors and being like "damn it I have to spend $2M and wait 9 months for my kitchen, to move in!"

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