Successful Lowballs

39 Fifth Avenue #5CD. Closed 16.6% below ask.
02/27/2009 Listed in StreetEasy by Prudential Elliman at $3,495,000.
07/30/2009 Listing entered contract.
08/27/2009 Sale recorded for $2,915,000.
http://www.streeteasy.com/nyc/sale/387326-coop-39-fifth-avenue-greenwich-village-new-york

Thxs w81. Crazy if id a bought H unit for $2.5mm in 2007 and just saw b close for $3.3mm, I might have to commit harikari. That's some serious 'equity' loss. Oh btw I believe 18b closed for $4.1mm 8 months ago. I.e. They are 'underwater'. That's a record of somekind,no?

Copying over from IYCDMMWC: UWS (Thanks, West81st).

200 West End "E" line, floors 16-17 (2BR, 2BA 1,330SF). Identical units.
-------- Recorded Sales -------- | ---------- Previous Listings ----------
08/27/2009 #17E $1,600,000 -27.3% | $2,200,000 Sold 2 beds 2 baths 1,330 ft²

"harakiri", not "harikari" ;)

it's funny but I corrected the spelling of "tranche" on another thread, haven't used the word harakiri since college in an english lit class but used it religiously for 7 yrs in banking, : ), harakiri... it is

tranche that is...damn... need a proofreader..

180 East 79th Street #12B: Nice pre-war 4.5, listed as a five. Closed 14.7% below final ask.
http://www.streeteasy.com/nyc/sale/376722-coop-180-east-79th-street-upper-east-side-new-york
01/22/2009 Listed in StreetEasy by Sotheby's at $1,925,000.
03/21/2009 Price decreased by 4% to $1,850,000.
04/30/2009 Price decreased by 8% to $1,700,000.
06/08/2009 Listing is no longer available.
06/22/2009 Listing entered contract.
09/15/2009 Sale recorded for $1,450,000.

1070 Park Avenue #2D: Huge six; another June contract that closed 14% below final ask.
http://www.streeteasy.com/nyc/sale/375312-coop-1070-park-avenue-carnegie-hill-new-york
01/15/2009 Listed in StreetEasy by Fox Residential Group at $2,875,000.
04/03/2009 Price decreased by 2% to $2,825,000.
06/05/2009 Listing entered contract.
09/14/2009 Sale recorded for $2,425,000.

Always liked 180E79. Well-planned, good living rooms, closets, etc.

12B is the second of those I'm watching that's stretched 4.5 to 5. Schwartz & Gross called it a 4.

This is a bit old, but I don't see it here. Maybe it is on the comps thread because it is quite a good one. Estate sale, probably needs a lot of work. 27% below final ask.

1435 Lexington Avenue, 5D:

10/02/2008 Listed in StreetEasy by Gumley Haft Kleier at $1,750,000.
10/31/2008 Price decreased by 7% to $1,625,000.
01/28/2009 Price decreased by 2% to $1,595,000.
03/24/2009 Price decreased by 6% to $1,495,000.
04/27/2009 Listing entered contract.
07/24/2009 Sale recorded for $1,100,000.
07/27/2009 Listing sold.

1016 Fifth Avenue #2AB: Seems strange to call $8.9MM a lowball, but it's 18.7% off final ask.
01/15/2009 Listed in StreetEasy by Stribling at $11,750,000.
04/02/2009 Price decreased by 7% to $10,950,000.
05/14/2009 Listing entered contract.
09/10/2009 Sale recorded for $8,900,000.
http://www.streeteasy.com/nyc/sale/375331-coop-1016-fifth-avenue-upper-east-side-new-york

By the way, the seller at 1016 will not elicit much sympathy: alleged brick in the Madoff feeder pyramid.

1136 Fifth Avenue #3A: Big estate corner eight-into-ten with four rooms on the Park. This one is a price-chopper, a market mover and a successful lowball. Analysis of market movement belongs in the IYCDMMWC-UES thread; for lowball-chronicling purposes, I'll just note that the closing number was 22% below final ask and 38% below the original price.
01/17/2009 Listed in StreetEasy by Corcoran at $5,650,000.
02/11/2009 Price decreased by 12% to $4,950,000.
05/05/2009 Price decreased by 9% to $4,495,000.
05/15/2009 Listing entered contract.
08/19/2009 Sale recorded for $3,500,000.

8 East 83rd Street #4A: Fairly quick sale, 18.9% below ask.
03/18/2009 Listed in StreetEasy by Brown Harris Stevens at $1,695,000.
06/15/2009 Listing entered contract.
09/15/2009 Sale recorded for $1,375,000.
http://www.streeteasy.com/nyc/sale/392838-coop-8-east-83rd-street-upper-east-side-new-york

230 West End Avenue #9CD. Renovated 3BR/2BA combo, sold 21.7% below final ask. June closing, but I don't think it has been mentioned.
03/31/2008 Previously Listed in StreetEasy by Prudential Elliman at $2,450,000.
08/21/2008 Delisted temporarily by Prudential Elliman. Last priced at $2,300,000.
02/27/2009 Listed in StreetEasy, already in contract, by Prudential Elliman at $2,300,000.
06/17/2009 Sale recorded for $1,800,000.
http://www.streeteasy.com/nyc/sale/387423-coop-230-west-end-avenue-lincoln-square-new-york
The same combination on the 11th floor sold for $2.15MM in 2007.
http://www.streeteasy.com/nyc/sale/67201-coop-230-west-end-avenue-lincoln-square-new-york

45 East 62nd Street, #4B. Very nice apartment, sold 19.5% below ask

11/02/2005 Previously Listed in StreetEasy by Corcoran at $2,750,000.
03/19/2007 Corcoran Listing sold.
03/19/2007 Previous Sale recorded for $2,550,000.
01/14/2008 Listed in StreetEasy by Stribling at $3,495,000.
02/05/2008 Price decreased by 7% to $3,250,000.
04/22/2008 Price decreased by 5% to $3,100,000.
06/10/2008 Price decreased by 3% to $2,995,000.
08/15/2008 Listing is no longer available.
09/18/2008 Re-listed by Stribling.
11/24/2008 Price decreased by 7% to $2,795,000.
03/23/2009 Listing is no longer available.
07/30/2009 Sale recorded for $2,250,000.
09/30/2009 Listing sold.

http://www.streeteasy.com/nyc/sale/166488-coop-45-east-62nd-street-lenox-hill-new-york

Yeah, and the 12% hit 2007-2009 isn't bad as these things go. Looks as if no big work done.

Right, very nice building, what they used to call "discreet."

http://www.streeteasy.com/hamptons/sale/194186-house-89-surf-drive-amagansett-east-hampton

40% off the last ask if I have done my math correctly (and no, it wasn't me) . . . I realize it aint Manhattan but it is less than 250 feet from one of the 7 or 8 nicest beaches in the world with a pool . . . there is a link between these two marketplaces and sales like this one ought to give buyers renewd hope & determination to make offers if there are levels at which they would be comfortable buying. All it takes is one seller.

03/18/2008
Listed in StreetEasy by Prudential Elliman at $2,995,000.
06/12/2009
Price decreased by 17% to $2,475,000.
06/28/2009
Listing entered contract.
07/28/2009
Sale recorded for $1,500,000.

(I am just discovering this thread, was at the beach & offline for all of August and then distracted . . . )

west81 in re: 320 west 86th, 8A/8B I DId bid on that before I had discovered Streeteasy - I went to the first open house the day it started showing and bid $2.5mn. I was rebuffed by Amelia & Andrew as being disrespectful to the building and the opportunity. Said they had another offer already considerably closer to the offering price and I was mistaken in my views about the possibilities the combination there offered.

. . . did I just type "before I had discovered Streeteasy" . . . I guess I did. and then I sent it before I had did proof-read what I had done typed . . . apologies to all.

LP: you ever going to come to a real life SE meetup? Pretty bang on with the 2.5m number.

Are you looking in the Hamptons too? That forum is pretty anemic.

LP, don't look out east but, holy smoke is that a great deal!
Nice change.

Using the SE map, I found quite a few properties close to the beach in Amangansett from high 1m to mid-2s. Would a good strategy be just bidding 1.5m on the 2.5m properties (most of them nicer & bigger than the one on Surf Dr)?

Say, this one? 78 Maidstone Drive - listed at 2.55m.

Most of the websites I troll around in never want to meet face to face 'cause we'd have to take off our latex body suits & masks and anyway it's always soooooo embarassing when the lights are turned on . . . (that was a joke - just for 67th street & a few others). Would def like to come to one, but the scheduling just hasn't worked so far.

As for looking in the Hamptons, as above, we spend the month of August out there and as our kids get older we will likely try to extend that to July & potentially June as well (I can work out there which makes it possible) so we're open to buying in either place at some point, if & when the right opportunity comes along.

Where do you go in the Hamptons? Thinking of renting out there and Fire Island next summer.

re: out east - I think that really MIGHT be a good strategy actually. 78 Maidstone is a very pretty house & is still absolutely walking distance to the beach (small further from the beach as it's north of Marine towards Central on Maidstone) but has no pool. I stress that the pool is a big deal. Particularly as you get closer to the ocean it gets very difficult to put in a new pool as the conservation & wetlands issues are tricky, and the town of East Hampton has gotten very very reluctant to allow new pools. But yes, I think the sale I posted here is potentially one that will cause sellers to reconsider their levels - there are listings out there that have been on the market for 500 days and longer -

That sucks, there's one on Marine Drive at 2.895m. No hope of a pool there?

in re: marine drive - put this into google maps - 110 Marine Blvd, East Hampton, Suffolk, New York 11937 - and then go almost all the way in, and you'll see that very few of the houses nearby have pools (the one right to the west does) - everyone who owns those houses is either nouveau wanna be rich like me, and would definitely want a pool if they could have one, or has owned the house for 30 years and has a cost basis of $15,000 (really) and would have taken out the home equity loan to put in the pool as a giggle already 'cause they have so much gain in the property if the town was in a pool allowing mood.

Is it really that impossible to get a permit? What about replacement of an existing pool?

Any thoughts on the clutch of properties nestled N. of 27, S. of Buell's in the high 2s, low 3s range? Mill Hill, Borden Lane - think there's going to be sig. traction on those prices?

That odd one-bedroom at the Majestic finally sold, at a 19% listing discount: http://www.streeteasy.com/nyc/sale/369678-coop-115-central-park-west-lincoln-square-new-york

12/06/2008 Listed in StreetEasy by Corcoran at $1,550,000.
12/18/2008 Price decreased by 4% to $1,495,000.
01/12/2009 Price decreased by 10% to $1,350,000.
02/20/2009 Price decreased by 11% to $1,200,000.
04/01/2009 Price decreased by 8% to $1,100,000.
07/01/2009 Price decreased by 9% to $999,000.
08/20/2009 Listing entered contract.
09/17/2009 Sale recorded for $805,000.

NWT - but even stranger is that the buyer appears to have paid separately for the terrace - showns as a $90K sale .

Missed that. In the plan there're two doors in the west wall opening into thin air. Maybe there's another terrace out there.

120 East 87th Street #P12C: Sold 18.9% below ask.
04/02/2009 Listed in StreetEasy by Park Avenue R.E. at $1,499,000.
07/24/2009 Listing entered contract.
09/17/2009 Sale recorded for $1,215,000.
http://www.streeteasy.com/nyc/sale/398821-condo-120-east-87th-street-carnegie-hill-new-york

150 West 87th Street #9C: Modest, classic six wreck. Sold 12.4% below final ask and 35.4% below original ask.
02/14/2008 Listed in StreetEasy by Shares of New York at $1,625,000.
03/31/2008 Listing entered contract.
06/18/2008 Re-listed by Shares of New York.
07/17/2008 Delisted.
09/15/2008 Re-listed by Shares of New York.
09/15/2008 Price decreased by 14% to $1,395,000.
01/05/2009 Price decreased by 9% to $1,275,000.
04/16/2009 Price decreased by 6% to $1,199,000.
06/09/2009 Listing entered contract.
09/24/2009 Sale recorded for $1,050,000.
Shares of New York continues to set the market for this property type on the UWS, through sheer volume.
http://www.streeteasy.com/nyc/sale/182170-150-west-87th-st-upper-west-side-new-york

134 East 93rd Street #7A/8A: Sold 15.3% below final ask and 31.4% below original ask.
05/08/2008 Listed in StreetEasy by Brown Harris Stevens at $1,895,000.
05/15/2008 Price decreased by 6% to $1,775,000.
06/28/2008 Delisted temporarily.
11/11/2008 Re-listed by Brown Harris Stevens.
11/11/2008 Price decreased by 5% to $1,695,000.
03/12/2009 Price decreased by 9% to $1,535,000.
04/02/2009 Listing is no longer available.
06/10/2009 Re-listed by Brown Harris Stevens.
09/22/2009 Sale recorded for $1,300,000.
http://www.streeteasy.com/nyc/sale/232094-condo-134-east-93rd-street-carnegie-hill-new-york
There might be less here than meets the eye. BHS sems to have priced this duplex based on the comp directly above it, which was originally an identical apartment. But at some point, #7A apparently lost a chunk of its upper level, leaving a much less valuable property.

West81st,
interesting insight wrt 134 East 93rd. Where did you see the floor plan of the higher apartment that was used for a comp? It's not on SE...another source? Care to share?

Falcogold1: The tipoff wasn't the upstairs listing; it was the undersized dimensions of #7A/8A relative to the original "A" duplex layout.

119 West 82nd Street #1: Triplex garden coop closed 19.8% below ask, but still not a bad result.
04/15/2009 Listed in StreetEasy by Prudential Elliman at $2,399,000.
08/06/2009 Listing entered contract.
08/28/2009 Sale recorded for $1,925,000.

Falco, here's the unchopped A duplex: http://www.corcoran.com/property/FloorPlan.aspx?Region=NYC&ListingID=874077

... and 8B is 244 sf bigger than 10B and 12B. The transfer of a bedroom and bath from 7-8A to 8B was done early, as it's reflected in the condo declaration. 3-6A are simplexes.

870 Fifth Avenue #2C (aka #2/3C): Park-facing three-room duplex. Closed 21.2% below a very stale asking price.
05/13/2008 Listed in StreetEasy by Bellmarc at $1,750,000.
07/11/2008 Price decreased by 3% to $1,695,000.
03/05/2009 Listing is no longer available.
06/23/2009 Listing entered contract.
10/02/2009 Sale recorded for $1,335,000.

Here's a 27.7% listing discount:

08/14/2008 Listed in StreetEasy by AIB Management Corp at $669,000.
10/16/2008 Price decreased by 4% to $639,000.
02/03/2009 Price decreased by 5% to $610,000.
03/12/2009 Price decreased by 2% to $599,000.
07/30/2009 Price decreased by 1% to $595,000.
09/17/2009 Listing is no longer available.
09/24/2009 Sale recorded for $430,000.

http://www.streeteasy.com/nyc/sale/342290-coop-425-east-63rd-street-lenox-hill-new-york

An identical apartment across the garden is still listed at $549K: http://www.streeteasy.com/nyc/sale/435007-condo-420-east-64th-street-lenox-hill-new-york

Yet another identical apartment, but maybe better-renovated, just sold at $533K: http://www.streeteasy.com/nyc/sale/377507-condop-420-east-64th-street-lenox-hill-new-york

Never mind, that $430K closing was for W4K (http://www.streeteasy.com/nyc/sale/443393-condop-425-east-63rd-street-lenox-hill-new-york) not W1C. Still a nice chunk off.

SE was understandably off in its cond-op matching, as the RETTP lists only "RES" as the unit number.

smallish 2/2. 25% discount. nearly 40% off initial list.
http://www.streeteasy.com/nyc/sale/193461-coop-222-east-80th-street-yorkville-new-york

03/15/2008 Listed in StreetEasy by Bellmarc at $995,000.
04/11/2008 Price decreased by 2% to $975,000.
08/20/2008 Price decreased by 9% to $888,000.
08/27/2008 Delisted temporarily.
09/10/2008 Re-listed by Bellmarc.
01/02/2009 Price decreased by 10% to $799,000.
03/05/2009 Listing is no longer available.
10/01/2009 Sale recorded for $602,000.

Tis but an ingrown pubic hair.

135 East 83rd Street #2A: large 3BR/3BA, sold 12.5% below final ask and 28.2% below initial ask. 02/12/2009 Listed in StreetEasy by Brown Harris Stevens at $1,950,000.
03/10/2009 Price decreased by 8% to $1,800,000.
05/11/2009 Price decreased by 11% to $1,600,000.
07/10/2009 Listing entered contract.
10/08/2009 Sale recorded for $1,400,000.
The sale price is around $700/SF for a legitimate 3BR in the PS6 district.
http://www.streeteasy.com/nyc/sale/384062-coop-135-east-83rd-street-upper-east-side-new-york

5A went for $2.3 million in sept 2005.

5 yrs making $700k a year, 5 years painting a room a different shade of pink, 5 yrs to lose $900k in a leveraged asset => PRICELESS

What a dipshit 5 yrs to make 0. Flamo. Hmmm wonder if they'd be better off renting?

70 East 10th Street #17A. Sold 11% below final ask and 32% below the original price.
04/23/2008 Previously Listed in StreetEasy by Corcoran at $2,100,000.
10/21/2008 Delisted temporarily by Corcoran. Last priced at $1,875,000.
11/12/2008 Listed in StreetEasy by Prudential Elliman at $1,790,000.
02/18/2009 Price decreased by 11% to $1,599,000.
07/30/2009 Listing entered contract.
10/09/2009 Sale recorded for $1,425,000.

155 East 72nd Street #5/6A. Sold 20% below final ask and 23% below the original price. Also down 35% from the peak comp directly below it.
02/06/2009 Listed in StreetEasy by Warburg at $4,950,000.
04/13/2009 Price decreased by 4% to $4,750,000.
07/15/2009 Listing is no longer available.
10/09/2009 Sale recorded for $3,811,500.
http://www.streeteasy.com/nyc/building/155-east-72-street-manhattan

1165 Park Avenue #6A: This front-facing eight will show up as 28% off final ask because of an odd, post-closing price increase. It's really 14.5% off the final ask, which still qualifies as a successful lowball.
12/04/2008 Listed in StreetEasy by Stribling at $4,100,000.
02/05/2009 Price decreased by 7% to $3,795,000.
03/03/2009 Price decreased by 9% to $3,450,000.
04/28/2009 Listing entered contract.
10/13/2009 Sale recorded for $2,950,000.
10/16/2009 Price increased by 19% to $4,100,000.

111 East 81st: 20-foot-wide, mostly-renovated, 4,725-sq.ft. elevator townhouse off Park Avenue. Owner's triplex plus vacant floor-though unit. 25.2% off final ask; 44.8% off original ask.
05/28/2008 Listed in StreetEasy by Garfield at $10,500,000.
11/20/2008 Listed in StreetEasy by Brown Harris Stevens at $10,250,000.
12/01/2008 Garfield Listing is no longer available.
01/11/2009 Price decreased by 3% to $9,950,000.
02/17/2009 Price decreased by 3% to $9,700,000.
02/27/2009 Price decreased by 8% to $8,950,000.
03/20/2009 Price decreased by 13% to $7,750,000.
07/17/2009 Listing entered contract.
09/29/2009 Sale recorded for $5,800,000

BTW, the ACRIS history for 111 East 81st Street suggests a level of contempt for the IRS usually associated with separatist militia groups in Idaho.

He's got Rangel beaten cold.

23% off list. FiDi new construction. looks like they still have over 100 units to sell, roughly. started selling over 2 years ago. not too bad, they've sold well over 50%, but there have also been a total of 169 rental listings, although no way to tell how many rented units that represents.

http://www.streeteasy.com/nyc/sale/407307-condo-88-greenwich-st-financial-district-new-york
04/28/2009 Listed in StreetEasy by 88 Greenwich Marketing Group at $649,000.
09/16/2009 Listing entered contract.
10/27/2009 Listing sold.
10/27/2009 Sale recorded for $500,000.

5 room apt at 417 Park sold for $900k which is more than 50% off the original asking price

http://www.streeteasy.com/nyc/sale/368550-coop-417-park-avenue-midtown-new-york

12/03/2008
Listed in StreetEasy by Corcoran at $1,825,000.
01/17/2009
Price decreased by 10% to $1,650,000.
04/09/2009
Price decreased by 21% to $1,299,000.
04/30/2009
Price decreased by 13% to $1,125,000.
06/14/2009
Listing entered contract.
08/14/2009
Listing sold.
08/14/2009
Sale recorded for $(insiders only)
09/25/2009
Listing sold.

11 Fifth Avenue #11G: Spacious, interesting 2BR/2BA at the Brevoort with original kitchen and baths and unique trompe l’oeil murals. Closed 16% below ask.
06/02/2009 Listed in StreetEasy by Marilyn Weigner Associates at $1,550,000.
07/24/2009 Listing is no longer available.
08/11/2009 Re-listed by Marilyn Weigner Associates.
08/28/2009 Listing entered contract.
10/22/2009 Sale recorded for $1,300,000.
http://www.streeteasy.com/nyc/sale/416881-11-fifth-avenue-greenwich-village-new-york
The renovated comp three floors up, #14G, is in contract with an asking price of $2.25MM, after selling for $2.375MM at the top of the market.

70 East 10th Street #9R: Large estate 2BR.2BA at Stewart House in very good condition, with balcony and Grace Church views. Closed 33.1% below original ask and 19.7% below final ask.
09/09/2008 Listed in StreetEasy by Beth Chase Real Estate at $1,795,000.
10/28/2008 Price decreased by 8% to $1,650,000.
02/27/2009 Price decreased by 9% to $1,495,000.
04/28/2009 Listing entered contract.
10/22/2009 Sale recorded for $1,200,000.
http://www.streeteasy.com/nyc/sale/347755-coop-70-east-10th-street-greenwich-village-new-york

Good set of comps, with just about the same layouts. It'll be interesting to see what 14G goes for, as an indicator of what buyers will or won't pay for a renovation. That 11G kitchen is great! Hardly ever see an untouched original kitchen. New gaskets on the dishwasher, or just use it for storage, and you're good to go with a paint job.

just out of morbid curiousity---assuming even a $250 K differential for condition at 11 5th ave, what does the buyer for 14G think when he/she discovers closing price on 11?

"I love my $700K kitchen!" or "Gee, maybe $450K was too much to pay for three floors' worth of view..."?

'lemmings come in all shapes and sizes'. There are $100k lemmings and the special $700k lemmings.

11G and 10R seem like highly significant sales to me. Those are large, ultra-prime 2 bedrooms selling way, way off peak comps.

By the way, this speaks to something I have been noticing in the village: a widening of the gap between pre- and post-war apartments. Prewars in the prime village seem to be holding up much better than this.

tribeca conversion. not exactly cheap, but quite a bit less than what it was first listed at already in contract. and 24% below final ask.

http://www.streeteasy.com/nyc/sale/347682-condo-414-washington-street-tribeca-new-york
09/09/2008 Listed in StreetEasy, already in contract, by Prudential Elliman at $6,750,000.
09/17/2008 Delisted temporarily.
10/30/2008 Re-listed by Prudential Elliman.
10/30/2008 Price decreased by 20% to $5,400,000.
02/19/2009 Listing is no longer available.
09/10/2009 Listing entered contract.
10/27/2009 Listing sold.
10/27/2009 Sale recorded for $4,100,000.

AR: That's a bitter pill for partnership that bought the fifth floor. Looked like a good deal at the time, way after the peak: $4.689MM vs. a final, reduced ask of $5.25MM. $3.6MM mortgage. More than half of their 23% equity is gone already, without even considering the expenses involved.

west81st, the penthouse could still be yours for just under $8mm.

25% below ask in a new development
http://www.streeteasy.com/nyc/sale/90797-condo-23-east-22nd-street-flatiron-new-york

STREETEASY HISTORY
Later Listed in StreetEasy by Brown Harris Stevens at $3,975,000.
10/30/2009
Listing sold.
10/30/2009
Sale recorded for $2,950,000

I love these lowballs, the Brevoort G-line one is interesting. I think that prewar holds up better than postwar generally in Manhattan (assuming location equality, same level of maintenance). They don't build them like they used to.

West 81: more fodder for my "cheap estate sales lead the way" theory?

Here's an 18% listing discount: http://www.streeteasy.com/nyc/sale/233875-coop-88-central-park-west-lincoln-square-new-york

05/10/2008 Listed in StreetEasy by Prudential Elliman at $12,995,000.
05/12/2008 Also Listed in StreetEasy by Stribling at $12,995,000.
11/26/2008 Price decreased by 12% to $11,500,000.
12/02/2008 Price decreased by 4% to $10,995,000.
06/27/2009 Listing entered contract.
10/20/2009 Sale recorded for $9,000,000.

I just found this - 145 east 37th, asking 3.85ish with Corcoran last year, looks like a single-family renovated TH in Murray Hill. It was then relisted with Massey Knakal with no list price asking for all offers.

Closed for 2.2ish. What a deal, unless there's something I'm not seeing.

http://www.yeswade.com/portfolio/east37/index.html

bump

NYC10023: 145 East 37th appears to have changed hands in late 2002 for $1.45MM, then for $2.275 in August 2009. There seems to have been a shift into an LLC in 2003, followed by a binge of borrowing that might have financed renovations. Was the August sale a bargain, or a puncturing of overly optimistic expectations? Maybe a bit of both.

37% listing discount at http://streeteasy.com/nyc/sale/264188-coop-907-fifth-avenue-lenox-hill-new-york

05/29/2008 Listed by Brown Harris Stevens at $2,000,000.
06/03/2008 Price decreased by 3% to $1,950,000.
01/29/2009 Price decreased by 10% to $1,750,000.
07/03/2009 Listing entered contract.
12/18/2009 Sale recorded for $1,100,000.

1 West 67th #510. Down 12.7% from the 2006 trade. Take out another 6-10% for fees and its not good.

04/06/2006 Previous Sale recorded for $1,947,500.
01/16/2009 Listed by Prudential Elliman at $2,295,000.
06/17/2009 Price decreased by 6% to $2,150,000.
09/22/2009 Listing entered contract.
09/24/2009 Listing sold.
12/08/2009 Sale recorded for $1,700,000.

We could put this in the 'price chopper' thread as the closing price was 19% down from the listing price. You don't see that kind of haircut too often. Sellers seem to prefer the 'slow bleed'.

Posting this is premature, but assuming it closes near ask, that's a $235k loss, before factoring in mansion tax and transaction costs.

http://streeteasy.com/nyc/sale/481138-coop-66-orange-street-brooklyn-heights-brooklyn

To my knowledge there isn't a comps thread for brooklyn, presumably because the audience for that market on this board is small. Apologies if I have missed it somehow.

Oops. Closed for $1.2 in '07. Rather relevant information I left out there!

evnyc, i started a brooklyn market movement with comps thread a few weeks ago. it's not really a market i follow. maybe you, gg and a couple of the williamsburg fanatics can keep it going. just search for movement and all the comps threads should be in your results. i don't think the audience is that small, i just think we comps fanatics are engaged elsewhere.

Thanks, AR! I'll go find it and post there.

quite the chopper as well.
http://streeteasy.com/nyc/sale/368148-condo-333-west-14th-street-chelsea-new-york
02/28/2007 Previously Listed by Prudential Elliman at $9,500,000.
04/07/2007 Prudential Elliman Listing is no longer available.
07/02/2008 Previously Listed by Brown Harris Stevens at $9,500,000.
07/03/2008 Delisted temporarily by Brown Harris Stevens.
12/01/2008 Listed by RP Miller at $7,500,000.
07/12/2009 Price decreased by 21% to $5,900,000.
12/06/2009 Listing is no longer available.
12/11/2009 Sale recorded for $4,100,000.

1001 Park Avenue, Penthouse duplex, sold 16.1% below final ask.
03/08/2009 Listed by Prudential Elliman at $5,900,000.
05/23/2009 Price decreased by 7% to $5,490,000.
08/11/2009 Price decreased by 7% to $5,125,000.
09/10/2009 Listing entered contract.
12/18/2009 Sale recorded for $4,300,000.
This sale by the U.S. Government closes one chapter in the saga of Refco CEO and convicted felon Phillip Bennett.
http://streeteasy.com/nyc/closing/946854

West81st - that was one spectacular apartment - bought at a really good price.

Does anyone know if the coop, in a forced sale such as this, can reject the purchaser?

house of pain coming for owners in 2010

150 West 79th Street #3-EF. Low floors and quirky apartments continue to suffer.
12/04/2008 Listed by Fenwick Keats Goodstein at $1,975,000.
12/11/2008 Listing is no longer available.
01/13/2009 Re-listed by Fenwick Keats Goodstein.
01/13/2009 Price decreased by 10% to $1,775,000.
03/26/2009 Price decreased by 13% to $1,549,000.
05/27/2009 Price decreased by 6% to $1,450,000.
08/04/2009 Listing is no longer available.
01/05/2010 Sale recorded for $1,250,000.
http://streeteasy.com/nyc/sale/369344-coop-150-west-79th-street-upper-west-side-new-york

http://streeteasy.com/nyc/sale/368748-coop-300-east-54th-street-sutton-place-new-york

12/04/2008 Listed by Corcoran at $1,650,000.
02/27/2009 Price decreased by 8% to $1,525,000.
04/24/2009 Price decreased by 3% to $1,475,000.
06/04/2009 Listing is no longer available.
06/12/2009 Re-listed by Corcoran.
06/12/2009 Price decreased by 3% to $1,425,000.
07/13/2009 Price decreased by 7% to $1,325,000.
10/03/2009 Listing entered contract.
12/14/2009 Sale recorded for $1,184,500

I suppose this one could go into choppers too (or comps, if I had a better way to comp it), and 11% below asking is not all that notable...

But, while the layout is absurd, and some of the stuff they've done with it is equally ridiculous, and while the 3rd floor is not ideal... that's A LOT of space you're getting for $1.2MM with very reasonable maintenance and a large balcony. Works out to about $660psf.

The other funny part is that when we saw this apartment last summer and asked the broker about her client, the broker hastily replied "I have no desperate sellers!" and gave us the look of death. I guess by October, the seller had gotten desperate enough to accept an offer 11% below ask.

55 East 78th Street: Even top pros like Carrie Chiang have no idea how to price a townhouse in this market.
10/23/2008 Listed in StreetEasy, but no longer available, by Corcoran at $17,500,000.
12/18/2008 Price decreased by 11% to $15,500,000.
04/15/2009 Price decreased by 10% to $13,900,000.
06/24/2009 Price decreased by 10% to $12,500,000.
10/16/2009 Listing entered contract.
01/12/2010 Sale recorded for $8,500,000.

I think it's been pretty well documented that the lower end hasn't fallen as much as the high end, but I'm seeing an average of 8% off final ask in my search criteria (low end, UESish, 2ish bedrooms). However, I have yet to see any spectacular discounts off final ask.
http://streeteasy.com/nyc/sale/394502-coop-235-east-87th-street-yorkville-new-york
01/31/2006 Previous Sale recorded for $680,000.
03/24/2009 Listed by Corcoran at $695,000.
06/02/2009 Listing is no longer available.
09/09/2009 Re-listed by Corcoran.
09/09/2009 Price decreased by 2% to $680,000.
09/24/2009 Listing is no longer available.
10/30/2009 Listing entered contract.
12/02/2009 Listing sold.
12/02/2009 Sale recorded for $607,500.
This is an interesting one, because they only dropped from 695 to 680 before reaching a final price of 607. It's a 10% discount over final ask, but I'm surprised they didn't drop it lower before reaching 607.

http://streeteasy.com/nyc/sale/377885-coop-400-east-56th-street-sutton-place-new-york
05/03/2008 Previously Listed by Prudential Elliman at $729,000.
11/02/2008 Prudential Elliman Listing is no longer available. Last priced at $650,000.
01/29/2009 Listed by Corcoran at $625,000.
07/13/2009 Listing sold.
11/16/2009 Sale recorded for $554,288.
25 % off initial ask, 11% off final

http://streeteasy.com/nyc/sale/410704-coop-500-east-83rd-street-yorkville-new-york
05/04/2009 Listed by Akam Sales and Brokerage at $695,000.
07/17/2009 Price decreased by 5% to $659,000.
07/24/2009 Price decreased by 4% to $635,000.
09/02/2009 Listing entered contract.
11/19/2009 Listing sold.
11/19/2009 Sale recorded for $561,000.
20% off initial, 12% off final.

101 Wooster #2FR: Full-floor loft, ~3,500 ft², closed 25.2% below ask.
06/30/2009 Listed by Sotheby's International Realty, Inc. at $3,990,000.
10/13/2009 Listing entered contract.
01/25/2010 Sale recorded for $2,985,000.
http://streeteasy.com/nyc/sale/433230-coop-101-wooster-st-soho-new-york
The seller apparently owned the front 2000 ft² for an indeterminate time, and added the rear 1500 ft² for $1.648MM in 2006.

166 Perry, new development, 24 units. SE shows 8 closings.

http://streeteasy.com/nyc/sale/400352-condo-166-perry-street-west-village-new-york

04/09/2009Listed by Corcoran at $3,800,000.
05/06/2009Listing entered contract.
12/31/2009Listing sold.
12/31/2009Sale recorded for $2,850,000. and

http://streeteasy.com/nyc/sale/194365-condo-166-perry-street-west-village-new-york

03/19/2008Listed by Corcoran at $2,050,000.
03/19/2009Listing is no longer available.
04/09/2009Re-listed by Corcoran.
11/21/2009Listing entered contract.
01/07/2010Sale recorded for $1,450,000.
01/16/2010Listing is no longer available.

West81st -- Wowser. That isn't just any seller. I'm surprised you didn't catch it given your Google skills. Your Mamma scouted that one out ages ago on The Real Estalker. Good catch on the chop, though. The transaction is covered here:

http://www.observer.com/2010/real-estate/wooster-act-makin-whoopi-thilling-sale

What's amazing about the article is that it just kind of skips over the jaw-dropping lowball.

PS: The seller is one classy lady. Total respect for her.

Skinny: Thanks! And yes, I should have caught that one.

956 Fifth Avenue #10th floor:
09/28/2009 Listed by Stribling at $14,575,000.
12/18/2009 Listing entered contract.
01/28/2010 Sale recorded for $12,500,000.

An estate sale at 21% off last ask: http://streeteasy.com/nyc/sale/452548-coop-1080-fifth-avenue-carnegie-hill-new-york

09/08/2009 Listed by Stribling at $2,350,000.
11/04/2009 Listing entered contract.
01/28/2010 Sale recorded for $1,850,000.

45 East 72nd Street #PHA: Estate 3-4BR duplex with huge outdoor space.
01/15/2009 Listed by Gumley Haft Kleier at $4,850,000.
03/03/2009 Price decreased by 7% to $4,495,000.
06/23/2009 Price decreased by 5% to $4,250,000.
07/24/2009 Listing entered contract.
02/03/2010 Sale recorded for $3,650,000.
http://streeteasy.com/nyc/sale/375249-coop-45-east-72nd-street-upper-east-side-new-york

50 West 96th Street #11D: Looks like a clearance sale on unsold units from this 1980 conversion where maintenance has always been on the high side. The much larger #11A was sold a few days earlier.
03/13/2009 Listed by Century 21 NY Metro at $1,100,000.
02/01/2010 Sale recorded for $825,000.
http://streeteasy.com/nyc/building/50-west-96-street-manhattan

Ok, I am very confused. If I'm reading/looking at it right, the sale at 1080 fifth avenue that NWT pointed out works out to around $1000 psf, maybe a bit more. How's that possible on 89th and 5th?! Especially in light of the discussion I just saw on the IFYCDMMWC:UES thread regarding 1170 Fifth which has meaningfully higher prices in a much worse location.

This seems very weird to me, but I know very little about Fifth. What am I missing here?

I don't know from Fifth either, but won't let that stop me from speculating on possible reasons the 1080 A-line looks like a deal for size and location.

Prewar vs. postwar. When you think Fifth, you want prewar, though there're a lot of postwars. The higher setback floors with terraces, though, can offset that.

For a classic six, it's small. The LR is a good size (15x24) for a 1960s building, and the LRs at 1170 aren't bigger, but the DR is tiny. Then there's volume. The ceilings are about 8' high. The 2' or so that you're not getting in volume makes a big difference in feel.

An ineffable prestige factor. There's a pecking order of streets, and then the pecking order of buildings. It may be that 1080 doesn't cut it. "So, where's the new place?" "On Fifth" "Nice! Which building?" "1080" "Great! Uh, which one is that?"

Then there's only an angled park view, and overlooking the Guggenheim may not be good due to the events and crowds.