cpw

Are you thinking of 336 CPW, 3A?

yes

I'm not a CPW watcher like P09. Here goes:

B building in a B location. Park views, but low floors which means noise. I wouldn't categorize 3rd flr as excellent park views. Check to see if you can feel rumble of trains below. In this environment, when a 2nd floor sold at the Prasada (A building, IMO) for just over 1000/sqft, I feel that even 1000/sqft is stretching. Don't forget that the tough(er) board means that the pool of qual. buyers is much smaller.

How did I do, P09?

Sorry, not the Prasada. Thinking of 2N at 151CPW. That was completely renovated as well. 1400/sqft - so start subtracting location premium & condition premium from that #.

sorry, I havn't been inside an apt on CPW north of 300 CPW. It just seems that it shouldn't command the same premium as other units to the south. I think 115-211 CPW have some sort of commonality that can be used on a comp basis. 101 and south seem to trade building by building with no rhyme or reason. I think you have a same unit comp when it traded in 2005. I think that is your starting point and work down from there. I have stronger views about weak apts in great locations (weak=bad view, no light, wrong floor etc..) than many others and just assign a larger discount than others will. That's all I got, hope it helps.

B building in a B location: highly arbitrary.
View: 3rd floor in that building does give one a view of the park.

Thanks that is helpful. What is the deal with 353 CPW? That building looks like it is down from last comp but based on your numbers would you say that is overpriced too?

Inquirer not really. It's definitely a B-building.

353CPW is a weird beast. Postwar construction, but nicer in outward appearance than either 279 or 80 CPW. Not sure what its equivalent would be other than 279 which is in a better location but lacking esthetically.

There are views of the park, and there are views of the park. If you don't break the tree line and/or you face the rocks in the low 80s - those are simply not as good views as say from the penthouse at the Beresford. Window size also makes a difference. This is why views from the Alden are never as good as those from a building with larger windows.

So what do you think peak to trough valuation correction ultimately is on CPW apartments between 85th ann 95th? 20-25% or 30-40%?