How much to offer?

I don't think there's such a simple formula as that. It also depends on what the apartment is listed at (and what it has come down to). If I was a seller, I could play pretend that this was 2006 and list the apartment for what my apartment could have fetched then (as a lot of people have done). Or I could acknowledge comps around me and price it well.

I think you have to look at comps for the apartment you're looking at and make decisions based on that.

But if recent comps aren't available for the building, won't they just reflect the bubble pricing from 2007-2008. I think it may be difficult to use comps from the peak period for what is happening in today's market. Otherwise it would be self-perpetuating.

True, but buildings in the same neighborhood (the psf sale price, apartments with the same bed/bath numbers, etc.) provide a guide. Buildings can and do differ, but values aren't set in a vacuum.

NYRENewbie, "comps" is broader than line/building. You're trying to match location, size, condition, maintenance, etc., and then trying to assign a dollar value, up or down, for the differences between each comp and the subject apartment. Nothing precise about it.

i would gently suggest that if you don't know what to offer, you probably should not be considering making an offer. this is a major multi year financial decision; there is no shame in not being financially sophisticated.

The original poster's question is flawed: it fails to take into account that even today, some apartment are priced to sell and others are unrealistically pegged at 2007 levels. To say in both cases offer 70% of asking price is absurd. There is no "ball park" formula.

You determine the value of the place to you and form a bidding strategy and make an offer. Determining comps should be easy because before you make an offer of hundreds of thousands of dollars for what is likely by far the most expensive purchase of your life, you will have visited a few dozen open houses within your market niche, studied streeteasy listings for a couple of months to understand the segment unhaustively. You will know what is selling and what isn't, How long places you are interested in are on the market. You'll chat with the despicable brokers you meet to learn what you can from them to inform your negotiating strategies.

Then when you find a place that is priced in a way that you think you can negotiate it down to what you are willing to pay (attempting to get a 40% reduction off asking price is a waste of everyone's time), you will know what to offer give or take a little bit.

If you need help on negotiating, take a look at the negotiating tips thread on here.
http://www.streeteasy.com/nyc/talk/discussion/8657-negotiating-better-fundamentals-of-effective-negotiating

My impression from the very question itself is that the original poster is absolutely not yet in a position to bid on apartments.

pdf123, another tack would be to dig up the recent stats on drops from last-asking to closing prices. I think it's around 20% now. That's only an average, though, so not much good in a given situation. I don't know how a buyer hits that happy negotiating-range medium. It is easier these days in that there's little risk of being out-bid for an apartment you really want. That'd be worse than offering a bit too much and having the seller jump at it.

Ta-da! I was syaing I didn't know how to hit negotiating range, while kylewest was nailing it down.

Kyle is absolutely correct--there is no formula. If an apartment is priced correctly, that is, to take into account today's climate, then it would be ridiculous to expect a 50% cut. Yes, factors like a seller's eagerness to sell play a role. But there is no general rule, and to think so is foolish.

OP, from the naivete of your post it appears you have quite a bit of work to do educating yourself about the NYC RE market before attempting to put in offers.