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Owner is a broker who bought this 10 months ago and looking to resell. Any insiders have access to the previous purchase price?
Feels like a hefty ask for a large cookie-cutter Jr. 4 with no views and parquet floors on East 57th st. Curious what the strategy here was, whether it's a true flip attempt or need to sell for other reasons.
Previous sale was for $1,250,000 which was less than the 2005 sale at $1,295,000. Can't tell when the kitchen renovation was done.
05/01/2000 Previous Sale recorded for $585,000.
11/05/2002 Previous Sale recorded for $950,000.
05/24/2005 Previous Sale recorded for $1,295,000.
05/11/2010 Previously Listed by Brown Harris Stevens at $1,675,000.
08/18/2010 Brown Harris Stevens Listing is no longer available. Last priced at $1,575,000.
10/21/2010 Previously Listed by Corcoran at $1,499,000.
09/13/2011 Corcoran Listing sold. Last priced at $1,349,000.
09/13/2011 Previous Sale recorded for $1,250,000.
02/08/2012 Listed by Bona Tierra at $1,475,000.
06/06/2012 Also Listed by Owner at $1,475,000.
What's that outside the LR windows? Looks as if it's a cooling tower or something for the next-door building.
You'd think a broker/owner would make it look less sad, starting with taking the plastic wrap off that lampshade.
maybe she/he hoping for a flight to quality.. hah
Owners seem to be investors, based on: (a) it's been for rent the entire time; (b) their Great Neck address in ACRIS; and (c) a large number of transactions in Queens. They've been trying to rent it with an asking rent of $6K for a long time with no success:
09/29/2011 Previously Listed by Corcoran at $6,800.
11/30/2011 Corcoran Listing is no longer available.
12/12/2011 Previously Listed by Owner at $7,000.
12/14/2011 Listed by Bona Tierra at $7,000.
01/11/2012 Price decreased by 10% to $6,300.
01/25/2012 Owner Listing is no longer available. Last priced at $6,300.
03/13/2012 Price decreased by 5% to $6,000.
I guess the math finally added up for them. The monthlies were running at $2850 and the interest on the $750K was running $2890, barely enough to cover their unattainable rent. Never mind the $500K downpayment, $100K transaction costs, upkeep, cost of labor to deal with tenants, etc.
yea. doubt they'll get it rented there too
See Brooks2, I knew we could agree on some things...
This type of transaction fits my personal opinion about Manhattan Real Estate, there is simply a flight to quality that this apartment doesn't offer. Location? No...Special Building? No...Beautiful Apartment/Reno? Special Space? Character? None of the above...
A buyer who can afford $1.5 million and actually wants to live in his/her apartment is going to demand that some of the above criteria be filled. I could see this apartment selling for ask in Greenwich Village or another downtown neighborhood, but there is simply nothing about this place that justifies a dollar above what the seller paid...and even THAT is over-priced given where the market is today.
You can definitely use this one as a prime example of rent being much cheaper than buying...cause ain't no one paying a premium to rent this "special" apartment.
In all fairness, though, I don't think those pictures do this apartment justice at all. Seems like a decent space, actually, and light looks to be pretty good. Built-ins also add some charm and appear to fit well in the space. If you're gonna ask that type of price, you at least need to stage the thing properly and take some professional photos!
not a flight to quality- t-bills are a flight to quality- these are not foreign buyers, they live in GN according to inonda.. these people are hoping for the foreign buyers.. they are getting burned. rent is too rich as is the offer price