building at 321 West 14th Street - Any inisght?

I had a look at this building a while back. I think originally on the market at 1.5, there is an equivalent apartment next door (319) that was up for 1.5. This was taken off a few months back because there was no interest at that price.

On 14 street which is a negative. It did go into contract a few months back but then came back onto the market. I am not sure why. The apartment itself is the top floor. The apartment would be baught under the requirement that you would have to make serious renovations. It is large inside but think it is closer to 1200 of usable space. The apartment is old and the layout in current is a bit weird. Rooms all over the place but no real idea of how to use them. Two gas fireplaces in original condition. There are two wells throughout the apartment, one in the bathroom and another in the lounge area which give an eary feeling in the apt. For this to be livable you would have to rip down some walls and probably move the kitchen to the front. There are two additional rooms, one at the front and another at the back, one could probably be used an office and the other as a pantry or storage room. Overall it is really old and feels like it requires a lot of work which led me to believe it would be a risk prospect and the price would have to reflect that. Given the cost of development and location i would say this would probably attract interest at the 600k level and not the 1.1 they are asking. Maintaince is low but I suspect will be going up.