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Friday
Mar232012
Big Red On The Market for $4 Million
Friday, March 23, 2012 at 9:39AM 
137 Fifth Avenue, on the corner of St. John's Place, officially one of the ugliest buildings to grace our fair neighborhood in years, is for sale.
According to The Real Deal, the building, which opened back in October with the boutiquey name Nine St. Johns, has hit the market for the asking price of $4 Million, with estimated annual expenses of about $39K. Three of the four units in the building have apparently already been rented, and the article also notes that a clothing store is in final negotitaions to take over the ground-floor retail space.
So a question for you real estate buffs out there: Is this kind of thing common?
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Reader Comments (6)
Seemed like a bad decision to cover over the balconies. Why pay more a balcony when you don't get any light?
I live up the block from this travesty of a building and cant fathom how they managed to get people to even move in. I was excited that the big empty lot that was there for years was finally being developed but if I would've known they were building this, I'd have asked them to keep the lot. The building is an eye sore to the neighborhood.
Hideous building, failed attempt as a condo and the marketed rate of return is excessive. The builder is simply trying to recoup his investment and move on. If and when this building sells it will be less than $4 million.
I'm more curious as to how these places look on the inside, and what they rent for, as to what it looks like on the outside. May be an eyesore for those walking by but, if they're solid apartments, you're sitting pretty if you live in one of them.
'Design is a battle against ugliness' It has been said. This is the triumph of cheapness- EIFS (External insulated fiberglass system) facade, tiny floor plates, cheap windows, useless exterior spaces, yet a prominent corner location.
Went inside to look at the rental open house purely out of curiosity
Awful just awful. One unit at $3500 the rest at $4k>. The workmanship is cheap... For example a light was semi hanging out of the ceiling. The bathrooms had no fixtures over lights. And in the kitchen the countertop looked caulked on, blah.