building at 125 West 76th Street

I think the maintenance is actually pretty reasonable per sqft. I think I am looking at the same apartment you are. How much would the renovations cost?

What seems odd is that the maintenance for 3A, a classic 6, is not much more. Regardless, $450,000 for a 2 bedroom in any condition in that location seems really cheap. My question would be to ask what's up with that specific apt rather than the building.

Looks very interesting

The mtce includes an assessment. Price is designed to provoke a bidding war. It will go for between 750k and 950.

I thought the exposed brick was odd until I looked up top where it appears that there was water damage. I don't think they exposed the brick by choice. If that leak has been fixed, then fine, replaster of paint the brick. I agree that this is destined for a bidding war. It will be interesting.

Not sure it will provoke a bidding war. It is a small 2BR (~850 sqft) in poor condition. At 850 sqft, maintenance is about $2.36/sqft. 3A is nearly twice the size and has maintenance of $2500.

Higher maintenance -150k
Needing renovation -250k
So 850k equivalent...

What kind of services in this building? I also wonder why such a big special assessment, does that mean the finances of the building isn't so strong (i.e. future increases and/or special assessments?)

Maintenance increases the higher the floor. Without the $275 assesment that would make the apt about $2.04 sqft. Then there is 3A six floor below at about $1.66 sqft. Still a bit of a margin, but not as bad. By bidding war, my guess would be somewhere around 600K. Anything more would be a losing proposition. I agree that 250K would be the expected cost for renovation without way over the top fixtures. And yes, it would be a real help to see what that $275 assesment is exactly going for.

wow wish i was in the mkt

The last time I saw a prewar 2br apt of this size south of 79th street, in an elevatored building for 450k, unrenovated + high mtce would have been early 2002. Look at comps in 240W75 (similar size, worse location). The only game-changer would be an external, unfixed leak or something like that.

an external unfixed leak? wouldn't that be a building issue?

Yes, but it could take years to fix. Especially if it only affects 1 apt.

Very smart move to price it at 450k and get multiple offers rather than to try to price it at or slightly above market to start. This will get it sold quickly.

One thing I forgot to mention is that the building is not only next to a playground, it is surrounded. It wraps around the back of 125 W76th. That playgound gets lots of use even when school is not in session. That's where the Flea Market is on Sunday. That could be a detriment.

I've looked at a couple apts in this building over the years, all classic 6's" including two in 2003 which needed total gut renovations and were selling for about $700,000 and $800,000 at the time (if I recall correctly). The apts I saw had nice layouts, but are on the smaller side for most 6's that I've seen (and I don't claim to be an expert on those). The smaller size has prevented me from pulling the trigger on what I've otherwise found to be reasonably priced apts considering the (at least what I consider to be) great area. Since 2003, it seems like they have renovated the lobby so I assume the assessment isn't for a lobby renovation. While I initially found the location essentially inside the school plaground to be odd, I see the benefit of the better light in more apts and having other buildings further away. Yes, during the day there is likely to be noise, but most NY apts are not free of daytime noise, and at night the building may be quieter than other buildings. Obviously if one works from home, then the noise potential would need to be investigated further. Regarding the flea market there every weekend, I personally would find that a bit annoying if I lived in the building but it seems managable. I have a friend who lives in Williamsburg and one of the BK Flea markets is right outside her building and one has to wade through the huge crowd every weekend to get into her building. As much as I enjoy the Flea, I could see those big crowds outside her building getting to me pretty quickly.

Sorry for the back to back posts but I wanted to clafiry one thing I said above. The apt that I looked at that I thought was small for a 6 was 5B I believe. It could have been because the apt had some large built ins or maybe I was just feeling bloated that day. I do recall the B lines seeming a bit bigger, but I think that the one time I was in 8B was in 2003 when it was a wreck without any furniture (or running water as far as I could tell).

Once you get above 600k not that great of a deal...

@a2deuce: I agree. List price is now $585k, and the agent at tonight's open house told us there were several offers above ask, final offers being accepted by Monday 3pm.

I wonder what happened to the accepted offer? Did the buyer back out after finding out something scary (like that external leak)?

It closed:

11/20/2012 Listed by Corcoran at $450,000.
12/12/2012 Listing is no longer available.
03/22/2013 Re-listed by Corcoran.
03/22/2013 Price increased by 31% to $589,000.
04/19/2013 Listing entered contract.
06/27/2013 Sale recorded for $776,000.

When I thought this was "destined for a bidding war", I figured about 5%, never 31%. Well, congrats to the new owner and best of luck.