Sale at 439 East 51st Street #4C

I think that the area is delicious & it looks like the prices have moderated quite a bit. If I were seriously looking at it, I'd want to know what it would cost to put those ACs through the wall - & what might the board say to that? Anybody else?

Does the rest of the building have AC's through the wall ? And if so, why wouldn't they let the new owner ? Is this building have a difficult board ?

This apartment listing says it's in the rear of the building but gets a lot of light. Any truth to that comment ?

hey drdrd,

Are you the listing broker on this apt. ?

No, jenna, I just happen to love the area. I saw the ACs in the window & I always think it's a shame to have to block a window with such an apparatus. Whether it would be allowed and what it might cost I don't know; maybe somebody else has an idea. * Judging by the photos it looks like there is plenty of light. There is a garden area behind/between those buildings so there is space & light.

I have a friend in the building -- great friendly building, beautiful Beekman street -- but high maintenance for what you get -- the owners of this place already moved so are keen -- easy commute to midtown offices but streetlife lacking

Nice looking place, but the 50% down requirement is going to limit the pool of buyers (not just now, but when you go to resell, too).

WOW !!! A lot of great comments by DRDRD/SILENTWAITER/EVNYC !!!
thanks !

Hey silentwaiter...your comment about streetlife lacking. Can you expand on your comment ? I'm thinking if I go out someplace in NYC and then go home later on, I would love the peace and quiet, no ?

Jenna, if you're looking for quiet you might try Battery Park City. Still lacking streetlife, but there's plenty of transportation nearby, and when you're ready to head home it's very quiet there.

nice looking unit, i like the hood, love the "bar" - but 50% down? killah.

jenna, also right near turtle bay which is a nice community.

Some 50% down buildings require also 2x the value of the apt in liquid assets. not sure if thats the case in this building or not.

Yowzas. Seems like you'd be able to buy a lot more apartment if you had that kind of money just lying around. Not that this isn't nice, but it isn't a trophy apartment.

Holy Moly !!! A lotof great comments out there...Thank you all!

So should this place go for $725,000 ? Any thoughts out there in TV Land ?

Well, someone said they're motivated & it does only have one bathroom, though it's well located; I think the price is OK but who knows what 6 months will bring. As far as I'm concerned, that close to the river in that block is PRIME.

To echo others: 50% down is ludicrous. Do you really want to throw that much cash down on something that, as one person already mentioned, is not a "trophy" property? And given that the place sold for $800,000 in 2005 I would question how "motivated" the seller is really going to be when it comes to negotiating.

It IS very nice to turn onto Beekman Place (I lived there for 8 years), like a breath of fresh air -- streetlife lacking just means that the restaurants in the neighborhood can play to the geriatric crowd and there are not really any places to run out to if you need a quick fashion fix but there is the rather delicious Buttercup Bakery and a great cheese shop that help alleviate the need for a fashion fix

If I had to pick a type of property that will suffer more in the downturn than other types, I would put this one high on the list. The 50% down payment is really, really high; the 2005 buyers overpaid. They are either going to be stuck with it or they are going to have to take a loss. This apartment would be most appealing to first-time buyers looking to start a family and not have to move for a few years; this is not a group that usually has that kind of cash around.

Actually, upon reflection, my statement above might not hold true, or at least demands a bit more nuance: the apartment might also appeal to people desiring to retire to New York, if they are thinking long-term investment and have managed not to take a bath in the past year (I don't think there are very many of these buyers out there, if any). The problem for the sellers is that they need to find someone who ONLY needs exactly 2 bedrooms, one bath, AND is willing to put 50% down when that same money could be employed to purchase a much larger space. Even an all cash buyer might look askance at the 50% down, because it will make the place more difficult to resell. My prediction is that this place sits and eventually is taken off the market.

Thanks again EVNYC & SILENTWAITER !

What about this place as a "pied de terre" ?

Could work. Some co-ops don't allow pied-a-terre residents, and this doesn't specify either way. The resale issue remains, and there's a lot of properties on the market right now, but that might be the ideal buyer.

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