325 Fifth Avenue

the views are great, and the building itself is nice, but the neighborhood is awful. it's in koreatown/murray hill area, and that whole stretch of fifth avenue is littered with shady stores and low-grade retail. definitely not worth living in.

rufus, I bet if this building was in Chicago it would be fantastic.

csn, i said the building is nice, but the neighborhood is lousy, and no one is gonna deny that. And yes, Chicago neighborhoods that are remotely nice, are way better and more desirable than NYC.

What do others think of the neighborhood?

Its *great* for access/transportation. You can get a lot of places fairly quickly. Even just walking gets you a lot of neighborhoods. But it is very touristy and crowded, and not a whole lot of particularly nice retail or anything. Ktown is 32nd between 5-6, and I wouldn't call it Murray Hill at all. Its really Empire State Building and edge of fashion district, which isn't particularly residential.

Long term, though, this neighborhood will change. Fashion district is losing the low rent fashion (and depressed commercial rents) and it will become more of an extension of midtown. Once the low-rent stuff is gone - and it is happening QUICKLY, pretty much with every lease end - I think its going to clean up pretty fast. It will probably stay touristy, but there is decent building stock, I have a feeling it could look more like the 20s west of union square.

I don't like the area much at all. There's nothing particularly exciting about it and although it may change, I doubt it will become charming any time soon.

I would like to rent out the STORAGE SPACE 25sf under basement anyone interest?

the area is not going to change. it always has been and will remain grimy, reminiscent of the 1970's and 1980's. and with the financial meltdown destroying NYC, things will only get worse. i do admire nyc10022's limitless optimism though, however delusional it may be.

Man, how stupid is rufus.

The funny thing is, they're approving the zoning change *this week*. The textile companies are leaving in droves. They're going to cheaper places... like Chicago.

I hear the gold coast is going to be all sweatshops now.

rufus
16 minutes ago
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the area is not going to change. it always has been and will remain grimy, reminiscent of the 1970's and 1980's.

People said the same things about Tribeca, the Meatpacking District and the Bowery.

oops.

I like the building and its features but it isn't prime 5th avenue. The units are quite nice but I think it's a preference in the end.

NYC10022 is correct because there is an abundance of transportation.

325 Fifth Avenue Battles: Reverse Price war for three sets of similar identical apts.
I like this building, but must be stressful for the sellers.. I was recently in a similar position. btw - the numbers between the !! @@ ## $$ ^^ && are unit numbers...

************************

##35E## 02/13/2008 Listed in StreetEasy by Bond New York at $1,500,000
##35E## 02/20/2008 Price decreased to $1,499,999
##35E## 04/15/2008 Price increased to $1,525,000
**36E** 06/20/2008 Listed in StreetEasy by Elliman at $1,525,000
**36E** 07/22/2008 Price decreased to $1,499,000
##35E## 07/28/2008 Price decreased to $1,500,000
##35E## 10/09/2008 Price decreased to $1,440,000
**36E** 10/10/2008 Price decreased to $1,450,000
**36E** 11/25/2008 Price decreased to $1,399,000

^^11A^^ 02/07/2008 Previously listed in StreetEasy by Core for $1,650,000
^^11A^^ 06/13/2008 Core Group Marketing listing unavailable at $1,675,000
&&12A&& 09/29/2008 Listed in StreetEasy by RSNY Realty at $1,795,000
&&12A&& 10/31/2008 Price decreased to $1,745,000
@@19A@@ 11/07/2008 Listed in StreetEasy by CBHK at $1,750,000
^^11A^^ 12/11/2008 Listed in StreetEasy by Elliman at $1,495,000

!!9C!! 04/24/2008 Listed in StreetEasy by Corcoran at $1,700,000
!!9C!! 07/28/2008 Price decreased to $1,675,000
$$15C$$ 09/02/2008 Listed by Weichert Mazzeo at $1,745,000
!!9C!! 09/23/2008 Price decreased to $1,650,000
$$15C$$ 09/24/2008 Price decreased to $1,710,000
@@11C@@ 10/10/2008 Listed in StreetEasy by Halstead at $1,695,000
@@11C@@ 11/06/2008 Price decreased to $1,650,000
$$15C$$ 11/07/2008 Price decreased to $1,700,000
$$15C$$ 12/04/2008 Price decreased to $1,699,000

> People said the same things about Tribeca, the Meatpacking District and the Bowery.

Thought people also said it about Chicago... and they were right.

This is one of the better buildings I have seen in a while!

Am looking into buying into this building, but am concerned about the financial health of the building. This thread went quiet 18 months ago.

The managing agent charges $150 to half-fill out the condo questionnaire that lenders require and makes things up in there, such as NO SPONSOR units held, even when I can see StreetEasy entries for sponsor units.

Should I be concerned and stay away?

I viewed a couple units , sales seem slow ,great building ,not so great location. Seems like good value ,except the fiancial health seems fishy . I was told ALL balconies from the falling glass issue to be fixed by July by doormen and a broker. I am using that as a first step gauge and watching for warning signs.

They branded the neighborhood SOFI(south of fifth at the time of putting this building up.... or so I recall

Read NY Times Nov 13-14 2011, on 421A Abatement as the increasing taxes will hurt this newer building, too bad...I really like the units.

Any nice new building built before 2007, with swimming pool and other costly amenities will face certain increase in (1) common charges and (2) assessed value. 325 Fifth owners include many (over 50% include overseas foreign residents who don't know about 421A abatement or they forgot about it) speculators who current lease out to tenants, but by 2012-2014, with increase monthly taxes, unless rental prices increase, then these investors will be in the red---losing money every month.

Do the math, by 2015-2017, with near 80% of taxes due, the carrying costs will be enormous, so prices for 325 Fifth will inevitably fall.
If you own at 325, now is a good time to sell. Prices have peaked and on their way down

the south views are about to disappear ... a 35-floor rental is about to be built at 309 Fifth avenue ... http://www.crainsnewyork.com/article/20111117/REAL_ESTATE/111119888/1178

Yes, thank you for informing us because we also believe the rental next door at 309 Fifth Ave will be one of the nicest new constructions in Chelsea area.

325 Fifth Ave prices continue going lower, on December 1st 2011, a beautiful floor plan 2 bedroom/2 bathes, apt 12C contracted at $1,091 per square fee. Rentals at 325 remain strong at $70 per square foot, but if 309 Fifth Avenue asking is only $60 per square foot, then OUCH to owners of an expensive (taxes increase) condo like 325.

It doesn't make sense for a buyer to pay $1k per sq ft during 2011, if by 2013 the taxes rise significantly, Euro sellers sell when USD strengthens, and no liquidity for overall market---meaning prices drift lower to $900 per sq ft. NYC condo prices, even great 2 bedrooms, price drifting lower because of USA economic paralysis is one reason why......

we and our group of buyers have decided to rent for next 5 years, and not buy.

Terrible neighborhood. I lived here for 1 year. Lots of violent crime in the immediate area. (stabbings, homicide, hookers, assaults, strip clubs). The building looks great but is actually an absolute terrible build. The smell that eminated from the pipes (any drain) was frequent and unable to be fixed. Vomit inducing (literally). The building has several fast food eateries leased which blast a disgusting grease smell out the building vents in addition to the stale air and hard water. On the upside the building has some excellent floor plans (some awful) and it's relatively cheap.

the smell from the fast food downstair was fixed. The building did extra work on insulation and the ventilation system and no more smell. The problem of the glass balconies was fixed as well. The insurance paid part of it as well the sponsor of the building and a small assessment. They are fixing now the concret in the balconies as Depatment of Buildings requires every 7 years. The bldg is very well kept, very clean, with a nice pool and the staff is now very good. The residents are majority in the board of directors and sponsor has one or two seats at most.

>the smell from the fast food downstair was fixed.

Doesn't matter. You still live above fast food.

I rented in that building. As a rental, it was fantastic. Very full service (the doormen and staff really were great), beautifully maintained, gracious lobby, fantastic gym (never used the pool so can't comment on that). My place was very nice, 20th floor, west facing, tons of light. The developer quality new build kitchen and bath were just fine. W/D in unit (a real plus). The PTAC A/C units heated the unit well, but the cooling was so-so on the hottest, most humid summer days, and they did require what seemed like a lot of service calls, though the service always came out promptly. I liked the K-town area very much. Tons of good eats, ACE Hotel, NoMad, etc. Super easy to get any where quickly and easily.

But I would never buy in the building. The Board seemed disorganized and fighting all the time with the developer/builder, management, and other entities. I think when the abatement wears off it will really be bad. But perfect as a rental.

why are so many units offered for sale, and only 1 in contract?

I'm not certain this immediate area can ever change since it's one block from Empire State Building and the tourist crowd.