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55 liberty #ph @ 899K

Started by shirsch
over 16 years ago
Posts: 30
Member since: Mar 2007
Discussion about
hi everyone-- anyone know the deal with this one? it looks pretty nice in photos, but aside from the high maintenence, what's problematic?
Response by jasonkyle
over 16 years ago
Posts: 891
Member since: Sep 2008

those crazy angles for one. the ceilings must be annoyingly low in spots. very being john malkovich

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Response by anonymous
over 16 years ago

high maintenance (as you noted) always scares people aware. and the ceiling... you either love them or hate them. i think they are fun to visit, but personally would feel like i am living in an attic

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Response by newaccount
over 16 years ago
Posts: 332
Member since: Jun 2008

It's a good price given that location especially compared to condos in the area. It's not a full service building, but this is the PH apt. Any PH would be asking for much more.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Maintenance isn't all that bad, considering those 33 floors of terracotta, lots of elevators, etc. This was among the first residential conversions down there. I've got the 1979 full-page NYT ad at home, and remember it being quite pricey back then.

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Response by Downtownster
over 16 years ago
Posts: 140
Member since: Mar 2009

Other than the really high maintenance, the biggest issue with this apartment is that it's a walk-up. You take the elevator to the 30th floor and then walk up two floors to the PH. You can really only see out of the windows if you are standing very close to them (otherwise it's just the light coming through without the view) which is truly a shame since just about every window would have a sweeping view of downtown plus the backs of some super cool gargoyles.

http://downtowny.blogspot.com

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Response by Trompiloco
over 16 years ago
Posts: 585
Member since: Jul 2008

shirsch, 3300 maintenance is a deal breaker. You can rent an apt. that's high enough and only slightly smaller (21A) in that same bldg. probably for 4000-4500 (they're asking 4750). Moreover, that same apt. 21A has a maintenance charge of 2120 and is also 899K. It looks like a better deal to me.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

If the maintenance were lower (much lower) $899 wouldn't be a bad price - however with the super high maintenance maybe not so much. plus it's in fd -- no one wants to live there now.

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

I am actually the owner so wanted to weigh in on the conversation.

My apartment has big rooms with high ceilings (they aren’t low or attic-like – if the pictures give that impression you should come to the next open house and check it out in person), gets very good sunlight and has nice views of both the East River and Hudson (and to a lesser extent down toward the stock exchange although you can't see the stock exchange itself because of the bend in the road).

The "issue" is the maintenance is higher than many apartments of a similar size - but that is built into the price (under $600 a square foot – which is painful considering where we bought it and where it could have sold a year ago) - just think about total monthly payment of mortgage + maintenance using at least 20% down (building minimum) and it doesn't feel as bad as the sticker shock of just looking at the maintenance by itself - plus there is a lot of potential upside on a resale (or ability to tap into expanded home equity credit lines) in a few years once things settle down in the economy and demand for housing near all the new office space downtown starts to work its way through the system.

On the stairs - there are 2 flights (elevator stops at 30 and stairs go to 31 (which is also an entire floor apt) and 32. While the family on 31 and I recently re-did the stairs in marble so they look nice it is still definitely quirky and probably not a great apartment for people in their 70s but my wife and I have never had an issue with it (even with a dog and a 10 month baby to organize).

The comparison to 21A is also hard to make - 21A has a lower maintenance but a higher price per square foot and a completely different layout / vibe - so not sure people looking at 21A would be the same people looking at my apartment and vice versa. Maybe I'm wrong but doesn't feel like we're competing for the same potential buyers.

It's definitely not for everyone and if you're looking for a Classic 6 this isn't going to do it for you - but we love the apartment and the building (and the neighborhood) and given it is unique (it is the entire top floor of a landmark building and it gives off a Batman vibe with the stone eagles and lions outside the windows) and priced well relative to other apartments in the neighborhood we think someone will grab it and really enjoy it.

For those wondering why we'd sell if it's so great - the answer is that after my wife and I bought it I switched jobs and instead of working in midtown I now work in Connecticut - which isn't a sweet commute and was okay until we had our first baby but now it's definitely becoming a drag and we're looking to make the (somewhat scary) jump to the burbs. If I still worked in the City we would not be selling in this market.

Anyway - I just wanted to put my two cents in and if this apartment does look interesting I'd ask you to come and see it in an open house as it does show well in person vs. the pics.

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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008

joshrw26, you are one of those that is testing the market but will pull the unit after a certain #, b/c after that you'll just have to get used to the commute. It completely sucks but as the other posters have pointed out, the carrying costs and NYC RE deflation is a real drag on your unit versus renting a similar (although yours is unique) unit. Having said that, only you, your wife and your accountant know what that # is. Good luck and just get ahead of the curve, if you need to get out.

Another point, is it me or has the cachet of PH gone the way of the Amex Black card.... it seems all the new developments are calling the top 2 floors PH? Go figure, it used to only apply to the top unit in the bldg....

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Response by nyc212
over 16 years ago
Posts: 484
Member since: Jul 2008

I think this unit is bargain priced, even considering the maintenance. Also, ncy10025, what do you mean no one wants to live in FiDi? I work there, and I find your comment groundless. If anything, Let's roam around the area before making such comments.

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Response by avery
over 16 years ago
Posts: 153
Member since: Oct 2008

i think it's a beautiful apartment.

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Response by avery
over 16 years ago
Posts: 153
Member since: Oct 2008

i meant to add - it seems like a beautiful apartment from the listing. i have not seen it in person.

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

w67thstreet - Been commuting since June 2006 actually (so more than used to it!). Actually the tax savings and savings from things like not paying for parking spots, tolls, gas, etc. more than cover the cost of renting in CT and doesn't change my saving / spending rates from where they are today - which is why we are actually moving to CT in May. So - while I hope you are wrong and people will see the value in buying a unique apartment at a very attractive price I am definitely at the number below which it becomes silly for me to sell. I'd obviously rather not pay the mortgage / maintenance on an apartment I'm not living in - but there is a tradeoff between saving those costs vs. crystalizing the loss on our original equity investment - and while that tradeoff is different for everyone I'm basically at my personal breakeven and I think there is actually a good chance I am making an economically "bad" decision selling at this price since it will take a lot of months of "savings" to make up for the loss on my original equity investment and it is very unlikely prices stay down where they are for an extended period of time.

We'll see. If you're in the market c'mon down and take a look - bet you like the place when you see it live.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

nyc 212 - i walk around here everyday - i work down here. It's dead at at night and with the collapse of the financial markets sorry i don't think that it has the same cache that it might have had a year ago. no longer 'up and coming' neighborhood looking to fill all those overpriced condos with investment bankers.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

and josh - nice write up - but the maintenance is high regardless of the reason. They have huge 1 bed and classic 6's on the market that have been priced chopped to under $400K due the the high maintenance ($3500) - its a land lease bldg (reason for high maint) but no one really cares about the reason, you still have to write the check for that amount every month. BTW even at that price point no offers.

so have to disagree with 212 - not a great price considering the maintenace. the maintenance will be a deal breaker for a lot of buyers - so i think the price will have to be dropped to compensate sorry josh.

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Response by Downtownster
over 16 years ago
Posts: 140
Member since: Mar 2009

I agree with Joshrw26 on the comparison with #21A. We saw both apartments and #21A needs a major overhaul to say the least. The photos in the listing for 21A are really quite favorable - I would say 21A needs new floors and paint at a minimum. The kitchen is completely outdated (not sure about appliance quality) but definitely could use new counters/cabinets etc and is laid out awkwardly (it's basically in it's own room - almost like a bedroom).

Joshrw26, your apartment was super cool - tough to justify the $2 per sq foot maintenance though in that particular building.

http://downtowny.blogspot.com

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Response by nyc212
over 16 years ago
Posts: 484
Member since: Jul 2008

> It's dead at at night and with the collapse of the financial markets

WHERE in FiDi? When I walk around ANY of the major streets after work along Maiden, William, Gold, John, Wall, Stone, Water, Fulton, etc., there are planty of people around, well after Midnight--and this is particularly true in summer. Midtown East, where I live, is MUCH, much more deserted at night and on weekends. Even if this were true, how does that translate into "no one wants to live there?"

I am sorry, but the old "FiDi is dead at night" comment (and its derivative, "FiDi has no supermarkets") is really getting to be because it's just not true, particularly w/ Pace, NYU, and New School kids being housed there. I am really sorry to say this, but I don't believe that you spend too much time down here.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

nyc212 - ok so your bullish on the nabe - your just in a very small group. i guess i must have missed the hoards lining up to buy all those FIDI condos - i've worked down here for 4 years and compared to most nabes it's pretty sparse at night + with better deals on UES and UWS midtown etc. it will get even deader.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

btw - the building is 301 e63rd if you would like to compare (the one's with the 3500 maint)

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

ncy10025 - if there are really lots of classic 6's in Manhattan that aren't falling apart in neighborhoods that aren't dangerous (or really far away from subways) that are listed for $400k people should be all over that. I just did a quick search on this website and I assume you're talking about 301 East 63rd Street? It's 975 square feet, it's on 2nd Avenue (so a decent walk to the subway) and it's one of many apartments (J line) on the 7th of 16 floors - so obviously not a comp - but even so that seems like a pretty good deal to be honest - especially for people who can't afford a big downpayment but have a stable monthly income.

I am sure there will be great deals in this market - there have to be given the number of likely distressed sellers - but I think at $899k my apartment is a great deal as well (not only because it's a cool apartment / great place to live but also because the upside that I originally had in mind but am not capturing still exists and somebody else gets an even better deal on as I bought this place for a higher price than where I'm willing to sell it).

I am going to try to keep myself from getting sucked into too many conversations (although is tough since this is my home we're talking about) - I've hopefully gotten across the highlights and lowlights of the apartment in a fair way and I think (am biased - to be fair) that at this price this apartment will not be on the market for too much longer.

Over and out!

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Response by leom
over 16 years ago
Posts: 206
Member since: Aug 2007

Been to the OH and would like to put in my 2 cents:
1. Didn't feel the "awe" when stepped in. Liberty tower was the tallest building in the world a century ago! Now it's surrounded by even taller, bulkier on all the three exposures (west, east, south), so that there's almost no direct sun light from the south, and you could only see a tiny tyny slice of both rivers thru all the office buildings/roofs. And b/c the latters's closeness, you don't have a paranomic city view but feel the squeeziness.
2. The lobby & elevators seem very outdated. In fact, it's worse that a regular walk-up b/c you have to climb two flights AFTER riding the old elevator to the 30th floor, which feels totally weird. When you pass the two more "penthouse" units on the 31st fl, you see all the untidiness of mondain daily life - Batman vibe is the last thing I can think of.
3. For comp purpose, I just checked out a similar sized (1400 sf) 2bd 2bth at 20 Pine for 4k something. Brand new & better appliances on every level. No obstructed view of Chase Plaza & AIG, tons of amenities on the way. I'd go without any hesitation for this instead of still having to pay 3300 monthly even if I put down 899k in cash.
No offence to the owner, but when my wife who didn't go asked me about the OH, I just said: "forgettaboddit, it's not what we had imagined".

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

josh - there are always other variables that appeal to buyers - layout, location etc. but the reason these apartments are so 'cheap' is because of the high maintenance that is equivalent to the maintenance on your apt. some of those apartments started out around $800K + and the subsequent price drop is due to the high maintenance.(which was recently raised) i'll be interested to hear what kind of response you get. if there's an all cash offer maybe not such a big monthly outlay - but with a mortgage the buyer's looking at out of pocket payments every month of about $8K - plus with only 20% down it will require a jumbo. not trying to dis your apt but these are real issues to consider. my guess is $600K - keep us posted on the offers. could be interesting.

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Response by 5thGenNYer
over 16 years ago
Posts: 321
Member since: Apr 2009

We saw it as well- it is certainly a gorgeous apartment. High ceilings, well maintained.

Given that you have to walk up 2 flights of stairs after taking the elevator which doesnt come that quick was definitely a strong drawback.

But the real deal breaker as everyone is saying is the maintenance- $3300 a month is very high. Honestly, given that I wouldnt pay more than $350-400k for the apartment.

I also saw 21A- its smaller and needs to be gutted whereas PH31 is in pristine condition.

A better comparison would be 178 Broadway, 8E- the original layout of 1500 sq feet making it the same size as 55 Liberty, PH. The maintenance was $2000 a month and the asking was $985k, and she had some flexibility on the price.

55 Liberty is a nicer building, but 176 B'way is right on top of the subway, so slightly better location in my opinion.

So they are basically equal- but the maintenance is 1300 a month more on 55 Liberty.

Sorry Josh, while youre apt is gorgeous and seemingly I would have to totally disagree that the apartment will ever appreciate in value from these levels. We are still at levels, while maybe 20% off the peak, are still at least 50% too high and will never, ever be seen again- especially as total maintenance continues to climb. But kudos to you if someone pays you $899k or close to it.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Found the full-page ad from the 7/11/1979 NYT business section. (T-Bills were yielding 9%!)

The ad must've been a trial run to gauge interest, as configuration is quite different. E.g., the 30th-32nd floors were going to be divided into four triplexes, at prices ranging from $179K-$222K and with maintenance at $1.6K-$2K. The full 29th floor was $225K, $2K.

Space was to be delivered raw, but that apparently didn't happen. The sponsor must've fitted out some of them on the cheap, judging by 21A's floors.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

It gets more interesting orginally the apartment listed for $1.2M and has been on the market for 276 days. also now wondering why maintenance so high - as this is NOT a doorman building per the listing. so now i'd say it's worth about $500K maybe less. why is the maintenance so high??

josh, what type of feedback have you received from potential buyers in the 276 days it's been on the market - i'm guessing the maintenance was the gating factor as to why this hasn't sold. i think you might be way underwater on this one.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

All the current ads says it's full-service.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

nwt - why don't help josh out and buy it - you like the apartment, the nabe, the building and think it's priced right. what's stopping you. sounds like you found the perfect apartment at the right price!

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

oops meant that for ny212

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

ncy10025, you're off on your comps and mixing one market with another. The building can't be compared with that mess on Second Avenue or the 20 Pine nightmare. I don't know what the comps for this are, but certainly not those two. Anyway, it's an interesting apartment to track.

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

Getting... sucked... back.... in.....

Okay - couple things:

1) It is a full service doorman building with a live-in super and it is a "true" penthouse in the sense we are the entire top floor of the building.
2) I am not underwater. I believe if you pay for the full service of this website you can see what we paid for it back in 2005 (and do your own math on my monthly carrying cost... and to help the minimum equity when I bought was 30% - not the 20% it is now). But doesn't really matter since I'm not a distressed seller - I am a guy with a new baby who is moving to CT because I work in CT my wife and I are tired of the commute and the subsequent time away from home that commute implies. We're renting a perfectly nice house in CT that is 100% paid for by the tax and other savings I mentioned before so holding on to this apartment doesn't impact our day to day life - it just isn't ideal since I'd rather be saving the money vs. being flat to where I am today.
3) Definitely the big reason (and really the only recurring reason) people have not been willing to buy the apartment is the maintenance. That was more of an issue when the offering price was up in the $1.2MM range (which was still a discount to similar apartments at the time but obviously we're in a different environment now). I believe - although may be proven wrong - that at $899k (below $600 a square foot) that the maintenance is not going to be the big impediment that it was before (for all the reasons listed in prior posts). The 276 days is more a function of when we decided to move to CT (not an easy decision since we've lived in NYC for a long time and have viewed the burbs as a big departure from what we're used to). We held our price at $1.2MM for a long time since we weren't sure we wanted to move to CT and viewed it as a "it would be nice to sell for this but if we don't then we'll just take it off the market and live here until the market gets better in a year or two". When we decided that we were actually ready to make the jump to CT it made a lot less sense to keep the price where it was and if you follow the history of the price cuts you'll see we tried to drop it to reflect the current market quickly. That said we're at our limit and while we'd love to sell we don't have to and aren't interested in going any lower and don't think we will have to.
4) If you truly believe that the market has changed forever and prices are still 50% too high and won't ever get back to the levels you see today then obviously you shouldn't buy this or any apartment. You should rent - which is a perfectly fine thing to do. I personally feel like it is easy to say things like that in an environment as bad as what we're living through today - but I would point out it is often the case people look at a current environment and can't imagine anything different (new economy in late 1990's, oil prices will be $200, NYC real estate is hosed forever) but if you ask people who bought NYC real estate in prior real estate driven recessions I suspect you will find they are happy they did.

The cynical side of me wonders about the motivation of some (not all) of the people who have visited my apartment and then position their posts to suggest the price should be lower than what it's listed for. I would probably being doing the same thing if I were on the other side of the table - both to scare off the competition and also to try to rattle me - but that fact remains that this is well priced and is a unique apartment in a great building in a very convenient location (express subways to both East and West Sides).

So now you guys know a lot about me! Is a little weird to do this in a public forum but what the heck - these are the facts and time will tell if you guys are right or not. Hope not!

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Response by BronwenBiondi
over 16 years ago
Posts: 1
Member since: Apr 2009

This place is insane! Even if you were to calculate the maintance into the costs, this still feels like one of those once in a lifetime apartments. One of those places that I am going to kick myself in 5 years for not purchasing. Maybe its time to call in the pops for a loan.

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Response by NYCWATCH
over 16 years ago
Posts: 1
Member since: Apr 2009

I agree with BBiondi. I would walk up 100 flights if I had the cash for this one. Whoever grabs this up is going to be in one of those lame NYTimes features where they talk about how they bought the place for nothing way back in 09 and now its worth more than a small island.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

josh - you doth protest too much.-- it's been on the market for 276 days because you've had it on the market for 276 days. doesn't matter why - fact is you haven't been able to sell the apartment in that amount of time for whatever reason. and the last 3 shrill posts - must be smokin something. talking it up like it's the best apartmnent in nyc doesn't change the current state of the market or the financials on the apartment. if it was the greatest apartment ever it would have been snapped up when it was 1.2M had bidding wars at $899.

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Funny how different people can read the same thing and come away with completely different impressions.

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Response by 5thGenNYer
over 16 years ago
Posts: 321
Member since: Apr 2009

In 3 years, for $350-400k people will be able to get a large 2 BR in a better location and wont be interested in your semi walk up apartment at that price anymore. Time is not on your side in my opinion. And its the "current environment" - I've been predicting this "current environment" for the last 6 years.

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Response by Downtownster
over 16 years ago
Posts: 140
Member since: Mar 2009

This apartment is really quite cool - we might even swing by the open house to take another look at those gargoyles - very beautiful view. I completely disagree with the prior post regarding 176 Broadway - the PH here is much better in the sense that it has lots of light and a way better layout.

Josh, just as a thought - we've seen a ton of apartments in your price range in FiDi and I think you're priced right around the market (i.e. the "sit on the sideline" price). Not too high, not too low. We'll see where this all goes...good luck!

http://downtowny.blogspot.com/2009/04/55-liberty-street-ph-899000-1500-sq-ft.html

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Response by 5thGenNYer
over 16 years ago
Posts: 321
Member since: Apr 2009

I mean to say, "and its NOT the "current environment"..."

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

so now that we've agreed it's 'officially' on the market as opposed to the previous 276 'fake' days on the market -- we can just track until contract and look up in acris when it does and see who's right. My prediction is that it will be on the market for at least 3- 6 more months and that in that timeframe there will be yet another price chop at least another $100K. Final around $600K. Let the contest begin!

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Response by Zefrench
over 16 years ago
Posts: 2
Member since: Apr 2009

While I think the apartment was rather “cool” (but definitely not mainstream), I think the price is way out of the market considering that the only listings that seem to go in contract these days are those that clearly are below what “everyone is asking for”.

I am sure many would love to purchase this apartment but not for that price.

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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008

Not to be too big a dick, but the last time someone told me they didn't need to sell a boat, car, home... or even rent out their home, I told them "don't, save the ad money and some trees." There are people that keep multiple homes and don't give a ratz ass about what the market is doing... more power to them.

Hey Josh, got a great idea, why don't you rent out the bat cave until the market turns around.... double down!

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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008

josh if you are so certain mkt will be up, why didn't you double down and buy in connecticut?

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Response by newaccount
over 16 years ago
Posts: 332
Member since: Jun 2008

In Josh's defense, he's making a bonafide effort to sell his apt. He comes off sincere and does not deserve to be heckled just because he's a seller. He doesn't come off like a douchebag like 407PAS.

This building has great bones. It's a prewar with high ceilings. They don't make buildings like this anymore. I almost bought in this building back in 2005 and I know it's solid. The maintenance includes property taxes and I'm sure a portion of it is tax deductible. Is the price too high to get ahead of the curve? I think it's there, but that remains to be seen. Good luck Josh.

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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008

I think it's quite an attractive appartment, but I could rent a very similar space at 90 West for about the same as the maintenance alone, and I could take an elevator all the way up. That dynamic alone makes this a tough sell.

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Response by columbiacounty
over 16 years ago
Posts: 12708
Member since: Jan 2009

more only in nyc...have to wait for the elevator and then walk two flights...maintenance is sky high...views are disappointing considering the upwards commute, less established neighborhood, almost a million dollars....

with two or more years of inventory available, how could anyone think this will sell?

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Response by Zefrench
over 16 years ago
Posts: 2
Member since: Apr 2009

It is not about picking up on sellers it is about not living in denial. The bubble has burst and the price will only go down form here, until they reach a "normal" level (not $8,000/month for a cute 2-bedroom) and don't think it will come back up so soon.

This is not a good time to buy, but it is a great time to sell and either cash is on what is left to, or minimize losses.

The appartment is fine other then the cost.

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Response by familyguy
over 16 years ago
Posts: 167
Member since: Apr 2009

I think the seller is rather winning. The apartment is charming, unfortunately it's the sort of charm that may not appeal to the $900K crowd, but if I didn't have small children and did have the money, I would be very interested.

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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008

This is that odd shoe that's waiting for that funky foot.
Big question...how much for the shoe?
This odd little gem isn't leaving the store this year for over $750,000.
It's not you, it's me (me=economy/wallstreet/banking/H1N1)
Sorry................batman

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Response by 30yrs_RE_20_in_REO
over 16 years ago
Posts: 9877
Member since: Mar 2009

Several years back I went to a sale by the Coop of several units in the building. The building was a financial disaster because it was not only already way over leveraged, but because of a huge facade restoration project had announced a rather hefty assessment. But the big surprise to me came when I found out that of the dozen or so units which were being auctioned off, only about half were being foreclosed on for maintenance arrears: the other half were owners willing to walk away from their units if someone was willing to pick up their obligation for their assessment.

Also, it's hard to compare units in the building for a lot of reasons. Firstly, there aren't really consistent "lines" in the building, there is a lot of variation from floor to floor. Secondly, they were (I believe) all sold as open space, so the renovations are all over the board, but the last reason is the most significant: the share count on the units is one of the least consistent I have ever seen: units clearly worth more have had lower maintenance than units worth less. this is one of those building which i wouldn't touch with a 10 foot pole in the current environment. It was one to take a gamble on when you were buying a unit for $1,000 and taking over someone else's $100,000 assessment obligation.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

so josh what's the 411 on the sale. now has been on the market for 310 days. i thought the greatest apartment ever would get snapped up by now.

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

In contract actually. But enjoyed your spot-on view of the market in general and on my prospects for selling my place in particular. Also enjoyed you addressing me by my first name like you know me but hiding behind "ncy10025" while you snipe away at other people's homes. I picture you as the comic book store guy from the Simpsons... how close am I?

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Response by jasonkyle
over 16 years ago
Posts: 891
Member since: Sep 2008

perhaps he called you josh because it's your user name as well. people often call me jason on here or jk instead of typing the whole thing out. congrats on selling the place.

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Response by nyg
over 16 years ago
Posts: 150
Member since: Aug 2007

Congratulations! :-). I hear it is a very cool space though have not seen it myself. Also: congrats on your ability to wade into these perilous streeteasy waters and make your points w/o inspiring too much vitriol. Well done! :)

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Response by NWT
over 16 years ago
Posts: 6643
Member since: Sep 2008

Josh, ditto on the congrats for selling. Thought you handled SE very well, peripheral though it was to the whole process.

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Response by Downtownster
over 16 years ago
Posts: 140
Member since: Mar 2009

Congrats Josh! We loved your unit and even popped by to see it a couple of times. Good luck!

http://downtowny.blogspot.com

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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008

Josh, congratulations on being in contract. I'm sad I didn't get a chance to check it out - I like the angles and the floorplan. And I'm with Downtownster - the gargoyles are really cool. Do you (or does anyone else?) know when the SE listing will be updated?

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

Thanks - appreciate it. Not sure how much I should actually be congratulated since I'm getting my head handed to me vs. where I bought the place in 2005 - but given I work and now live in CT it was the right decision for me and my family.

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Response by evnyc
over 16 years ago
Posts: 1844
Member since: Aug 2008

I'm really sorry to hear it, Josh. You can't know whether you'd lose more if you held onto it, so if it's the right decision for your family, you can rest peacefully. Best of luck in CT.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

i call you josh cause that's your screen name - too lazy to type out the rest. sorry if for you that indicates some kind of intimacy. so how close was i what is it in contract for. my guess was around $650K someone else guessed $750K or below. and i'm neither old nor a man.

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Response by Joshrw26
over 16 years ago
Posts: 7
Member since: Apr 2009

You'll just have to wait and see when it closes - but I meant it when I said I was close to my point of indifference at $899k and would not sell anywhere near $650k or $750k....

Over and out.

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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008

Congrats Josh!
I said $750,000. We are playing by official 'Price is Right' rules correct? Closest without going over.
So.............whose the new crime fighter to occupy Wayne Manor?

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Response by w67thstreet
over 16 years ago
Posts: 9003
Member since: Dec 2008

The price of having to buy milk for Connecticut rental and batcave = $5;
The price of riding a RE bubble $400K+ and then $400K-, =$0;
The price of marriage counseling due to strain of carrying 2 homes = $3,000;
The price of 2 weeks vacation in Hawii while thinking all the time "Now I'm paying to have 3 places to rest my head" = $5K;
The price of actual carrying of 2 homes for 1 year = $60K;
The price of emotional and physical stress of trying to sell into the popping of the greatest NYC RE bubble in history = $100K;

making anonymous new friends on SE = PRICELESS!

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Response by nyc10023
over 16 years ago
Posts: 7614
Member since: Nov 2008

Congrats, Josh.

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Response by familyguy
over 16 years ago
Posts: 167
Member since: Apr 2009

I would be too paranoid to post about a contract and throw this thread back up to the top of the pile until the deal actually closed.

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Response by divvie
over 16 years ago
Posts: 456
Member since: Mar 2007

Congrats Josh. And I agree, you handled the "all knowing" SE'ers well.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

hmm broker must be lazy as this property is not showing up as 'in contract'

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Response by divvie
over 16 years ago
Posts: 456
Member since: Mar 2007

Gosh, maybe josh is lying!

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Response by Trompiloco
over 16 years ago
Posts: 585
Member since: Jul 2008

Yeah, I noticed that too...

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Response by columbiacounty
over 16 years ago
Posts: 12708
Member since: Jan 2009

omigosh, josh...

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Response by falcogold1
over 16 years ago
Posts: 4159
Member since: Sep 2008

First, Why would Josh lie? He was good enough to come on and answer our questions and take the heat. He knows he's got a weirdo apartment thats hard to sell and, we know he wants to sell. No one has really been against this guy and, to tell you the truth as soon as he loged on I liked him. Give the dude a break. Have anyone of you been to his place? First you walk down steps to enter the building then, up in the elevator to the 30th floor(I Think) then it's two flights of steps up to his lair. For a single guy it's a nightmare getting girls back to this place. For a couple with kids it's a nightmare X 10! For older people it's a mistake given the climbing. So, who is Josh's demographic?

We are on the look out for an intentionaly childless Goth couple in their mid thirties with a stair master addiction and downtown employment. In the event that he, in fact, did not sell, I would ask all SE posters to keep and eye out at the gym for pasty-faced white girls with black nail polish doing hard time on any type of eliptical/stair climbing exersize equipment. Here's you opening line, "excuse me, I have a real estate question for you, Are you married and if yes, do you plan on having children?"

Let me know how that works out.

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Response by aboutready
over 16 years ago
Posts: 16354
Member since: Oct 2007

on the elliman website it is listed as being in contract. congrats, and good luck.

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Response by ncy10025
over 16 years ago
Posts: 198
Member since: Feb 2009

yes just saw that - weird thing though- there's another apt that's been listed in contract for almost a year.-- maybe not updated or maybe related to the building issues mentioned by 30 yrs. anyways will be interesting to see who wins 'the price is right'

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Response by divvie
over 16 years ago
Posts: 456
Member since: Mar 2007

Somehow I don't think it will be you.

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Response by ncy10025
about 16 years ago
Posts: 198
Member since: Feb 2009

well it appears that no one is going to win the price is right on this apt. so far no sale orginally purchased in 2005 for $958K -- looks like 21A sold for $837K - 3mons from entering contract. according to SE the penthouse went into contract in june - so either it's taking the better part of someone's lifetime to close or it got pulled from the market. checked acris no sale.

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