aiming high at The Lyla 63 W 17 / one bed wonders about $$$$
#3B at 63 West 17th Street is a new-this-week One Bed Wonder that makes me wonder about value. (What is a One Bed Wonder?) With 1,217 sq ft in an exclusively one bedroom layout, $1.85mm is a serious price, the large terrace / garden “shared by only 3 other families” notwithstanding. (Monthly expenses are $1,561/mo and taxes are probably abated). No pictures or floor plan yet on the Citi-Habitats site.
Lyla memories are loud
I have not been in The Lyla since it was first marketed in 2004, but what I remember most clearly about the units was the traffic. Sixth Avenue buses were a significant part of the original experience, which may have been ameliorated by owners upgrading windows since then. (I hope so.) Otherwise, the building had the sleek finishes common to new construction of 2003, plus high ceilings and big windows.
The listing description says #3B has “top of the line renovations” but it is hard to tell if they are describing the original finishes, or work the original owner did after buying in 2004. Maybe they added sound protection….
#3B faces south, on 17th Street, so it may not get the worst traffic noise, but if it is near the corner the traffic will still be heading towards it. And that large terrace / garden might also be a bit noisy.
other Lyla sales suggest a stretch
#4B has a different and larger layout, with 2 bedrooms and 1,368 sq ft, but no shared outdoor space. That one took four weeks to go to contract off an asking price of $1.695mm ($1.092/mo, abated).
Other units that share that outdoor space with #3B have not been so aggressively priced. #3C sold in December 2005 for the full asking price of $1.15mm (1,059 sq ft with 1.5 baths). #3D is an even larger one bed wonder than #3B, at 1,415 sq ft (only 1.5 baths) and did not sell this year off an asking price of $1.535mm. (It started in May 2006 at $1.725mm and dropped three times before being taken off the market in February this year.)
oh yes, a stretch
So I would say that $1.85mm is aggressively priced, even before checking Property Shark to see that this unit sold on April 2, 2007 for $1.35mm. (That sale represented the highest price-per-foot ever paid in the building so far, apart from a 7th floor penthouse unit over 3,000 sq ft with two private terraces.)
I don’t think there has been enough time in the last six weeks to add a half million in value….
© Sandy Mattingly 2007
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