Aug 20, 2011
Overview
When I first heard about this I was a bit perplexed. Luxury condos on Thompson and Bleeker? Is this the same Thompson Street I lived near during my wild days at NYU? Streets littered with drunk people, drug dealers, and bars which cater to such a lively demographic? It would appear that either the developer is taking some liberties with the word luxury, or this a very nuanced development. The truth of course is somewhere in between.
184 Thompson reminds you a lot of the NYU dorms that surround it. The building, in order to not stick out in this area of low rises, wraps around the block, and has a bland brick and gray trim that could easily pass for a dorm. The lobby is very small with a desk and a few elevators, and a doorman as well. The building generally is not as opulent as usual for New York, but I think it is right for the market. Of the occupied units, there were peace flags hanging from balconies and hipsters smoking and talking on the phone on their balconies. The developer, Bond Street Development, which has generally catered to a far different buyer in the financial district and the UES, has put together a good property for the young creative professionals that inhabit the village. It shows in the numbers, as there are only 13 units left in this 140 unit building.
Features and Amenities
All units have standard features, but no worry, they are in agreeable taste. Hardwood floors everywhere, except stone tile floors and walls in the bathroom. The kitchens have stone counter tops and back splashes, cherry and glass cabinetry and all stainless steel appliances. The bathrooms have a similar color scheme with cherry cabinets and chrome fixtures.
Most every unit has a balcony. They are small, but enough for two people to hang out comfortably. Unfortunately, the views from these balconies are just of Bleeker and Thompson streets, and the little view you have of the rest of the city does not make up for the noise that is presumably unbearable at night. Granted, most of these conversion projects have unbelievable soundproofing technology. Still, drunk people in Greenwich Village have a special “acoustic” of their own.
Amenities are somewhat disappointing for a building advertised as highly luxurious, but for the price and market, they are sufficient. There is no common space or fitness center. However, there are laundry facilities on every floor. The highlight amenities include units with outdoor space and a 24-hour doorman (shouldn’t that be expected in a new development)? The developer must know that they are lacking in amenities, because a reduced membership at the nearby Crunch (about 1/2 mile walk) is offered.
Investment Potential
The village has been on a value upswing for quite some time now and the composition of the neighborhood is the reason. Creative industries and nightlife are not as cyclical as the big business of downtown and midtown. While the value should definitely hold, I have been racking my brain trying to think of the type of buyer who would view this sort of purchase as an investment, rather than a primary residence. Probably not too many. If you’re under 30 and can afford to buy a condo and work in the neighborhood, if you hold it through the imminent “slowdown,” your money should do fine after a few years of flat prices.
