is this place a steal?

Not when for the maintenance, you can rent a decent 2 bed.

It suffers from dimension growth - it's closer to 1700 square feet not 2100 square feet, making the real price per square foot almost $900.

So no - it's not a steal.

For the seller it is.

haha. dimension growth...

Dimension growth is true. Take the kitchen and place it where the entrance is (F), and the outer dimensions of the apartment are (26 + 17) x (14 + 13 + 12) = 43 x 39 = 1677.

The apartment is approximately 1,700 square feet based on the given dimensions.

That is the worst floorplan I have ever seen. Two square-looking rooms are 12x20 and 12x18?

Those dimensions aren't bad. A little narrow, but not too bad.

It's on a land lease.
I used to go to school across the street, and it always represented "Manhattan Luxury Highrise" in my young head. I had a friend who lived there - her family had an enormous apartment, furnished in slick black leather furniture and hideous art (like Leroy Neiman), as was the custom in the 80's. Perhaps it was that building that drove me towards Brooklyn.

"It's on a land lease."

That explains the exorbitant monthlies.

"(like Leroy Neiman)"

Well said. I would avoid walking past his gallery at Columbia - I couldn't stand even to look at the entry poster.

FYI it has a "a sate of the art gym."

The slobs at CBHK squished the floorplan horizontally.

However it's squished, the dimensions add up to 1700 square feet.

40F apparently sold their maid's room (that corner between DR and kitchen) to the neighbor. The other high-floor F's for sale have theirs, and list at 2200 sf. The 2200 seems to be building legend.

Im pretty sure the bldg requires double apt price in liquid after closing

If your willing to pony up that kind of CC then their are alot of choices that make this one look very mediocore. For that kind of CC, rent yourself a 2br. and invest you $$$ in something with more upside potential that RE (for the time being).

In fact, if you look at all the listings in that bldg., there are 1200 sqft 2/2 listed below 700K, so those would be more of a "steal" than this one, if it weren't for the fact that those also have exorbitant CC. They will be giving away apts. in this building very soon. Nice try, broker!

The listing broker has measurementitis. This one:

http://www.cbhk.com/property/property.asp?PRM_MlsNumber=620249&PRM_MlsName=Kinnexus

is listed at 1,400 square feet. If you take the outer measurements:

40 x (14 + 13) = 1,080.

Add a little bit in for the (unusable) foyer, you get maybe 1,200 square feet.

Maybe.

In view of the high maintenance and the smaller 2 BR asking in the 700's, there should be a lot of negotiating room. While its not a "steal" at $1.5 it is in mint condition with great views in a respectable neighborhood. I have seen much, much worse at this price point. You would have to take a look, the place photograohs very well but I have learned that this can be very deceiving.

I wonder why there are so many for sale - maybe the ground lease up for renegotiation?

It's been discussed recently at http://www.streeteasy.com/nyc/talk/discussion/10530-the-excelsior-at-303-east-57th-street-in-sutton-place

Good info, NWT. Avoid land leases like the plague. Nothing like owning something parked on someone else's land!

very helpful. thanks.

Remember that for the cost of spending $4,026 per month in maintenance, you could support an $800,000 mortgage (30-year fixed at 4.75%). If you add that $800K to the $1.5 mil ask, you get a $2.3 million total equivalent cost. Monthly maintenance matters: you have to pay that or the co-op will seize your shares. ALso, maintenance may go up from there. The land lease is a red flag that you need a baragin price to take on that type of risk. Then when you discount the square footage to reality, it is not cheap.