Buying a home is an exciting venture, especially in a vibrant city like New York. However, beyond the listed price, there can be several hidden costs that potential buyers might overlook. This guide will walk you through these often-unexpected expenses associated with purchasing at 100 Barrow Street, ensuring you’re fully prepared.
What Makes the West Village Unique Compared to Other Manhattan Neighborhoods?
The West Village, distinct from its neighbor Greenwich Village, claims a charm that’s hard to find elsewhere in Manhattan. Here’s what sets it apart:
- Non-Linear Streets: Unlike the grid-like pattern that defines much of Manhattan, the streets in the West Village meander unpredictably. They break from the regimented numbered system, offering named thoroughfares like Bleecker and Waverly that twist and turn, breaking conventions and adding an air of mystery.
- Architectural Charm: The architecture in the West Village is a step back in time, largely preserved by historic districts. You’ll find beautifully maintained buildings that evoke a timeless elegance contrasting sharply with the modern skyscrapers dominating other parts of the city.
- Quaint Atmosphere: Emphasizing narrow, cobblestone pathways, the West Village feels more like a hidden pocket of tranquility than a bustling urban environment. This quaint setting gives it the feel of a village nestled within a vast metropolis.
- Cultural Significance: This neighborhood has long been a nurturing ground for cultural and social revolutions. It’s been the backdrop to countless movements, making it a place of historical and social significance.
Every corner of the West Village tells a story, offering a unique blend of history, culture, and architectural delight, setting it apart from the rest of Manhattan.
The Historical and Cultural Tapestry of the West Village
The West Village stands as a hallmark of historical and cultural significance within Manhattan. Known for its eclectic streets that literally break away from New York City’s familiar grid, this neighborhood is where history and creativity converge.
Historical Foundations
One of the West Village’s most noteworthy attributes is its preservation. Its streets are lined with charming architecture, safeguarded by historic districts that keep the area looking much like it did in centuries past. This meticulous preservation has made it a living museum, offering a glimpse into New York’s architectural evolution with its narrow, winding streets and classic brownstones.
Cultural Impact
Culturally, the West Village has been a crucible for revolutionary ideas. This neighborhood nurtured transformative social and cultural movements throughout history. It’s here that you can trace the footsteps of movements for LGBTQ+ rights and trailblazing artistic expression, significantly shaping the broader cultural consciousness of the city and beyond.
A Hub for Creativity
With avenues named more often than numbered, like Bleecker and Waverly, the West Village defies conventional order, much like the artists, writers, and thinkers who have called it home. Its quirky street layout symbolizes the unconventional spirit that has long attracted creative minds seeking inspiration and freedom.
In essence, the West Village is not just a neighborhood but a testament to New York City’s layered history and a beacon of its cultural dynamism. From its architectural stories to its role as a societal trailblazer, the West Village encapsulates the heart of what makes New York a global city of influence and innovation.
Details of Unit 5C at 100 Barrow Street
Price and Layout
Unit 5C is listed at $4,250,000, offering a well-designed living space with 2 bedrooms and 2 full bathrooms, plus an additional half bath.
Size and Type
With an interior spanning 1,965 square feet, this residence is categorized as a condop, combining features of both condos and co-ops.
Additional Features
There is an option to view the floor plan for more detailed insights into the layout.
100 Barrow Street encompasses a total of 33 residences.
Understanding Property Taxes
Property taxes in New York are a major consideration when purchasing a property like those at 100 Barrow Street. This area falls within one of Manhattan’s most coveted neighborhoods, the West Village, which generally implies higher property tax rates. The tax rate is primarily determined by the assessed value of the property, which is a percentage of its market value. While the luxurious features and prime location of 100 Barrow Street might drive these taxes up, it’s important to appreciate the building’s unique characteristics.
Building Overview
- Type: Post-war Condop
- Residences: 33 units
- Stories: 12
- Year Built: 2017
Nestled in the heart of West Village, Manhattan, this contemporary structure seamlessly blends modern amenities with classic charm. The condop offers a sophisticated living experience in one of New York City‘s most sought-after neighborhoods. Residents enjoy the benefits of both condominium and cooperative ownership, providing flexibility and a sense of community.
Living at 100 Barrow Street is more than just an address—it’s a lifestyle choice, promising elegance and convenience at every turn.
1. When was the building constructed?
Construction of the building was completed in 2017.
2. How many stories does the building have?
The building has 12 floors.
3. How many residences or units are in the building?
The building contains 33 residential units.
4. What type of building is it?
It is a post-war residential building combining elements of both condos and co-ops, commonly known as a “condop.”
Before purchasing, it’s wise to visit the NYC Department of Finance’s website to get an estimate of your potential tax liability based on recent assessments of similar properties.
Being aware of property tax obligations is essential. The taxes you pay contribute to essential city services like public schools, infrastructure, and safety services. However, the rate at which they accumulate can be surprising. If you’re new to property ownership in New York, consulting with a real estate tax professional could provide valuable insights, ensuring you’re not caught off guard by your tax bill each year.
The streets in the West Village are known for their unique and intriguing characteristics. Unlike much of the city, this neighborhood doesn’t adhere to the typical grid pattern found north of 14th Street. Instead, the streets twist and turn in unexpected ways, making navigation both a challenge and an adventure.
Here, you’ll find streets that are often named, such as Bleecker and Waverly, rather than numbered, which adds to the distinctive charm. Many of these roads are also quite narrow and feature traditional sett paving, bringing a quaint, old-world feel to the bustling city. Some streets even curve gracefully around corners, breaking the linear monotony seen in other parts of New York and offering a more organic and historical vibe, reminiscent of a different era.
Exploring HOA Fees
Homeowners Association fees, or HOA fees, at 100 Barrow Street are reflective of the upscale nature of the building and its amenities. These could include costs for maintenance of common areas, security, and other building facilities such as a gym, sauna, or playroom. At 100 Barrow Street, homeowners can enjoy contributory facilities like bike storage and pet wash services, which are covered by these fees. This charming residence also boasts a variety of enticing amenities designed to enhance your living experience:
- Doorman: Ensuring security and convenience for all residents.
- Central Air: Providing comfort throughout the year, regardless of the season.
- Playroom: A perfect space for children to explore and have fun.
- Exercise Room: Stay fit and active without leaving the building.
- Elevators: For seamless and easy access to your home.
- Central Laundry Room: Offering hassle-free laundry solutions.
With these features, 100 Barrow Street combines functionality with luxury, creating a welcoming environment for all its residents.
1. Is there a laundry facility available?
Yes, a central laundry room is available for use.
2. Are there elevators in the building?
Yes, the building is equipped with elevators.
3. Is there an exercise facility available?
Yes, an exercise room is available for residents.
4. Are there recreational facilities for children?
Yes, there is a playroom designed for children.
5. Is there central air conditioning?
Yes, central air conditioning is provided.
6. Is there a doorman?
Yes, a doorman is available.
While the amenities significantly enhance living conditions, they also mean that HOA fees might be higher than in other buildings. Understanding these fees is crucial as they are mandatory and recurrent monthly expenses. These fees can fluctuate based on the building’s maintenance requirements or improvements made, so it’s advisable to review any HOA meeting notes during the buying process.
Budgeting for Maintenance and Repairs
Even though the condos at 100 Barrow Street are part of a new development, budgeting for maintenance and repairs is still essential. Over time, wear and tear, weather-related damages, or simply the aging of property elements can necessitate repairs. Residents might need to fix aspects like flooring, built-in appliances, and custom kitchen fixtures.
A smart approach is to set aside a repair fund. This proactive financial planning helps cushion the impact of unexpected repairs, ensuring that home maintenance doesn’t compromise your monthly budget. Regular maintenance checks, either independently or through professionals, can help identify and address potential issues before they escalate into costly repairs.
Considering Closing Costs
Closing costs are often overlooked by eager buyers, yet they constitute a major upfront expense. In Manhattan, these costs typically range from 2% to 5% of the purchase price. For prospective buyers at 100 Barrow Street, understanding these fees is crucial to avoid last-minute financial surprises.
These costs cover a range of mandatory fees and services such as title insurance, attorney fees, mortgage origination fees, and inspections. Buyers should leverage tools like the Buyer Closing Cost Calculator to get a detailed estimate, ensuring clarity on the total financial outlay required to complete the purchase.
Evaluating Insurance Requirements
In a bustling urban setting like New York, comprehensive insurance is a necessity when purchasing property. The basic requirement is homeowners’ insurance, which covers damage from events like fire or theft, but condominium owners should also consider building-specific policies.
At 100 Barrow Street, the opulent nature of the units might require more extensive coverage, including luxury upgrades and special liability protections. Engaging an insurance advisor who understands urban real estate intricacies is beneficial. They can help navigate the array of insurance products available and tailor a package that provides comprehensive coverage while considering your financial and lifestyle needs.
Transaction Types Available for Units at 100 Barrow Street
When exploring your options for units at 100 Barrow Street, you’ll find a few transaction types to consider:
- Available for Purchase: If you’re looking to own a piece of this prestigious address, you can explore the units that are currently listed for sale.
- Previously Sold Units: For a better understanding of the market trends or pricing, check out units that have already been sold in the past.
- Rental Opportunities: If you prefer leasing, some units might offer rental opportunities depending on availability.
Each transaction type offers unique insights and opportunities, helping you make informed decisions as you navigate the real estate options at 100 Barrow Street.
Prepare for the Hidden Costs and Enjoy Your New Home
Knowing the hidden costs of buying a property at 100 Barrow Street can help you make a more informed decision and avoid financial surprises. Being prepared for these expenses will ensure a smoother purchase process, allowing you to focus on enjoying your new home in the heart of New York City.
100 Barrow Street was constructed in the year 2017.
100 Barrow Street is a building that reaches a height of 12 stories.
Work with the Real Estate Rebate Team
Real Estate Rebates Team is a top real estate brokerage firm in NYC and NJ, dedicated to delivering exceptional service and significant savings. Offering up to a 2.5% commission rebate at closing, we pass these savings directly to clients buying or selling homes. Through education and a transparent rebate system, we empower clients to maximize their benefits, with numerous success stories proving our approach. Our online platform allows you to easily calculate potential rebates and find properties that suit your needs. We negotiate the best prices and secure additional incentives at closing, ensuring you get money back whether selling, renting, or buying a condo, co-op, or townhouse. For new developments, we offer even higher rebates on larger commissions. Real Estate Rebates Team helps clients enjoy greater savings and better returns on their real estate transactions.
