225 East 57th Street

Not land-lease. It's a cond-op.

How come many of its units are priced at a discount (mid $600's per sqft) to other co-ops on 57th street like 200 E 57? I understand that 303 E 57 is a land lease co-op and thus it is in the $500-600's per sqft range. But this is not a land lease.....I wonder what is the catch here.

Slee, that is just what I was wondering

The catch is they want to sell their apartments and buyers are not buying unless the sellers start getting realistic with their prices...and yet you think $500-600 psf is too low...times have changed!

6F just sold at a 12.7% listing discount: http://www.streeteasy.com/nyc/sale/395186-coop-225-east-57th-street-sutton-place-new-york

03/26/2009 Listed in StreetEasy by Bellmarc at $899,000.
07/30/2009 Listing entered contract.
10/20/2009 Sale recorded for $785,000.