chasing the market down: our favorite price choppers

How is this one for a rental price chop at 99 Warren:

http://www.streeteasy.com/nyc/rental/421167-condo-99-warren-street-tribeca-new-york?

From $18k to $10k without anyone ever living in it...

http://www.streeteasy.com/nyc/sale/307247-coop-401-east-65th-street-lenox-hill-new-york

Don't recall seeing this one on the thread. From $1.675 to $1.099 in several cuts since March. It's in contract now, curious to see at what price once it closes.

Thought they could sell for $750K more than the 2005 purchase price. Idiots.

Interesting, I didn't see the 2005 purchase price. So if they got anywhere near the last ask, it's still higher than the 2005 price (although they probably didn't make $$ after transaction costs).

http://www.streeteasy.com/nyc/sale/347613-condo-630-first-avenue-midtown-east-new-york

Not the level of some of the aggregate cuts on this thread, but I thought it's significant nonetheless. I didn't think the original ask was aspirational for a big place with a good layout, looks to be in pretty good condition, direct river views, although not in the greatest area.

And now they show they mean business with a $300L+ chop, none of this $50-75K crap.

That's a nice-looking place, Newbuyer. Good layout, excellent views. CC very high, though, IMO.

On the high side, but not crazy for something that big. I like everything about it except the location and lack of outdoor space, but both of those are personal preferences.

135 East 83rd #5DE (4 BR / 4BA, 2,250 sq.ft. maint. $2890)
http://www.prudentialelliman.com/Listings.aspx?ListingID=961145
StreetEasy History
03/14/2008 Listed in StreetEasy by Elliman at $3,250,000
05/28/2008 Price decreased to $2,990,000
07/08/2008 Price decreased to $2,900,000
11/22/2008 Price decreased to $2,500,000
12/12/2008 Price decreased to $2,250,000 (not yet posted on SE)
West of Lex, zoned for PS6, plus the magic words: "MOTIVATED SELLER!!! BRING OFFERS!!!"

how about under $750 psf...

http://www.streeteasy.com/nyc/talk/discussion/6662-sale-at-10-east-end-avenue-14jk-burn-baby-burn

West81... makes me want to move to the wrong side.. :) LOVE this board... looking back now, I can't believe the indignity of having to go through a Board interview in 2004... and looking at all the dufuses and thinking... if you morons had to buy into this market right now, none of you would be able to afford what you are asking me and my wife to put up....

It was a crazy period where NYCers in coops that were valued at $100K in 1999 thought they were millionaires and wanted the next batch of people to have a $1mill in cash and then put 24months maintenance in escrow.... : ) :) :) (that means happy, happy, happy)

just missed you on the other board... :)

135 e 83rd: 12/12/2008 Price decreased to $2,250,000

IMO, still incredibly overpriced at $2.25. This is a post war white brick bld w/ a d'agastinos as retail tenant. Price should be about $1 million less.

The 65th Street example is one where I actually feel sorry for the brokers at the many agencies they shopped this turd around to. These sellers are to blame.

dwell: I basically agree. Viewed simply as the sum of its constituent parts (a "D" line unit plus an "E" line unit), 135 E83 #5DE should trade around $1.5MM. Excellent location, though - especially for a family with young children.

Now, that the DOE has successfully rezoned a good school, I would be very nervous buying somewhere like 135 E 83 which is on the fringes of PS6 catchment.

Sanba, where are you?? Isn't 135 E 83 exactly what you're looking for??

One of the original choppers, 215 West 91st St. #11-3, just closed for $1.58MM:
http://www.streeteasy.com/nyc/closing/777510

West81.. i'm too cheap to pay the $10. What was it originally listed for? :)

http://www.streeteasy.com/nyc/sale/112058-coop-215-west-91st-street-upper-west-side-new-york

Originally listed for $2.4MM over a year ago. Completely aspirational.

Regarding the 135 East 83rd, if the point you're making is that the whole NYC RE market is going to tank, it's hard to argue (although no certainties, of course).

But if the point you're making is that this particular apartment is overpriced in relation to others, I have to completely disagree. We were looking in this price range or a bit below, and most of what we were seeing had 1-2 less rooms than this apartment, and was in a much worse location.

10 West End Avenue, #26D. Trying to get out more or less whole. Not looking good.
StreetEasy History
08/31/2007 Previous sale closed for $1,555,500
05/13/2008 Listed in StreetEasy by Elliman at $1,950,000
07/28/2008 Price decreased to $1,850,000
08/12/2008 Price decreased to $1,799,000
09/25/2008 Price decreased to $1,775,000
10/31/2008 Price decreased to $1,725,000
11/08/2008 Price decreased to $1,699,000
11/22/2008 Price decreased to $1,650,000
12/17/2008 Price decreased to $1,599,000

The owners are fashion entrepreneurs, which has to be a pretty difficult space at the moment.

Sorry - forgot the most important part, and the link:
"Price reduced and seller will look at all offers."
http://www.streeteasy.com/nyc/sale/234490-condo-10-west-end-avenue-lincoln-square-new-york

so if back on May they would have just want to break even instead of making a profit, they would have probably succeed, right?

admin: I guess so, but sales at 10 WEA have been slow for a pretty long time. It's hard to say where the market was in May.

Building and pics look very nice, and I dig the balcony. But it's just not that large an apartment, and the area is a ways west. Not sure who's paying anywhere near $1.6MM for a 2-bedroom in that location right now. We looked at rentals two blocks closer to the park for under $5K. Admittedly not as nice, but bigger and with a huge terrace, not just a balcony. My own take is that the current ask is still quite aspirational, and the original price was just silly. We shall whether the market agrees with me, or whether I am too harsh...

Sorry for the typo in the last sentence, should've said "we shall see".

The other thought I had was that the RE taxes are probably low because of abatements, which don't last forever.

that location is pretty much atrocious, i am with newbuyer on this. i would think it sells for under a million.

we're starting to see the closings on the lucky guys who got out right before the shit really hit. 215 west 91st went into contract in September, for instance. I don't see it selling for close to that price now.

http://www.streeteasy.com/nyc/sale/349530-condo-188-east-64th-street-lenox-hill-new-york

I came upon this randomly (way out of our price range). 28% chop so far and it's not moving. Apartment, layout and location seem great, but it's still damn expensive on a psf basis. My guess is it has to drop quite a bit further to sell.

As an aside, note it's for investors only, since there's a tenant in place for 2 years. The listing doesn't mention what the tenant is paying (which seems to be a pretty critical piece of information), but it would an interesting rent/buy data point.

As another aside, 3-bedrooms in the building are asking $2.95MM for sale and $11,500 for rent. Both completely aspirational, in my opinion. I'd maybe consider renting one for $7-8K. Maybe.

http://www.streeteasy.com/nyc/sale/307247-coop-401-east-65th-street-lenox-hill-new-york

I mentioned this one above. Closed at $1.03MM, almost 40% below original asking. Any insiders know the 2005 price? Would be interesting to compare, and perhaps add to the comps thread.

401 E 65th sold for $950k in July '05. I saw this apartment in the fall and it was terrible in every way. Giant beam built right into the entrance, making a disjointed and already tight apartment seem even smaller. Floors, walls and bedrooms need a TON of work and walls were terribly thin, which is never good when two bedrooms abut. Even the balcony was warped and oddly sloped. Hall bathroom was recently done but would probably require a redo as style was definitely "unique." Kitchen was a tight non pass-through and low ceilings made apartment feel quite dark. I am shocked that this apartment sold anywhere near $1mm and it just gives further proof to "a fool and his money are soon parted."

Interesting, thanks for the info. So still above 2005 price, which is a bit shocking to me (or arguably at 2005 price, if you give any credit for recent renovations). Sellers almost certainly lost money on it, but that doesn't change the comp. I guess the $1.675MM ask was simply aspirational.

Just curious.....the price of $1.03M seems unusual.

Does the above $1M price trigger the mansion tax?
If the price was $4,000 less, would the buyer have saved $14,000?

My bad....just realized the price was $1,030,000.

Sorry about that...

newbuyer -- why is it shocking that it is above the 2005 price? I am still not finding anythng that is renovated or attractive that is below 2006-7 prices in my price range. I agree that there is a lot of aspirational asking there and that things are going down, but it is not shocking to find anything closing above 2005.

Joedavis,

Despite the work on the hall bathroom, this apartment was neither renovated nor attrative (in my view) and still requires a great deal of money to make "nice." The footprint was very tight and with low ceiling and limited light, not sure how you get to much upside here without a total renovation. If that still gets you above 06/07, good for the seller, but it's certainly hard to see how that continues

joedavis, "renovated" ought to be priced in either in 2005 or now, and "attractive" is in the eye of the beholder. There is a whole thread of comps that shows prices in some cases at or below 2004-2005.

Everything I've been watching has been sitting unless priced very aggressively. I certainly wouldn't bid above 2005 price, and neither would anyone rational that I know. So I guess that I was surprised that someone did.

More patience, I guess...

Another price reduction... it's actually looking like late 2004 pricing now @ $1203/SF...

Upper East Side, Philip Johnson, B line, 1658 SF:

http://www.streeteasy.com/nyc/sale/316079-condo-181-east-90th-street-carnegie-hill-new-york

06/27/2008 Listed in StreetEasy by Elliman at $2,700,000
09/10/2008 Price decreased to $2,400,000
10/24/2008 Price decreased to $2,200,000
12/27/2008 Price decreased to $1,995,000

Comps:
07/17/2008 #14B $2,232,500 -2.7% $2,295,000
07/17/2008 #14B $2,350,000 +2.4% $2,295,000
(not sure what happened there!)
06/26/2008 #23B $2,375,000 -4.8% $2,495,000
08/22/2007 #24B $2,475,000 -2.9% $2,550,000
02/25/2005 #30B $2,150,000
01/21/2005 #28B $2,025,000
11/01/2004 #27B $1,925,000
07/15/2004 #23B $1,750,000
06/03/2004 #21B $1,588,470
05/24/2004 #22B $1,608,835
05/20/2004 #17B $1,308,451

↓ 2 beds 2.5 baths 1,658 ft²

http://www.streeteasy.com/nyc/sale/365401-coop-360-east-72nd-street-lenox-hill-new-york?email=true

Not a huge chop yet ("only" 15%), but I didn't think the price was aspirational to begin with for an apartment of this size. Especially considering the pretty low maintenance, which also includes utilities. Yes it needs work (probably a lot), but I didn't see anything like this for anywhere near the price in 2007 on early 2008. Seems like another data point showing that "problem" apartments - in this case needing a lot of work - are feeling the pain first.

There's a better example in the same building. Also needing TLC, maybe a complete reno, but priced at 691 per sqft after major chops. Apartment A201 is also big and has low maintenance.

Trompiloco, good catch.

I try not to think as much in terms of square footage because (1) sellers/brokers lie and (2) layout matters. A201 is a pretty large 2-bedroom, but you can't really make it into a 3-bedroom. I also wonder if it's on the 2nd floor, just guessing from the apartment number. By contrast, A1511 is a pretty large 3-bedroom which you can legitimately make into a 4-bedroom, which wouldn't be too cramped (although 2 bathrooms for a 4-bedroom is an issue). And it has a balcony.

All that said, I A201 is a pretty good example as well - I don't recall seeing these types of apartments anywhere near that low in 2007 or early 2008.

863 Park Avenue #12E (estate 7+) was just reduced again, to $1.85MM, down from $3MM:

http://www.prudentialelliman.com/Listings.aspx?ListingID=1036111

west81st,

i've been paying attention to this one, but i can't quite figure it out. the footprint of the apartment does not match up with the footprints for the other apartments in the line, one of which is one the market right now. i don't just mean the floorplan, but the actual footprint seems off. can you take a look and tell me what you think the deal is?

happyrenter: You're right - #12E is unique, as often happens on the top floor of an old building. It's probably comparable to the normal "E" line; tellingly, the differential in maintenance/shares between #12E and #10E is about what you would expect for two floors.

happyrenter: i was curious so I looked at them as well. I think if you orient by the window placement they look pretty similar. the only major difference I can see has to do with the elevator landing/kitchen wall and that doesn't seem like it would be structural to me.

my .02 only

i didn't realize it was the top floor. thanks, that makes sense. it is unfortunate: that bedroom or library or whatever it is that you have to go through the dining room to reach seems very awkward to me, otherwise this is an apartment i might be interested in (god, i can't believe i'm saying i might be interested in an apartment on park avenue!).

count the windows liquidpaper, and look at how the entrance to the apartment works. they don't line up.

They do along the south side I think (the fireplace side) but then i see what u mean along the east side. I've read that - especially among park avenue buildings, slightly different window placements from floor to floor were considered a design enhancement as it meant that apartments were not identical, and the stigma of moving from a house to an apartment was thought to be lessened but I confess to never having been able to notice it when I've looked. This seems like it might be an example of that. Interesting,

happyrenter: There are lots of ways to solve that problem. My choice might be to carve a little passage out of the dining room, running off the foyer, and turn the library into the master BR. The LR/DR would still be ample, and it would still have a nice, wide entry from the foyer - though slightly less so than currently.

Following up on liquidpaper's comments, a great example of different window placements is 998 Fifth Avenue. The simplexes and duplexes were all designed differently so that the original owners (Guggenheims had the 3rd/4th floor) would have their own 'house' design, stacked above or below other individual houses.

thanks for the suggestion, but i don't think there are lots of ways, west81st. the one you mentioned is really the only way. and it would work, certainly, but i think it would still be pretty inelegant--you'd have a sort of hacked up dining room instead of the nice squarish room you have now. the lower floor unit has most space in the entry area so you don't have that room that completely juts out from the rest of the apartment, so the whole thing flows a lot better.

most=more

happyrenter - i would be curious to know about the pssibility of reclaiming some of the common (vestibule) space the way it looks like it is on 10

Happyrenter: That room is 34 feet wide. Carving out a 5x5 corner that includes a structural column won't materially affect the flow. Just put the linen chest and/or china cabinet in the remaining, recessed area along that shortened wall and it will look like the space was designed for the purpose. The dining room table gets bumped out a little farther into the room, but it will still be in the proper position relative to the entry from the foyer, which will have shifted in the same direction.

Seriously, if this is your biggest problem with that apartment, you should probably buy it.

I would combine the master bath with the 9x9 bedroom for a huge master bath / dressing room. I would convert the library into a smaller bedroom off of a hallway to the bathroom. 3 good sized bedrooms, untouched living / dining.

west8st, i've been thinking about how to do it but it really doesn't work. i appreciate your suggestions i do, but look again: because of where the window is you can't put in a closet to square off the space after putting in a hallway. buster's idea is fine (except for the huge bathroom idea. those of you who i talk with know i have a pet peeve against big bathrooms). but with busters idea you still enter through the dining room.

OK, I'm sure there's something dreadfully wrong with this idea, but couldn't you turn the living room into the master, move the sink in the bathroom so that the door opens from the master, turn the area next to that bathroom into a wic, make the library (without the closets about 14X16) the dining room and the dining room the living room? Just a thought. Although of course the fireplace gets subsumed by the master, but some might like that.

aboutready that's basically how they have it in the apartments below, but they have added space around the entrance so it works better. it's not a bad solution at all, but you are left with a dining room that just sort of juts out awkwardly from the rest of the apartment and isn't well-integrated. but it's not awful.

Happyrenter: After further review, I see your point. The other ideas work better than mine.

420 Riverside Drive #3GD: 9.5-room co-op, 4BR / 2.5BA, 2,596 ft² Maint. $2,313
http://www.streeteasy.com/nyc/sale/359125-coop-420-riverside-drive-morningside-heights-new-york
StreetEasy History
05/29/2008 Listed in StreetEasy by Corcoran at $3,350,000
10/10/2008 Price decreased to $3,000,000
10/18/2008 Corcoran listing temporarily off-market
10/21/2008 Listed in StreetEasy by Elliman at $2,495,000
11/25/2008 Price decreased to $2,250,000
01/13/2009 Price decreased to $2,000,000

Big, fun apartment for a family that loves prewar detail. Low floor, no park view and decidedly upper UWS. (Hey, it's walking distance to Fairway, just not THAT Fairway.) Impossible to comp, but definitely a chopper at 40% off the original Corcoran ask. It's been in Ann Lenane's capable hands at Elliman for about three months now. Still no takers from the Columbia faculty or anywhere else for that matter.

west81st,

it's not a perfect comp by any stretch, but there have been sales in the g and d lines. it looks like low floor units in each of those lines have gone for 850-950k. clearly this is a totally different situation as a combination unit, but that tell me that this is not necessarily in good deal territory just yet.

HR: I agree. It's more a case of "1 + 1 = 3" giving way to ".7 + .7 = 1.5"

awww, you liked me equation :).

25% chop--is this some sort of one-day record?

http://www.streeteasy.com/nyc/sale/349701-multi-701-tenth-avenue-clinton-new-york09/17/2008

Listed in StreetEasy by Halstead Property at $5,000,000
01/23/2009
Price decreased to $3,750,000

i think we have an even more impressive record here:

740 Park Avenue 4/5C

STREETEASY HISTORY
08/01/2008
Listed in StreetEasy by Sotheby's at $35,000,000
01/29/2009
Price decreased to $26,000,000

25.7% chop today at 740 park. but the top line number is even more impressive: 9 million off the price. still, i think this apartment should come down a lot further. unless some social-climber will pay up hugely to live at 740 i don't see why a low-floor, no-view apartment like this should be priced at or above the level of similar-sized apartments with spectacular central park views. i think 2000psf might be appropriate for this place in this market, which would mean $13 million.

Just giving the link so you don't have to go back and search:

http://www.streeteasy.com/nyc/sale/329284-coop-740-park-avenue-lenox-hill-new-york

StreetEasy History

08/01/2008
Listed in StreetEasy by Sotheby's at $35,000,000
01/29/2009
Price decreased to $26,000,000

just to be clear: that 13 million assumes that the apartment requires extensive renovation, which appears to be the case from both the pictures and the floor plan (does anyone really need six staff rooms in an apartment?).

789 WEA #1C: An Elliman chopper moves to BHS and gets much better.
http://www.bhsusa.com/detail.aspx?id=984662
StreetEasy History
03/31/2008 Listed in StreetEasy by Elliman at $2,800,000
05/04/2008 Price decreased to $2,600,000
07/23/2008 Price decreased to $2,400,000
08/14/2008 Price decreased to $2,200,000
09/26/2008 Elliman listing no longer available
01/30/2009 Listed by Brown Harris Stevens at $1,785,000

High first floor with mostly gloomy views from the bedrooms. Very good building. Great space, good details. Habitable as-is, but really should be gutted. Sellers finally look serious, so this one could fall pretty fast. I don't think many buyers are eager to put serious renovation money into a first-floor apartment on 99th Street.

yeah, i'm with you west81st on this one. 2.8 was a joke. i'd say 1 mil.

This one is getting cut down to size. I think the 3 brokers that have represented it since last May have had a hard time valuing the outdoor space. Even with the chops I doubt outdoor space 5 floors up overlooking 6th ave makes the apartment worth almost 1,300 psf in this market, we shall see...

http://www.streeteasy.com/nyc/sale/377152-condo-63-west-17th-street-chelsea-new-york

StreetEasy History
05/17/2008 Previously listed in StreetEasy by Corcoran for $3,450,000
11/14/2008 Previously listed in StreetEasy by Halstead Property for $3,250,000
01/13/2009 Halstead Property listing unavailable at $3,100,000
01/28/2009 Listed in StreetEasy by Elliman at $2,750,000

http://www.streeteasy.com/nyc/sale/368719-coop-2-horatio-street-west-village-new-york

20% cut on a studio at 2 horatio, one of the best buildings down town. it's on the second floor--not great--but still, under 400k for a studio at 2 horatio is something new.

STREETEASY HISTORY
12/04/2008
Listed in StreetEasy by Brown Harris Stevens at $495,000
02/04/2009
Price decreased to $399,000

Ah, and an 18% chop on a three bedroom combination--a 2 bedroom plus the 2C studio--at 2 Horatio:

http://www.streeteasy.com/nyc/sale/369473-coop-2-horatio-street-west-village-new-york

STREETEASY HISTORY
12/05/2008
Listed in StreetEasy by Brown Harris Stevens at $2,450,000
02/04/2009
Price decreased to $2,050,000

if only it were on the third floor i'd give it a look. second floor above commercial space just doesn't work for me.

happyrenter, I don't know 2 Horatio but it seems from the streeteasy data that it's mostly studios & 1 bedrooms, do you know if that's the case? I agree on the 2nd floor being a deal breaker, especially for a family sized apt.

it is indeed mostly studios and one bedrooms.

just a flesh wound:

14 East 90th Street
New York, NY 10128
StreetEasy History
01/22/2008 Previously listed in StreetEasy by Stribling for $2,900,000
10/22/2008 Stribling listing unavailable at $2,495,000
02/04/2009 Listed in StreetEasy by Corcoran at $1,975,000

King Arthur (aka buyer): [after Arthur's cut off both of the Black Knight's arms] Look, you stupid Bastard. You've got no arms left.
Black Knight (aka seller): Yes I have.
King Arthur (aka buyer): *Look*!
Black Knight (aka seller): It's just a flesh wound.

Love monty.. :)

HR... check this out on your unit "REDUCED TO SELL! "....so I guess the other 10K units are just priced to be looked at :)

Westie.... you and my wife would get along.... she literally shows me a listing and then you comment on it like a few days later... i.e. 420 RSD... fond memories for my wife and myself in that hood :)

HR.. .yes I agree with the new math... it seems large families supported by outsized MDs $ (finance/docs) and outsized capital appreciation of their 3bdrms and up are trying to lock in and shoot out to subs :)

Yikes, I generally agree with you, West81 but 789 WE is not a "very good" building in my books. The general areas of the building show very, very poorly.

nyc10023: Agreed - the hallways are dreary, the elevator is terrible. I should have said "pretty good", not "very good". I like the apartments.

This is a 1BR in a very nice part of the UES (78th btw. 3rd and lex) with a very large living room, but in need of tons of work. The listing began life in April with an extremely aspirational $1.25m ask and, after the latests in a series of price cuts is now down to $699k. Any thoughts on the value here? Is the latest $125k cut enough to move it in this market, or is the apartment still one step behind, chasing the market down.

http://www.streeteasy.com/nyc/sale/212212-coop-170-east-78th-street-upper-east-side-new-york

johndoe,

it all comes down to how much work it needs. clearly that is a fantastic apartment, but it is quirky. the comps show that in mint condition an apartment one floor up traded for over 1.4.

HR, the floor plans vary from floor to floor in 170 East 78th. I do not think 4F is the same layout and square footage as 3F. I know for a certain that 5F is a totally different apt.. That said, this beauty is a total fixer-upper. I think it will go between $550-600.

1030 5th Avenue 34W:

StreetEasy History
06/20/2008 Previously listed in StreetEasy by Brown Harris Stevens for $47,500,000
06/26/2008 Previously listed in StreetEasy by Corcoran for $47,500,000
02/04/2009 Corcoran listing temporarily off-market at $34,500,000
02/09/2009 Listed in StreetEasy by Elliman at $25,000,000

things aren't looking so good for this one. very hard to comp, but guestimating off of the other apartments that have sold i'd say $40 million was probably the peak for this one.

100 w. 119th, 6A. Originally listed at $1.275, relisted at around 1.1, now $725K.

With slight modifications this is a lovely space (1450 sf), but Central Harlem right now isn't for the faint of heart.

HR: I was leaning toward Brooke Astor's place at 778 Park, but that price cut at 1030 5th has put me in a real quandary. Perhaps you can help me decide.

1030 fifth, really nice neighbors in the building. but, the 3rd floor come on, no park view, its like going to the beach in jeans. no can do. I'll take the 1bed on 74th 9th floor for 374k

Here's one where SE disconnected:
263 WEA #2C, 1/1
http://www.streeteasy.com/nyc/sale/187393-coop-263-west-end-avenue-upper-west-side-new-york
06/26/2007 Previous sale closed for $625,000
02/27/2008 Listed in StreetEasy by Halstead Property at $859,000
03/12/2008 Price decreased to $839,000
04/08/2008 Listed in StreetEasy by ArdorNY for $839,000
05/20/2008 ArdorNY listing unavailable at $839,000
06/20/2008 Price decreased to $795,000
??/??/???? Price decreased to $650,000 (see http://www.halstead.com/detail.aspx?id=1518067)

Or does it count when the seller thought +37% in six months was feasible?

Streeteasy isn't yet showing this price change, but I received a mass email from the selling brokerage saying that the full townhouse at 317 west 77th street has been reduced from $5.75M to $4.5M. Here's the old listing:
http://www.streeteasy.com/nyc/sale/318576-condo-317-west-77th-street-upper-west-side-new-york

the email also said that the sellers turned down a $6M offer last July.

522 East 87th Street. Four-story townhouse on 18.3'x63' lot.

StreetEasy History
03/07/2008 Listed in StreetEasy by Corcoran at $4,250,000
07/07/2008 Price decreased to $3,995,000
09/17/2008 Price decreased to $3,700,000
11/06/2008 Price decreased to $3,495,000
12/03/2008 Price decreased to $3,200,000
12/13/2008 Price decreased to $2,950,000
12/25/2008 Corcoran listing entered contract
01/03/2009 Corcoran listing no longer available
02/12/2009 Sale closed for $2,750,000

The original pricing on this one really wasn't that bad. The last house sold on this block (admittedly bigger, renovated, and closer to the park) went for over $5.8MM. But what a study in terrible timing, coming to market a week before Bear Stearns.

1158 5th Avenue Penthouse C:

STREETEASY HISTORY
01/23/2007
Previously listed in StreetEasy by Stribling for $15,000,000
02/05/2008
Stribling listing unavailable at $12,990,000
02/24/2009
Listed in StreetEasy by Stribling at $9,400,000

these people have had this thing on the market on and off for two years, during which time they have paid approximately $180,000 in maintenance, missed out on the bull market, and have now reduced their asking price by 37%.

317 West 77th Street

StreetEasy History
07/10/2008 Listed in StreetEasy by Vandenberg at $6,500,000
09/19/2008 Price decreased to $6,000,000
12/15/2008 Price decreased to $5,750,000
02/25/2009 Price decreased to $4,500,000

Recent reduction of $1,250,000 is pretty big, no? 30% overall.

LOL. oops...sorry azil. I see this has already been noted ;)

uwsmom: Pricing a brownstone is something of a dark art in the simplest of times, because the properties straddle the single-family and multi-family markets, and each one is unique. These days, it's basically a crapshoot. All of the pertinent variables are moving so fast: rents, leasing costs, ownership expenses, pricing in the single-family trophy-home market, etc., etc. Guerrieri may be the best at this game, and even he is flying blind.

Seeing brownstone prices drop and not being able to buy one hurts my heart! So, they rejected a $6M offer. OUCH! Do rejected buyers ever place another bid if the price is reduced? Perhaps these buyers have moved on.

happy renter
They keep snipping away at this one:
210 west 78th 3D
http://www.streeteasy.com/nyc/sale/225866-coop-210-west-78th-street-upper-west-side-new-york

I think they'll have to keep snipping away on this one - $599K for a Jr.1bd. - good luck with tha. although looks like the listing has been removed.

225 CPW APt. 520 just dropped to 3.275mm (chop of $420,000)

http://www.brownharrisstevens.com/detail.aspx?id=904814

270 West End, Apt 12E - didn't this start at 2.7m. Now under 2m. I have seen this unit. While the finishes are very high end, they made one huge mistake when they did this combo - they used up 2 whole windowed rooms to make their staircase, which would have very nicely fit in the maid's room at the back. That really kills this combo (and I'm not opposed to combos like some here). Would have made a really nice 4-bedroom apt, but is now a weird 3-bedroom.

nyc10023: Actually, 12E started at $3.3MM (don't laugh):
06/16/2008 Listed in StreetEasy by Brown Harris Stevens at $3,300,000
09/02/2008 Price decreased to $3,100,000
10/01/2008 Price decreased to $2,999,000
10/23/2008 Price decreased to $2,799,000
12/06/2008 Price decreased to $2,649,000
01/11/2009 Price decreased to $2,450,000
02/17/2009 Price decreased to $1,999,000

Liquidpaper and I have a Shack Burger riding on that one. The line is $1.75MM, and I have the under.