How much would you offer for this 7 room wreck

It's interesting because they don't mention "wreck" in the listing. I would say if you really need to redo everything, AND it's on the first floor (which some people get weird about) offer 20% less.

Yeah, first floor is a total deal-killer for me. Dark, cave-like, noise from the street--no thanks.

It's a good bldg. A better approach:

"I spoke to a designer and it will cost me roughly $400k to rehab the place. Oh, and this includes the sound proofing--with this unit being on the street level and all... So, here is my offer: $1.1M"

I was curious: what's the ask psf? The apt. looks to be about 1800-1900 sqft, which, taking into account the standard square footage inflation would be listed as 2200. So they're asking around 725 psf, roughly?

Think about re-sale potential for a 1st floor apt. Like Squid said, for some, it's a deal killer, so the pool of potential buyers down the road is limited.

It is true that they do not aadvertise it as a wreck, but the first thing the realtor said when I walked in was that it needed absolutely everything (which was obvious - the photos make it look substantially better than the reality). More thoughts on numbers?

$400k? Come on now, let's use real numbers, not inflated ones.

Whether $400k (~$225 psf - I make it 1800 sf) is inflated or not depends on whether "wreak" and needs "absolutely everything" means new kitchen cabinets and appliances, bath fixtures, redo floor, paint, etc., or whether we're talking real gut involving significant plumbing and electrical, windows, new floors, etc., before even starting on all of the above. The gut is more than $400k for sure.

I'll try another approach to pricing. #8C closed in January 2008 for $3mm, and probably went to contract in late 2007 within sight of the market peak. Let's say that market is down 25-30% for this type of apartment [please, can we accept the concept of "for example" here and not ruin this thread with a shouting match about whether the market is not down at all or is actually down 50%] and the first floor would price 20% (total guess) below the 8th, ignoring condition differences. That suggests about $1.75mm before adjusting for condition. Then subtract cost of renovation, for example $400k, to get to $1.35mm. Then, as buyer, I'd want to get something for the sweat equity/brain damage of doing the renovation and the fact that I'm willing to take a first floor wreck off someone's hands in this market, so I'd reduce my bid by that amount as well. So I'm at $1.3mm less target "profit". I'd bid $1mm.

the funny thing is that the last price reduction was $5K!

alpine, $400k isn't much for a unit that size, l even w/o total gutting. Have you rehabbed an apt in NYC?

wouldn't waste any time with these people. they don't get it...give it 3-6 months. then bid 650K if you really are interested. this 99th st, a wreck and on the first floor. does it get any worse?

I walked through this apt with a contractor I trust and he said $300-$325 to reno, "but you will never get rid of the darkness in the back." That really resonated for me. I don't want to be in a dark apartment, no matter how beautiful.

lostintransit-good honest contractor

Yes I have. I spent a grand total $10,000!

the darkness in THE BACK? every room in this apartment is going to be dark, because you are going to keep the curtains drawn in the front so people on the street are not staring at you constantly. the idea that these people asked nearly $3 million for a street level apartment at 99th and west end that needed a gut renovation is the most absurd hubris imaginable.

if the apartment were in good shape on a good floor, 800 psf might be reasonable (this is not an ultra prime location--and 1000psf is the new going rate in prime areas aside from apartments with great views or super-fancy addresses). if it were in good shape on the first floor, maybe $500 per square foot. as a wreck on the ground floor i wouldn't pay a dime over $300 per square foot, and really i think $250 would be reasonable. So 450k, maybe.

if you even THINK about paying over $1 million for this apartment you are a complete fool--you can buy a nice classic six in nice condition with nice light on a reasonable floor in that neighborhood right now for less than what you'd be paying here (including the rehab) for an apartment that will always be awful.

I am not going to name any names, but I guess some people just "can't wrong." But I hope he has learned that he is way off in his "correctness," at least. I am also fascinated by his willingness to attack others when he has absolutely NO IDEA!

Who'd think $100k in a rehab job for a 4BR/3BA 2,000SF apt in Manhattan is even remotely possible? My original estimate of $400k, which you called unrealistic, was based on a quick calculation based on the floor plan.

who cares? bottom line is that this apartment is a joke....happyrenter has said it all. but, as they say, it only takes one fool.

I live on the first floor and my south-facing apartment gets great light. In my search for a new apartment I've seen high floor apartments that face north, face airshafts, face other buildings--their light is not nearly as good as our first floor light. Certainly first-floor apartments can be dark and cave-like, but before you decide against this particular one, spend some time figuring out how sunny it is (or isn't).

AJC10: I can assure you from having seen it myself: this is one dark apartment. The front rooms face north, just above ground level. The back rooms face an alley. People we know at 789, who love the building, think this apartment is horrible.

This listing seems to have reflected a certain Elliman broker's standard MO: He "buys" listings with crazy pricing, then lets his underlings babysit them until the seller either fires him or drops the price.

I had a bit of a brain cramp in my post above. Somehow I got it in my head that we were talking a floor above street level, not the street level, pedestrians-looking-in-your-window experience. Not sure how I got such a stupid idea, but the descriptions from other posters have scared me straight. I suppose that someone would pay something, but that someone wouldn't be me. I can agree with others that the number doesn't start with a 1, but I don't have any idea how low it needs to go.