Sale at 25 Sutton Place South

The price increase is just another trick agent has pulled to sell this unit after several failed attempt to sell in more than one year.

For almost a year the agent cannot get a floor plan or any photos? Something is seriously wrong!

Are we talking about the same unit? I saw photos but no floorplan, unusual for Corcoran. The photos look like the unit could use some work but there are 1 &1/2 baths, the lobby looked nice, they say that the corridors & rear riverside garden area are being redone, the outside of the building is okay & the next least expensive unit (without the extra 1/2 bath) is $90,000 more. You can do a lot of beautifying with $90,000. It doesn't look awful to me.

first it's GROUND floor apt 1M, which means it's absolutely zero privacy. then there's no floorplan. then the listing actually *increased* price 8 days ago for nearly 10 months on the market. also, it says 50% down required, which limits most buyers. seriously, which wants to shell out $710K for a ground floor apartment *beyond* First Ave that requires 50% down from a snobby board and STILL needs TLC ?!

Only a fool on this earth will buy a ground-floor 1 bed unit w/ 50% down at sutton place for more than 500K. Think about it! For rich buyers, they would simply buy something decent which explains why many 2 beds in this building are selling for twice as much. For younger buyers, they wouldnot even consider Sutton place as they don;t want to live in retirement community.

Ha, you really think you could pick up the place for 500k #6?

I'm #4 & I still think the place looks okay. 50% down isn't for everybody nor is Sutton Place but I love the area & you're right on the river. Of course I wouldn't really know until I was right there if it was the place for me. As far as pricing, I'd ignore the recent price increase & assume the price was still as it was & then offer at least $50,000 less. I wouldn't cry at night if I didn't get the place.

Ha, #8 must be agent himself! I can tell he feels a bit shaky with his way of managing the sale of this unit and he is backing down from his recent increase because he is telling us here to look down at $66,000. Come on, the unit has been on market since early last year and it won;t sell until it is priced right relative to other ground-floor unit with view probably no more than a narrow peek into a small backyard! Also, the fact agent is not willing to show the floorplan may suggest that there is probably structural issue with the unit.

I'm not the agent, I'm not in real estate though it is a passion; I love homes & gardens. I'm just stating what I would do if I were serious about that unit.

Ok this is the story about 1M at 25 SPS. 6 months I gave an offer for 645k (all cash with good finacial) that they accepted.We were going to use it on weekends.Before the contract were signed the agent( his name is Eric David) told us that the maintenance would be going up to over 1000 after the first of the year.
My lawyer did some investigating and found out that the co-op is in a law suite with NYC about the FDR easement and the fact that the supports that hold up the building need to be replaced (muilti million $ job) the co-op thinks the city should pay, and the city said ,F U .

There is a legal fund assessment.
Be sure to have the lawer read the board minutes
We passed on the unit, and the FYI 45 SPS has the same problem

hope the helps Good luck

Wow, that's quite a story. Thanx for sharing. That's the beauty of this site. I'm not interested in purchasing the unit though I love the area. Imagine, who ever thought the building you were interested in buying into was in peril of falling onto the FDR & into the East River. Thanx again for the scuttlebutt.

So this legal fund assessment should knock off how much from the pruchase price? 100k, 200k?

The supports have to be replaced because of the city dowing work nearby or the building is falling apart on its own?

Any $100 a day construction worker could have told you many buildings need support when work is being done near them #12. You dont know who to ask because you are clueless city dweller who only picked up a hammer twice in their life to nail a picture to the wall.

It sounds like those stanchions are failing, the buildings went up almost 50 years ago (you'd think they'd last a lot longer than that.) Of course whoever put them in should be responsible for them & you'd think it was the city since the FDR is a public way. I wonder. That explains why another unit I find interesting in this building has been on the market for over a year. I think things may be hard to move at least until it's determined who'll pay for that reconstruction. Yikes.

You probably didnt even buy your own hammer. Your super had to come upstairs to bring it to you and show you which end to use.

What construction is going on in the area? Maybe THEY are responsible for shoring up the buildings.

Wow, this will be a huge knockout! Basic rule is $10k knock down for every $40 increase on MC. You can do the math, it will knock the price down at least $100k at minimum!

MC increase will knock down price, but how much more of a discount for legal fund assessment?

If I were an owner there & didn't have to move I guess the thing would be to wait it out 'cause at this point you'd take an awful hit on sales price to move the unit but if it results that the building has to pay for that reconstruction, that would be an awful & costly situation too.
eeeeek!

bummer

Did anyone notice that the same goes for 45 Sutton place south. In fact ,they are joining forces in the law suite.

That's what #11 said. What an awful situation. There's the downside to the dream of home ownership.

To # 14

The supports are exposed to the salty air from the river. (haveing the FDR under the building has exposed these supports). The co-op say that if they did not have the FDR runing under the building, the beams would not be exposed, and therefore the city should pay for the repair.

The city thinks that since they have done nothing to alter these beams , its not there problem.

From # 11

The potential legal and repair costs, or even the uncertainty itself will knock the sale price by at least $200K on this unit!

Those buildings went up in the late fifties, the FDR went in in the forties. Under your scenario, it would be the building's responsibility now it seems, no?

Oh, man! given the amount of messages going on, there must be a number of serious problems with either the unit itself. Certainly, it is reflection of the way agent have mis-managed the sale or the owner having a unrealistic price target.

It has been quiet for a while. Agent continues to push for a higher price, wishful thinking! Who on this earth will pay $600K for a York Ave ground 1bd apt with a graveyard view and the support below the building is about to crack.

Wow, it is on contract! This tells how crazy market gets, as anything sells even the basement apt sells for $600+K. Don;t people go mad, before the market crash down...

bid low, bid low, bid low, bid low......

REPEAT

bid low, bid low, bid low, bid low......

Bid low? Why would you bid at all for a building that is in peril of falling in to the East River? It seems that a number of people haven't read all the posts. I was surprised to see that one of the units had sold. There are the legal costs of fighting the city for the repair of the failing supports & then the possible (probable?) expense of repairing those supposts since the FDR was there when the building went up. I don't find those buildings that attractive in the first place, though I do love the area, but why get embroiled in all that mess? Of course, I guess a good accountant or structural engineer could ballpark the cost & you could factor that into the price you'd be willing to pay, but again - why bother?