Successful Lowballs

West81st: about 5 weeks ago

NYC10023: 145 East 37th appears to have changed hands in late 2002 for $1.45MM, then for $2.275 in August 2009. There seems to have been a shift into an LLC in 2003, followed by a binge of borrowing that might have financed renovations. Was the August sale a bargain, or a puncturing of overly optimistic expectations? Maybe a bit of both.

nyc10023: about 5 weeks ago

bump

nyc10023: about 5 weeks ago

I just found this - 145 east 37th, asking 3.85ish with Corcoran last year, looks like a single-family renovated TH in Murray Hill. It was then relisted with Massey Knakal with no list price asking for all offers.

Closed for 2.2ish. What a deal, unless there's something I'm not seeing.

http://www.yeswade.com/portfolio/east37/index.html

NWT: about 5 weeks ago

Here's an 18% listing discount: http://www.streeteasy.com/nyc/sale/233875-coop-88-central-park-west-lincoln-square-new-york

05/10/2008 Listed in StreetEasy by Prudential Elliman at $12,995,000.
05/12/2008 Also Listed in StreetEasy by Stribling at $12,995,000.
11/26/2008 Price decreased by 12% to $11,500,000.
12/02/2008 Price decreased by 4% to $10,995,000.
06/27/2009 Listing entered contract.
10/20/2009 Sale recorded for $9,000,000.

30yrs_RE_20_in_REO: about 5 weeks ago

West 81: more fodder for my "cheap estate sales lead the way" theory?

nyc10023: about 5 weeks ago

I love these lowballs, the Brevoort G-line one is interesting. I think that prewar holds up better than postwar generally in Manhattan (assuming location equality, same level of maintenance). They don't build them like they used to.

buster2056: about 5 weeks ago

25% below ask in a new development
http://www.streeteasy.com/nyc/sale/90797-condo-23-east-22nd-street-flatiron-new-york

STREETEASY HISTORY
Later Listed in StreetEasy by Brown Harris Stevens at $3,975,000.
10/30/2009
Listing sold.
10/30/2009
Sale recorded for $2,950,000

aboutready: about 5 weeks ago

west81st, the penthouse could still be yours for just under $8mm.

West81st: about 5 weeks ago

AR: That's a bitter pill for partnership that bought the fifth floor. Looked like a good deal at the time, way after the peak: $4.689MM vs. a final, reduced ask of $5.25MM. $3.6MM mortgage. More than half of their 23% equity is gone already, without even considering the expenses involved.

aboutready: about 5 weeks ago

tribeca conversion. not exactly cheap, but quite a bit less than what it was first listed at already in contract. and 24% below final ask.

http://www.streeteasy.com/nyc/sale/347682-condo-414-washington-street-tribeca-new-york
09/09/2008 Listed in StreetEasy, already in contract, by Prudential Elliman at $6,750,000.
09/17/2008 Delisted temporarily.
10/30/2008 Re-listed by Prudential Elliman.
10/30/2008 Price decreased by 20% to $5,400,000.
02/19/2009 Listing is no longer available.
09/10/2009 Listing entered contract.
10/27/2009 Listing sold.
10/27/2009 Sale recorded for $4,100,000.

happyrenter: about 5 weeks ago

11G and 10R seem like highly significant sales to me. Those are large, ultra-prime 2 bedrooms selling way, way off peak comps.

By the way, this speaks to something I have been noticing in the village: a widening of the gap between pre- and post-war apartments. Prewars in the prime village seem to be holding up much better than this.

w67thstreet: about 5 weeks ago

'lemmings come in all shapes and sizes'. There are $100k lemmings and the special $700k lemmings.

NWT: about 5 weeks ago

"I love my $700K kitchen!" or "Gee, maybe $450K was too much to pay for three floors' worth of view..."?

columbiacounty: about 5 weeks ago

just out of morbid curiousity---assuming even a $250 K differential for condition at 11 5th ave, what does the buyer for 14G think when he/she discovers closing price on 11?

NWT: about 5 weeks ago

Good set of comps, with just about the same layouts. It'll be interesting to see what 14G goes for, as an indicator of what buyers will or won't pay for a renovation. That 11G kitchen is great! Hardly ever see an untouched original kitchen. New gaskets on the dishwasher, or just use it for storage, and you're good to go with a paint job.

West81st: about 5 weeks ago

70 East 10th Street #9R: Large estate 2BR.2BA at Stewart House in very good condition, with balcony and Grace Church views. Closed 33.1% below original ask and 19.7% below final ask.
09/09/2008 Listed in StreetEasy by Beth Chase Real Estate at $1,795,000.
10/28/2008 Price decreased by 8% to $1,650,000.
02/27/2009 Price decreased by 9% to $1,495,000.
04/28/2009 Listing entered contract.
10/22/2009 Sale recorded for $1,200,000.
http://www.streeteasy.com/nyc/sale/347755-coop-70-east-10th-street-greenwich-village-new-york

West81st: about 5 weeks ago

11 Fifth Avenue #11G: Spacious, interesting 2BR/2BA at the Brevoort with original kitchen and baths and unique trompe l’oeil murals. Closed 16% below ask.
06/02/2009 Listed in StreetEasy by Marilyn Weigner Associates at $1,550,000.
07/24/2009 Listing is no longer available.
08/11/2009 Re-listed by Marilyn Weigner Associates.
08/28/2009 Listing entered contract.
10/22/2009 Sale recorded for $1,300,000.
http://www.streeteasy.com/nyc/sale/416881-11-fifth-avenue-greenwich-village-new-york
The renovated comp three floors up, #14G, is in contract with an asking price of $2.25MM, after selling for $2.375MM at the top of the market.

5thGenNYer: about 6 weeks ago

5 room apt at 417 Park sold for $900k which is more than 50% off the original asking price

http://www.streeteasy.com/nyc/sale/368550-coop-417-park-avenue-midtown-new-york

12/03/2008
Listed in StreetEasy by Corcoran at $1,825,000.
01/17/2009
Price decreased by 10% to $1,650,000.
04/09/2009
Price decreased by 21% to $1,299,000.
04/30/2009
Price decreased by 13% to $1,125,000.
06/14/2009
Listing entered contract.
08/14/2009
Listing sold.
08/14/2009
Sale recorded for $(insiders only)
09/25/2009
Listing sold.

aboutready: about 6 weeks ago

23% off list. FiDi new construction. looks like they still have over 100 units to sell, roughly. started selling over 2 years ago. not too bad, they've sold well over 50%, but there have also been a total of 169 rental listings, although no way to tell how many rented units that represents.

http://www.streeteasy.com/nyc/sale/407307-condo-88-greenwich-st-financial-district-new-york
04/28/2009 Listed in StreetEasy by 88 Greenwich Marketing Group at $649,000.
09/16/2009 Listing entered contract.
10/27/2009 Listing sold.
10/27/2009 Sale recorded for $500,000.

NWT: about 8 weeks ago

He's got Rangel beaten cold.

West81st: about 8 weeks ago

BTW, the ACRIS history for 111 East 81st Street suggests a level of contempt for the IRS usually associated with separatist militia groups in Idaho.

West81st: about 8 weeks ago

111 East 81st: 20-foot-wide, mostly-renovated, 4,725-sq.ft. elevator townhouse off Park Avenue. Owner's triplex plus vacant floor-though unit. 25.2% off final ask; 44.8% off original ask.
05/28/2008 Listed in StreetEasy by Garfield at $10,500,000.
11/20/2008 Listed in StreetEasy by Brown Harris Stevens at $10,250,000.
12/01/2008 Garfield Listing is no longer available.
01/11/2009 Price decreased by 3% to $9,950,000.
02/17/2009 Price decreased by 3% to $9,700,000.
02/27/2009 Price decreased by 8% to $8,950,000.
03/20/2009 Price decreased by 13% to $7,750,000.
07/17/2009 Listing entered contract.
09/29/2009 Sale recorded for $5,800,000

West81st: about 8 weeks ago

1165 Park Avenue #6A: This front-facing eight will show up as 28% off final ask because of an odd, post-closing price increase. It's really 14.5% off the final ask, which still qualifies as a successful lowball.
12/04/2008 Listed in StreetEasy by Stribling at $4,100,000.
02/05/2009 Price decreased by 7% to $3,795,000.
03/03/2009 Price decreased by 9% to $3,450,000.
04/28/2009 Listing entered contract.
10/13/2009 Sale recorded for $2,950,000.
10/16/2009 Price increased by 19% to $4,100,000.

West81st: about 8 weeks ago

155 East 72nd Street #5/6A. Sold 20% below final ask and 23% below the original price. Also down 35% from the peak comp directly below it.
02/06/2009 Listed in StreetEasy by Warburg at $4,950,000.
04/13/2009 Price decreased by 4% to $4,750,000.
07/15/2009 Listing is no longer available.
10/09/2009 Sale recorded for $3,811,500.
http://www.streeteasy.com/nyc/building/155-east-72-street-manhattan

West81st: about 8 weeks ago

70 East 10th Street #17A. Sold 11% below final ask and 32% below the original price.
04/23/2008 Previously Listed in StreetEasy by Corcoran at $2,100,000.
10/21/2008 Delisted temporarily by Corcoran. Last priced at $1,875,000.
11/12/2008 Listed in StreetEasy by Prudential Elliman at $1,790,000.
02/18/2009 Price decreased by 11% to $1,599,000.
07/30/2009 Listing entered contract.
10/09/2009 Sale recorded for $1,425,000.

w67thstreet: about 8 weeks ago

What a dipshit 5 yrs to make 0. Flamo. Hmmm wonder if they'd be better off renting?

w67thstreet: about 8 weeks ago

5 yrs making $700k a year, 5 years painting a room a different shade of pink, 5 yrs to lose $900k in a leveraged asset => PRICELESS

columbiacounty: about 8 weeks ago

5A went for $2.3 million in sept 2005.

West81st: about 8 weeks ago

135 East 83rd Street #2A: large 3BR/3BA, sold 12.5% below final ask and 28.2% below initial ask. 02/12/2009 Listed in StreetEasy by Brown Harris Stevens at $1,950,000.
03/10/2009 Price decreased by 8% to $1,800,000.
05/11/2009 Price decreased by 11% to $1,600,000.
07/10/2009 Listing entered contract.
10/08/2009 Sale recorded for $1,400,000.
The sale price is around $700/SF for a legitimate 3BR in the PS6 district.
http://www.streeteasy.com/nyc/sale/384062-coop-135-east-83rd-street-upper-east-side-new-york

w67thstreet: about 9 weeks ago

Tis but an ingrown pubic hair.

aboutready: about 9 weeks ago

smallish 2/2. 25% discount. nearly 40% off initial list.
http://www.streeteasy.com/nyc/sale/193461-coop-222-east-80th-street-yorkville-new-york

03/15/2008 Listed in StreetEasy by Bellmarc at $995,000.
04/11/2008 Price decreased by 2% to $975,000.
08/20/2008 Price decreased by 9% to $888,000.
08/27/2008 Delisted temporarily.
09/10/2008 Re-listed by Bellmarc.
01/02/2009 Price decreased by 10% to $799,000.
03/05/2009 Listing is no longer available.
10/01/2009 Sale recorded for $602,000.

NWT: about 9 weeks ago

Never mind, that $430K closing was for W4K (http://www.streeteasy.com/nyc/sale/443393-condop-425-east-63rd-street-lenox-hill-new-york) not W1C. Still a nice chunk off.

SE was understandably off in its cond-op matching, as the RETTP lists only "RES" as the unit number.

NWT: about 9 weeks ago

Here's a 27.7% listing discount:

08/14/2008 Listed in StreetEasy by AIB Management Corp at $669,000.
10/16/2008 Price decreased by 4% to $639,000.
02/03/2009 Price decreased by 5% to $610,000.
03/12/2009 Price decreased by 2% to $599,000.
07/30/2009 Price decreased by 1% to $595,000.
09/17/2009 Listing is no longer available.
09/24/2009 Sale recorded for $430,000.

http://www.streeteasy.com/nyc/sale/342290-coop-425-east-63rd-street-lenox-hill-new-york

An identical apartment across the garden is still listed at $549K: http://www.streeteasy.com/nyc/sale/435007-condo-420-east-64th-street-lenox-hill-new-york

Yet another identical apartment, but maybe better-renovated, just sold at $533K: http://www.streeteasy.com/nyc/sale/377507-condop-420-east-64th-street-lenox-hill-new-york

West81st: about 10 weeks ago

870 Fifth Avenue #2C (aka #2/3C): Park-facing three-room duplex. Closed 21.2% below a very stale asking price.
05/13/2008 Listed in StreetEasy by Bellmarc at $1,750,000.
07/11/2008 Price decreased by 3% to $1,695,000.
03/05/2009 Listing is no longer available.
06/23/2009 Listing entered contract.
10/02/2009 Sale recorded for $1,335,000.

NWT: about 10 weeks ago

... and 8B is 244 sf bigger than 10B and 12B. The transfer of a bedroom and bath from 7-8A to 8B was done early, as it's reflected in the condo declaration. 3-6A are simplexes.

NWT: about 10 weeks ago

Falco, here's the unchopped A duplex: http://www.corcoran.com/property/FloorPlan.aspx?Region=NYC&ListingID=874077

West81st: about 10 weeks ago

Falcogold1: The tipoff wasn't the upstairs listing; it was the undersized dimensions of #7A/8A relative to the original "A" duplex layout.

119 West 82nd Street #1: Triplex garden coop closed 19.8% below ask, but still not a bad result.
04/15/2009 Listed in StreetEasy by Prudential Elliman at $2,399,000.
08/06/2009 Listing entered contract.
08/28/2009 Sale recorded for $1,925,000.

falcogold1: about 10 weeks ago

West81st,
interesting insight wrt 134 East 93rd. Where did you see the floor plan of the higher apartment that was used for a comp? It's not on SE...another source? Care to share?

West81st: about 10 weeks ago

134 East 93rd Street #7A/8A: Sold 15.3% below final ask and 31.4% below original ask.
05/08/2008 Listed in StreetEasy by Brown Harris Stevens at $1,895,000.
05/15/2008 Price decreased by 6% to $1,775,000.
06/28/2008 Delisted temporarily.
11/11/2008 Re-listed by Brown Harris Stevens.
11/11/2008 Price decreased by 5% to $1,695,000.
03/12/2009 Price decreased by 9% to $1,535,000.
04/02/2009 Listing is no longer available.
06/10/2009 Re-listed by Brown Harris Stevens.
09/22/2009 Sale recorded for $1,300,000.
http://www.streeteasy.com/nyc/sale/232094-condo-134-east-93rd-street-carnegie-hill-new-york
There might be less here than meets the eye. BHS sems to have priced this duplex based on the comp directly above it, which was originally an identical apartment. But at some point, #7A apparently lost a chunk of its upper level, leaving a much less valuable property.

West81st: about 10 weeks ago

150 West 87th Street #9C: Modest, classic six wreck. Sold 12.4% below final ask and 35.4% below original ask.
02/14/2008 Listed in StreetEasy by Shares of New York at $1,625,000.
03/31/2008 Listing entered contract.
06/18/2008 Re-listed by Shares of New York.
07/17/2008 Delisted.
09/15/2008 Re-listed by Shares of New York.
09/15/2008 Price decreased by 14% to $1,395,000.
01/05/2009 Price decreased by 9% to $1,275,000.
04/16/2009 Price decreased by 6% to $1,199,000.
06/09/2009 Listing entered contract.
09/24/2009 Sale recorded for $1,050,000.
Shares of New York continues to set the market for this property type on the UWS, through sheer volume.
http://www.streeteasy.com/nyc/sale/182170-150-west-87th-st-upper-west-side-new-york