370 East 76th Apt A502

Decent space. I'm a prewar gal and west sider, so probably not the best to weigh in. Seems like the apt could be staged better. More modern furniture would help the place.

my wife saw yesterday at open house, told me cookie cutter and needs more than 150k. Building has nice amentities and mtc is low though.

The apartment is about 1500 sf, they are running around $688 psf in the building. You would add some, usually for the size, but deduct some for the condition. Should run about $1m by those calculations.

aboutready, does your cost psf include the sponsor-owned apts that are for sale that are dramatically low on cost psf, but require cash and can't live in them (they have tenants)?

UES_Buyer, I lived in the Newport, and other than my large dog rules enforcement, have nothing but nice things to say. Mix of young and old, a lot of owners, reasonable board, amazing doormen/handymen.

The building layouts are typical post-war, cookie cutter, but you get great space...not a lot of waste. Building really has minimal amenities, unless you count the pool you have to join, but financially really well run, and low mtc includes utilities.

Good luck...

point taken. but, still I think there are a number of UES cookie cutters that are available now for about $700-800 psf, asking, meaning that price to take to contract is probably lower. i'll stand with my valuation, given the condition of the apartment, maybe a bit higher due to the maintenance positives you point out.

I agree....somewhere between $700 and $800 psf seems completley reasonable :-). And as a plus, I don't think A502 has popcorn ceilings...most of them don't!

Thanks all. They are claiming 1700 sf, although I understand that all apartments are "rounded" up. For some reason I can't find direct comps from the building on similar lines (either A502 or others). I would have assumed that it wouldn't be hard to find this info.

since there aren't any real comps, i did the numbers for you.

I appreciate that, but I don't think your numbers are right since the apartment is listed at 1700 sf. Whether that is right or wrong doesn't really matter since the $688psf number is also based on the square footage indicated by the broker. Basically, one would have to assume that all the sf numbers are inflated and therefore the only way to compare apples to apples (other than a direct comp) is to multiply the psf number by the listed sf.

I think 1.3M is a lot of money (let alone 1.5M) for an apartment that needs 150k of work to make it nice, which is why I asked the question. Reality is, though, that I haven't really seen good sized 3br/3bt on the UES in this price range.

No, if you are seriously buying you have to start running the numbers yourself. some inflate by alittle, some alot.

That's a great space but I'll bet that in the end it fetches 1,250,000 or less. Reno is a nightmare in any market. A significant reno will take 9-12 months with you living else where. True cost of reno is about 225K after you factor in the costs of maintaining two dwelling for about 1 year. Then there is the grey hair to consider that goes will all construction...large and small.

Not sure I get the gut job analysis on this - looks OK to me although I haven't seen in person. For comparison, we did a bathroom and kitchen in 4 weeks for $40K. We went with mid-range features/appliances (Kohler, GE Profile, Bosch). $225 is a pretty big job and probably would require you to be out 6-9 months, but that is typically required for pre-war units that haven't seen love in a few decades. The pictures of this unit do not indicate to me that it will require such a huge investment. Paint job, cosmetic on the kitchen and baths, and redoing the floor should be under $100K and a good contractor should be able to complete in under 8 weeks. We looked at a unit here 2 years ago - liked the building but the unit was 3 floor and looked out on 1st Ave = noisy! Other than that, building seemed very nice. Good luck! I think 1.25 would be a STEAL if you could get it for that.

aboutready, I am quite bearish as well, but I haven't seen a lot of decent layout apartments of this size on UES for the $700-$800 per real SF. Hopefully they're coming, just haven't seen them yet. Plus, the maintenance here is lower than pretty much anything I've seen for this size, and it includes utilities. Not jumping at it, but seems priced smarter than many in this market, at least to me...

I agree. This seems like a great deal for that amount of space.

Thanks for the analysis. I like the apartment but at a lower price. I'm not sure 1.25 would be a steal since the market will probably continue to fall for the next 6-9 months, and I expect to see more of these types of 3 bedrooms on the market.