$/st ues & uws

sorry meant $/SF

$3000 psf within 1 block of park. Or $300. Depends who you ask.

Seriously, asking for some help.

What OTNYC said. There's probably a minimum and a maximum, with everything in between. It's like asking what carpet runs per square yard, but with many more variables thrown in.

check out the rent vs buy thread before you do anything

IEB - because I am taking some time for lunch and I like to hear myself type, I will attempt to address this somewhat ridiculous question.

Let's look at East and West separately. Within 1 block of the park on the East side in the 60's and 70's, you are in blue blood Manhattan. This is the land of Gossip Girl, established NYC families, socialites, diplomats, etc. It is a highly desirable area and will always command a significant premium. If this is the circle you inhabit or wish to inhabit, then you will have to cough up the big bucks. There are few small apartments in this area - most of the inventory is family size on Fifth and Mad, and townhouses in between. You are looking at probably an average around $2000 psft. The coops will require you to generally put down a minimum of 50% and show at minimum 24 months carrying costs as liquid net worth. If you have less than $2MM in the bank, you are probably wasting your time.

Let's hop over to the west side. You have a much more diverse inventory of product. Everything from marquee architectural gems (Beresford, Dakota, San Remo, etc.) to the fifth floor of a townhouse. There is a wider mix of people here due to a greater proportion of rent regulated units so you may share a floor with someone paying 1/10th the cost to be there. I would say the average on this side is probably closer to $1400 psft due to the wider range of inventory.

The smartest thing for you to do is read the most recent quarterly reports prepared by Streeteasy and by Jonathan Miller at millersamuel.com.

Good luck!

Just look at Miller Samuel report for 2001 for the neighborhood in which you're interested, and use 2001 prices as a metric (which is where the market should and will be within the next 6 months). All the information is there. UES, for example should be priced at about $700/ sq ft for a 2BR 2BA. Less for 1BR, more for 3BR. You get the idea.

OTNYC.

Just to clarify. I'm assuming you meant $1400 psft ONLY for "Central park west" high floor units. Much cheaper on the numbered streets on the park block.

Let's say that someone bought a 1600 sf apt 10 years ago for $1M. I'm thinking that at $1300/sq they're doubling thier money and a better return that stocks over same period. Of course the asking price is $1800. Sound resonable?

"...show at minimum 24 months carrying costs as liquid net worth. If you have less than $2MM in the bank, you are probably wasting your time."

For good buildings, the liquidity requirements might actually be steeper than the above depending upon the building. For every $1 of the sales price, you'd need to document at least $2 in your savings, checking, CD and portfolio accounts post sale. This requirement will not change even in the current financial landscape.

ieb - "Let's say that someone bought a 1600 sf apt 10 years ago for $1M. I'm thinking that at $1300/sq they're doubling thier money and a better return that stocks over same period. Of course the asking price is $1800. Sound resonable?"

Most people who not only desire but actually qualify for these buildings have a very small percentage of their holdings in RE, even if that RE holding is worth $10MM. So, I don't think the tradeoff between having a swanky Manhattan apartment versus investing in a portfolio is a concern of theirs.

ieb:

1300 -> 1800 is about a 40% return.
1 million -> 1.4 million.

84k in realtor commissions
assuming 2000 maintaince cost, 24k a year * 10 = 240k. After tax (assuming 50% of the maintance is deductable) = ~190k

1.4 - 274k (commision + maintainance) = 1.12 million = 120k gain over 10 years and I haven;t even mentioned the interest on the mortgage that was paid.

Is it really better than the stock market? MMmmmmm

coopownr98 - "For good buildings, the liquidity requirements might actually be steeper than the above depending upon the building. For every $1 of the sales price, you'd need to document at least $2 in your savings, checking, CD and portfolio accounts post sale. This requirement will not change even in the current financial landscape.

Most people who not only desire but actually qualify for these buildings have a very small percentage of their holdings in RE, even if that RE holding is worth $10MM. So, I don't think the tradeoff between having a swanky Manhattan apartment versus investing in a portfolio is a concern of theirs."

What's this got to do with anything. I'm just trying to figure out what to offer and not leave anything on the table or be dismissed without a counter offer.

If you don't get how that helps then you've really no clue about how little room you've got for negotiating, but only if you're really after an exclusive building.