When you buy a one bed room apt in a troubled economy for almost $2MM that was bought for $300K in 1996 does the lemming deep within your soul stir --especially when the time comes that you must reluctantly default? When the best apt in the building with beautiful, top-of-the line renovations sold around the same time for $2400 psf (apt 23defg), can you claim the right to lament your crappy track lighting and sad kitchen you bought for almost $2300 psf? Let's not bring up the bathrooms, the exposed radiators, the pathetic window casings --the very fact that it has not been touched since 1996.

Hopefully, like Nabokov, you bought this apt from your lovely Lolita who needed the money. Or maybe a starving relative who thought --in their demented, feverish NY RE delusion about apt pricing,--they were actually doing you a favor. Because then, Mr. Hariko there would at least be a cautionary tale, a best selling book (don't all cautionary tales become best sellers?) to make up for your extreme losses when you default.?

In the meantime, Mr. Hariko, let's hope you don't run into W67 in the elevator.

Oops. Pardon the omission, Mr Hariko.
http://streeteasy.com/nyc/sale/500213-condo-101-west-67th-street-lincoln-square-new-york

Mr. Hariko was the buyer. Larger apts in that building have gone for $1500 psf in the past year. In 2009 I looked to rent an apt in that building that was asking a sale price of $3.5MM yet they couldn't get their ask price of rent $7000. The bathrooms and kitchen hadn't been touched in years. They finally rented the 2 bed, (1400 sq ft?) apt with unbelievable views for $5500. The market has risen since then, but do you really think it can't go down again with all the uncertainty in the market? Location, yes. Stupidity, no. Btw, there is no gym in the building. You must pay $200 per month per person for Reebok. Plus initiation fees.

http://www.google.com/finance?hl=en&safe=active&client=safari&rls=en&q=CURRENCY:USDJPY&ei=BBTBTMapEImgsQO5iOGjDA&sa=X&oi=currency_onebox&ct=currency_onebox_chart&resnum=1&ved=0CBgQ5QYwAA

note the japanese bgt rock ctr at the height 1989, Note the yen's kamikazee ascent vs. us dollar recently. Hope Hariko gets paid in yen.... or better yet he made his fortune building bridges into nowhere for the japanese govt. And finally, just bc you are a slut, you don't have to be slutty ALL the time.

Okay spin, you got me. I do have an unnatural aversion to track lighting -- an incident way back when that no one needs to bring up. But suffice it to say that some psychological scars cannot be feng shui'd out of the deep pockets in the cerebral cortex.

But I have no problems with tape measures and if I were a God of Finance paying $2300 psf, I would check mine before closing. As for the views, yes they are stunning -- I've been in the high stories in that building. But "breathtaking views of the Hudson"? The building is on Broadway not Riverside. By that measure, you would be just as accurate extolling the panoramic views of Newark.

A true and poignant view, beautifully expressed -- worthy of our ol' buddy phil roth.

Oh please post87. I am married to a journalist and can assure you that this is public information that doesn't violate any privacy issue or code of ethics for even the most particular journalist. Do you think names should be taken off mail boxes in large buildings or doorbells as violations of privacy? I am simply COPYING a name from one page on Streeteasy to another. I am addressing an audience that has access to that info thru one click. People who post on Facebook have their privacy violated to a greater extent than that.

And btw, this buyer could be more American and even a better citizen than I but the name is actually pertinent. If this is a foreigner who is operating through a firm that caters to and seeks foreigners then we should all be concerned. I didn't COPY the firm's name to this thread because I fear they might be engaging in predatory practices and I don't think they deserve publicity. They did well for their client but probably at the expense of an unwary -perhaps foreign--buyer. If foreigners keep losing money in their real estate investments in NY they will stop buying and that will affect the market and everyone who owns property in NYC. How long do you think it will take for this buyer to recoup his transaction costs let alone a profit on this overpriced property?

So, while we are at it, I think the Setai Fifth Avenue is unfairly targeting unwitting foreign buyers into overpriced investments in their building. So, like Spin says, don't be surprised if you see a story about in the NY Times in the near future.

Tseeker: Setai MIDTOWN not downtown. Prices start at around $2300 psf like this one. They claim they are almost half sold out -- all to foreign buyers

http://streeteasy.com/nyc/sale/530587-condo-400-fifth-avenue-midtown-south-new-york

hand roll or cut?

You continue to be acluistic SLS

Ali: I disagree. SE publicly puts out this info. Journalists might disagree as you obviously disagree with someone I consulted who has 30 years in Journalism with one of the most prominent journalism companies in the world. This is in no way actionable just as a CNBC commentator surmised that the buyer of a $10 million diamond perhaps bought it for his mistress. It is public information. The buyer could have hid behind a trust if he chose not to have his name known.

The point of the post was that the buyer overpaid.

Give it a rest.

I also have no idea where w67 lives. I pointed him out as he is very vocal when someone overpays. For all the posters to continue to feed the troll is more objectionable to anything else on this thread.

F'k me when did the constitution say 'you shall own property, and if you do your personal information is off limits?' f'ka me. It's fair game in nyc re if that is the rule of getting a proper title to your abode. Imagine if every property was under a trust, who can 'insure' said tittle? All of america property title is public knowledge. It must be to ensure fair property taxes and ensure title. Dont like our system, go buy a patch of dirt in afghanistan, where a cup of coffee and exchanging of a secret handshake suffices. Oh if the guy has more brothers and bigger guns, you might as well just move. Flmaoz. Yeh Ali, I'm sure you never drop celebrity names in your business. Flmazo.

I've had more borkers drop celebrity names to sell me crap. Serioulsy, I know where a bunch of celebrity live bc I've got a mouthy broker. What's funny is it turns me off so so much.

Under the bridge, over the bridge or off the bridge, queen.

W67 -- Did you see Joe Nocera's piece in the business section of the NYTimes yesterday. Made the same point you make --albeit in different language

The one point I disAgree with is that we need to bail out banks again this time. We have FDIC insurance, just close them down, wipe the creditors and equity, employees Stk options, Mgmt equity..... Start fresh.

I don't think the public will ever allow the govt to bail the banks out again. The bankers fried themselves.

shut up troll

you're kidding alison--what celeb's daughter did you mention just last week as having bought an apt that was in discussion?

pls reply...spare me the search to quote your post

Every week in the Sunday NY Times on the second page of the real estate section the times has listed apt sales of note -- sometimes in historical buildings, sometimes historical prices, sometimes notable buyers. They almost always give the buyers name and the price paid and the address. These are not necessarily public figures like Madonna but are often industrialists, business owners, foreigners, sometimes just the offspring of the wealthy -- all private individuals. This practice is also undertaken by the NY Observer and the NY Post almost weekly.

The information is public because it protects buyers. Just as political contributions are public record to protect the populace. I find it interesting that people are focussed on issues of privacy but no one has mentioned that this buyer may have been the victim of an unscrupulous broker. Why is it that stock and fixed income brokers must supply you with reams of information and charts regarding historical returns and the volatility of markets. Yet brokers are not required to supply you with comps in the building and neighborhood, historical charts of local and national RE trends, etc You can buy $100 stock armed with reams of info but you can buy a $2 million apt and the broker it not obligated to tell you anything about the likely success of your investment. Do you think it would have affected the buyers offer if he had known that a two bedroom apt in the same building was on the market for 9 months before renting for just $5500 just a few months before he closed?

Ali, as a journalist do you find it to be a conflict of interest that you should know about the likelihood of the macro economic situation -- ie the mortgage fraud mess-- might compromise an investment in RE right now? Or at least is a risk that should be considered. You should be reporting on that issue as a RE journalist. Do you share that insight with your clients. Do you find it to be a conflict of interest to be a journalist and a broker?

You know I'm allowed. To take your picture in public spaces correct? Acris is a public data base. WTF dont you get?

Really, you have a notarized doc stating you can use my daughter's name to sell your wares? Really? Flmaoz.

buyerbuyer is yet another manifestation of the troll.

No, cc is a financial genius who sold at the peak by reading SE. His wife loves the fact they are sitting out the downturn with loads of cash. His offsprings went on to fine institutions of learning, which I am trying to accomplish with my two little ones.

YOU are a fking troll with nothing to add.

you idiot.

i'm not angry at the world.

i find you ridiculous.

how would we know? because you say so?

I put the nameless one into google. No hit here on the first page.

Ino: name was misspelled for exactly that reason. it is common rule of etiquette for that reason.

Flmaoz. That douche in Alaska admitted on a state televised debate. 'yes, I spent 5 minutes looking at porn' . He had to legally admit it. And u got issues with apt23 outing a public data point? Flmaoz.

Fwiw, the other candidates missed the greatest one line opportunity in politics. My question to him would have been.....' so do you admit you only last five minutes?'

Liked you much better on the sideline.

But by your logic, the millions of 'adults' wo a gun to their head who
1) bought at peak and now must declare bk;
2) bankers who sold crap mortgages to institutional buyers;
3) pizza boys forging mortgage docs;
4) geitner/Bernie/Obama who still try to hide where the billions went to and to whom

And basically any adult who has a financial wherewithal to buy any pos or has legal authority to shift money around is off limits on the Internet. Flmaoz.

You know what Sls. Howz about I start posting peope's names on se who ar behind on their bills? Either to nyc re, coops or mortgages. I mean we release John's names (thank you whoever told me that on se) why don't we out idiots that don't carry their fair load for nyc

bjw: If you have a teenager on the internet, you teach them to use nicknames or miss-spell their name so their privacy won't be compromised if someone googles their name. And, I did so with this name.

mostly i post about macro issues -- the mortgage fraud, shadow inventory, economic trends. This post was never meant to be this serious-- or extended. It was an incredulous-- albeit perhaps too snide-- comment on the price. I know this building because I tried to rent there. I also just changed brokerage houses last week and had to sign a million papers about how I understood I could lose my investment and was given reams of paper charting the records of every manager (comps, if you will) and disclaimers about how past performance, etc. I was wondering why that doesn't happen with real estate brokers. For most people RE is a larger investment than their stock portfolios. The fact that brokers do not have to legally provide such due diligence does not really make it right.

As for the Setai, the developers claim that they are half sold (at over $2300 psf) and that all the buyers are foreign. I have no idea about their marketing practices. But I am aware of very high powered tactics targeting foreigners for the Miami market -- which is of course a different market, different situation. Many developers in Miami were setting up situations that were akin to marketing green cards with apartment purchases. Imagine the tactics used to draw youth market buyers to the William Beaver House -- fancy parties, pictures of luxurious amenities, charts about how RE doesn't go down, etc. It is seductive. Any many young buyers bit. It is my supposition --which many take offense at-- that many buyers, including young buyers, were mislead and might come to regret their purchase.

Foreigners are a vital part of NYC RE market. If they are mislead about the market and suffer losses due to unscrupulous marketing practices, it would be a pity. Again I don't know the Setai's particular strategy with the mid town building. But I did visit the downtown Setai and was given misinformation -- which is the kindest way to describe the brokers claims. The only "evidence" I have about the midtown building is the high price for the condos and the claims about the neighborhood that I read about in an article which I can't find right now. And, their assertion that they have sold half the building-- which doesn't appear on Acris or SE.