Sale at 50 Sutton Place South #3AB

They're basing it on #3GM, the same layout but reversed and already combined.

That one went for ~$2,140,000 a year ago. It went back on the market almost immediately, and is now asking $1,950,000.

Either way, they're stretching on #3AB.

NWT...kicking ass, taking names.

This will result in a lovely combo but it's perhaps not for bargain hunters -- it's a 50% down building that is going to want to see substantial post-closing reserves including a renovation budget.

ali r.
DG Neary Realty

Wouldn't you use a recent comp that would need a combo.. ie 4A $1.025mm + 4B ~ $400k. that would ge me to $1.425. You do actually have to combine 3A and 3B which would cost mucho dinero.. Wasn't #3GM already combined?

Yes, #3GM was already combined. That's why I said "already combined."

4A and 4B weren't available to be bought together.

I agree that asking 1.8, that'll require reno/combo money, makes no sense when the already-combined apartment on the other side of the wall hasn't sold at 1.95.

The real comps for that combo would be the A and G above the 11th floor. They were built already combined.

But maybe I'm overestimating combo costs. For all I know they might be less rather than more than $150K.