What's a good price per sq. ft. in FiDi, in Manhattan?

Asked by Jeffrey Wu, New York, NY Thu Mar 26, 2009

I've been looking at investment properties in FiDi and perhaps around $800/sq. ft. is a good deal??? This market certainly favors the well prepared (and by that I mean, cash heavy) and I think I am one such investor.

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Jenet Levy, Agent, New York, NY
Fri May 8, 2009
Hi, Jeffrey. That depends which building. It varies greatly. I know of one where they are desperate to sell out and though they are not able to advertise these rates, units can be negotiated to the low $600Ks per square foot. There are others that are not negotiating to this degree. Some developments there have had some serious setbacks and are more willing to wheel and deal than others. Then there are re-sales. Depending upon how badly the seller needs to sell, they are taking various degrees of loss including short sales. Even if you are "cash-heavy" as you say, your time frame is important too. If the building is not over 70% sold by the time you are ready to sell, you may have trouble finding a buyer. If you'd like the "inside scoop" on buildings there, I'd be happy to answer any questions. Feel free to click on my contact info and drop me a line or give me a call. I track what is happening in the Financial District very closely.
1 vote
D. Patrick G…, , Financial District, New York, NY
Sat Aug 18, 2012
H Jeffrey,

I currently have a great listing in Fidi that is being sold at $724 psf. It is a large one bedroom with great sunlight and in a 24 hour doorman building for $589,00. It's a great deal! http://www.nyls.net/listingdetails.aspx?lid=269616 .

I have been living in the Financial District for 20 years and would highly suggest in investing in area. Please feel free to contact me at (347)344.6110 if you are interested in see this apartment.

0 votes
Ann Zemaitis, Agent, 10013, NY
Wed Aug 15, 2012
I agree with Carol below, that between $600 and $1000/foot is indicative. However, maintenance or cc/RETaxes varies wildly in FiDi I've noticed over the years. Also, in my opinion supply is large, while demand is low. Many a customer has said to me "anywhere downtown but FiDi". It's definitely about location and price when investing. As a result, rentals go for less there. If I were you, I'd look for a different location or even cross the bridge to Brooklyn Heights or Dumbo. I just got one of my old Tribeca neighbors a brand new 2 Bedroom in a condo with washer, dryer, and storage in Vinegar Hill/outskirt of Dumbo that should be closing in Sept. for $610,000 with around $600 RET/cc. And views of the Empire State building. I figure I'll have absolutely no trouble renting it out for them for a handy profit. Also, with first time customers for a limited time I offer a 10% rebate of my commission, which, on a $1,000,000 property varies from $2500-$3000 depending on the place after closing. If you're still set on FiDi, I can help you find the best deal I can as well as negotiate relentlessly, giving you comps in particular buildings on actual sales.
Look forward to working with you!

Ann Zemaitis
Licensed Real Estate Sales Agent
Sr. Vice President
Charles Rutenberg Realty
0 votes
Fern Hamberg…, Agent, New York, NY
Mon Jul 30, 2012
Hello Jeffrey,
It not only about the price per square foot in the financial District.
It is about many other factors, whether it is a landlease, whether it is a new construction, and how sound the building is... You have to consider many factors, since evry building is different,,, And are we talking about co-ops or condos...
Do you live in NYC?
i definitely agree with you. The bank is lending to people who can afford the loans...It has been always the case but these days more than ever.
Good Luck
fern Hamberger
Vice President Asso broker
0 votes
carol friedm…, Agent, New York, NY
Fri Mar 27, 2009
jeffrey, I am getting prices from 600 to 1000 per sq foot. It depends when the bldg was built, what the bldg has to offer , is it a tax abated bldg? and many other factors to be able to give you a good answer . Also hard to get financing if a building is not 70% sold, I would need more specifics to give you a " good buy and price per sq foot". Good Luck Carol Friedman Nest Seekers International
0 votes
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